The Financial Institutions Division of the Ohio Department of Commerce, handles all supervision,
examinations and regulatory activities for Mortgage Brokers and Loan Officers
under the Ohio Mortgage Broker Act (OMBA). Mortgage Brokers are roughly defined as those
who hold themselves out as being able to assist a buyer in obtaining a mortgage loan and
receive compensation for doing so. In Ohio, an Operations Manager is the individual
responsible for the everyday operations, compliance requirements, and management of a
Mortgage Broker business.
All Ohio mortgage licenses are handled through the National Mortgage Licensing System.
Prelicensing requirements include approved Courses that are 20 or more hours and contain 3
hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending
plus 12 or more hours of electives. This may be in addition to Ohio-required content.
A minimum of eight hours per year of continuing
education is required nationally per year, per the SAFE act,
The licensing fee for NMLS for Loan
Originators is $219. The licensing fee for a broker
is $600. Click on the links in the preceding sentences for more details about each
Applicants who wish to become a Mortgage Broker in Ohio
pay a non-refundable
application fee and provide a Surety Bond
in the amount of $50,000. They are
required to have at least three years experience in the real estate mortgage financing
field before applying. Also required with the application are fingerprints and a statement
pertaining to any criminal activity. The NMLS performs a criminal background check and
also investigates the financial condition, character, and experience of all applicants.
Ohio Mortgage Licensing forms and exams are administered through PSI Exams.
Mortgage Brokers must maintain an office within the state for the transaction of their
business, and a photograph of each location where business will be transacted needs to
accompany the application. If the location of the office is in a residence the application
needs to be accompanied by a certified copy of a zoning permit authorizing the use of the
residence for commercial purposes, or other document showing that the use is not
prohibited by any county or political subdivision.
The Ohio Association of Mortgage Brokers (OAMB), is an affiliate of the National
Association of Mortgage Brokers (NAMB) . Both of these organizations provide excellent
real estate mortgage loan resources for those who want to obtain a Mortgage Broker License
in Ohio and those already licensed.