The Rhode Island Department of Business Regulation, Division of Banking provides regulatory oversight of all aspects of the Loan Brokers (Mortgage Brokers) in the State. A Mortgage Broker (Loan Broker) is defined as anyone who solicits, processes, negotiates, places or sells a mortgage loan for others, or who offers to. Offices are located in Cranston.

All Rhode Island 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 Rhode Island-required content. Continuing Education Requirements include at least eight hours of NMLS approved instruction.

The licensing fee for NMLS for Loan Originators is $219, and the fee for Loan Broker is $925.  Click on the link in the preceding sentence for more details about each license.

A $20,000 Surety Bond is also required, plus a $5,000 bond for each branch office.

Financial statements prepared and dated within the last 60 days and prepared according to generally accepted accounting principles are required.  Although no physical office is required in Rhode Island, applicants must arrange for an attorney or resident agent on whom legal service may be delivered if necessary.

The Rhode Island Association of Mortgage Brokers is an affiliate of the National Association of Mortgage Brokers (NAMB). This organization is an excellent resource for those who wish to obtain a Mortgage Broker License in Rhode Island.

Rhode Island Mortgage Forms	Rhode Island Reciprocity States
Most mortgage forms can be obtained online. Ones listed below pertain to new salespersons and brokers. How to join the NMLS Personal Financial Statements	N/A (as of 2/23/2010)
Rhode Island Approved Mortgage Schools Prelicensing and Postlicensing Education
Community Colleges N/A	Private Schools Abacus Mortgage Training McKissock.com TheMortgageTrainingCenter.com Training Pro
Last Update:  2/22/2010 This list may not include all approved schools. Please visit the Department of Business Regulation website for the latest list of approved schools.