Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Rhode Island or anyone looking to become a mortgage broker in Rhode Island.
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. Current regulations became effective on August 9, 1998. 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.
Applicants who desire to
become a Mortgage Broker in Rhode Island pay a non-refundable investigation fee of $275 and execute a Power of Attorney and pay a $25 Power of Attorney Filing Fee. A $10,000 Surety Bond is also required. After the application is approved a license fee is paid.
Applicants must provide a resume and employment history that reflects at least five years of experience in the real estate mortgage brokering business. This includes employment, supervision or independent work experience. A 3-year business plan including proforma financial statements must also be provided.
Financial statements prepared and dated within the last 60 days and prepared according to generally accepted accounting principles are required. The financial statements need to reflect a minimum net worth of $10,000. The Department will perform a criminal background check authorized by the applicant.
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),
www.namb.org. This organization is an excellent resource for those who wish to obtain a Mortgage Broker License in Rhode Island.
We also offer information and resources for Rhode Island Commercial Mortgage