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
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
(as of 2/23/2010)
Rhode Island Approved Mortgage Schools Prelicensing and Postlicensing
Abacus Mortgage Training
|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.