New Jersey Mortgage Licensing
Mortgage Broker Licensing
License: New Jersey Residential Mortgage Broker License
Physical Office Required: No
Qualifying Individual Required: Yes, must be an officer of the company and licensed as a NJ MLO
Minimum Net Worth: $50,000
Financial Statements: CPA Audited (applicant or parent company)
Surety Bond Amount: $150,000
License Cost Breakdown – Estimated fees not including Guide
Mortgage Licensing Service Fee:
$125 – Foreign Entity Fee
$169 – Registered Agent Fee
$1,500 – Surety Bond Fee
$1,300 – Company License Fee
$50 – NJ Fingerprinting per Owner/Officer
$530 – Qualified Individual License Fee
$79 – 4 hour State-Specific Education Course for Qualified Individual
Mortgage Lender Licensing
License: New Jersey Residential Mortgage Lender License
Physical Office Required: No
Qualifying Individual Required: Yes, must be an officer of the company and licensed as a NJ MLO
Minimum Net Worth: $250,000
Financial Statements: CPA Audited (applicant or parent company)
Surety Bond Amount: $150,000
Company License Fee: $1,300
Regulated by:
New Jersey Department of Banking & Insurance
Licensing Services Bureau, Banking
20 West State Street, 8th Floor
Trenton, NJ 08608
Phone: 609-292-7272
Fax: 609-777-0107
www.state.nj.us/dobi/index.shtml