| Do you want to get a mortgage broker or lender | | | | season, you will experience a slower-than-usual |
| license? Do you need to get it NOW? I am frequently | | | | timeframe. A few states have licenses that never |
| asked how long it will take for a mortgage company | | | | expire so that is not always an issue. However, most |
| to get a mortgage broker or lender license. | | | | states issue licenses that need to be renewed every |
| Unfortunately, it depends upon which state you are | | | | year or every two years. Most licensing departments |
| asking about. | | | | are under-staffed. When renewal season comes |
| There are the less populous states, which also tend to | | | | around, a reviewer may be pulled from new |
| be the less popular states, such as Iowa, New | | | | applications and re-assigned to processing renewal |
| Hampshire, Arkansas, and Mississippi, where the first | | | | applications. That means a new application sits in a |
| review takes less than 3 weeks. If the application is | | | | corner for maybe a month until the backlog of |
| perfect, then you have a license in your hand in less | | | | renewals has been cleared. Or the banking |
| than one month. The other end of the spectrum is | | | | department will ask you if you want to wait until all |
| New York, which can take 8 to 9 months, and I've | | | | new licenses are issued to avoid the need for instant |
| never seen a perfect application submitted to New | | | | renewal on a license that you've held for maybe a |
| York. | | | | month. |
| Many times, the problem is that the mortgage | | | | If you consult with a company or law firm that |
| company is so eager to get that application in to the | | | | specializes in mortgage company licensing and you get |
| Banking Department that they do not submit each | | | | an answer to the question "how long will it take" that |
| document that is requested or answer every question. | | | | sounds much shorter than the responses you have |
| The licensing reviewers will not let you skip a question | | | | been receiving from other companies or law firms, find |
| or leave out one of the required back-up documents, | | | | out why they can give you such a favorable answer. |
| i.e., letter of reference, current financial statement, or | | | | It's better to know upfront that the process is slow |
| official bank or certified checks instead of company | | | | than to gear up and hire loan officers for a license that |
| checks for the fees. The devil is always in the details. | | | | won't be in your office for several months, no matter |
| You cannot be too detail-oriented when submitting a | | | | what you have been promised. But sometimes, a law |
| license application. | | | | firm has a good relationship with the application |
| Another issue that slows down the application process | | | | reviewers and the reviewers will make sure that the |
| is the time of year in which you submit your license | | | | application is sped through the review process. |
| application. If the banking department is also in renewal | | | | |