| When you are looking to get licensed as a mortgage | | | | the bond amount (or $2500). |
| broker or mortgage banker in additional states, there | | | | These are all estimates based on huge generalizations, |
| are 4 main categories of fees, each to be paid to | | | | so in order to get an accurate assessment for your |
| different vendors or entities. Some of these fees will | | | | situation, you would want to contact a surety bond |
| vary based on who you hire or your credit history, so | | | | provider. |
| we will address that as we go. | | | | Category 3: Foreign Qualifications (Certificate of |
| Category 1: State Filing Fees | | | | Authority) and Registered Agents |
| These are the fees you will pay to the state agency | | | | This expense will normally run you somewhere in the |
| that oversees mortgage licensing in the state where | | | | range of $500-$550 per state where you want to be |
| you are applying. These fees will normally be paid in | | | | qualified. The biggest factor is how much the state |
| the form of a check that you will write directly to the | | | | charges for the application fee. On top of that, you will |
| state agency and include with your completed | | | | want to check to see how much a company is |
| mortgage license application when you file it. There are | | | | charging your for their service fee to file the application |
| a few exceptions: You can write in a credit card | | | | and act as your registered agent (if necessary). Our |
| number on the mortgage license application for OR | | | | company, American Mortgage Licensing, charges $200 |
| and MD sends you an invoice for the filing fee after | | | | for the service fee and supplies a Registered Agent |
| the application has been filed online. | | | | for the first 12 months. The state fees average around |
| One sub-category within state filing fees is what some | | | | $150 to $200 per state, some are lower and some are |
| states call "Licensing fees." Basically, this is where the | | | | higher (TN and TX are very high). |
| state charges you a fee on the front end when you | | | | For the average situation, an estimate of $400 per |
| file your mortgage license application (normally called | | | | state is a pretty good price for a completed and filed |
| an "investigation fee") and then hits you again once | | | | application covering your state fee and your |
| they approve your application. Off the top of my head, | | | | Registered Agent. |
| I know that IL & MA do this, but I think there are a | | | | Category 4: Mortgage license service fees |
| few more as well. | | | | These are the fees you would pay to a company like |
| As a whole, state filing fees can range on the high end | | | | ours if you chose to hire us to run your mortgage |
| of the $2700 range (NV and IL) all the way down to | | | | license project. These fees range across the industry |
| the low hundreds (CA, CO and NM). | | | | and typically range based on the number of states you |
| Category 2: Bond premiums | | | | choose to get licensed in. For example, the fees you |
| Surety bonds for mortgage license applications can | | | | would pay to AM Licensing would range from $1000 |
| vary from state to state (from not being required to | | | | down to $400 depending on how many states you |
| the $120,000 bond level) but the standard bond for a | | | | hired us for. |
| broker license application is somewhere around | | | | Total |
| $25,000. Since that is the standard, that is the amount | | | | So, when you take all 4 categories into account, you |
| we will use for our example. If you have decent credit | | | | will normally have to expect an average just over |
| and strong financial statements, you can expect to | | | | $2000 or so per state. This is just an average as |
| pay somewhere in the range of 1% of the bond | | | | some states are higher (for example, NJ & IL) and |
| amount ($250) as a yearly premium. This amount will | | | | some states are lower (NM, CA, etc). As I said before, |
| be required from you before the bond is issued and | | | | these fees will be paid to the different vendors at |
| will be paid directly to a surety bond company. | | | | different times during the process. |
| Now, if you have shaky credit or if you have a recent | | | | I hope all of you are having success in the industry and |
| bankruptcy, you are more than likely going to have to | | | | please let me know if I can be of any service at all. |
| pay a much higher percentage, possibly up to 10% of | | | | |