Mortgage broker license (loan officer, requirements, loan, lending)

[DataCollector]

I got a question regarding mortgage brokers. Do all mortgage brokers require a separate state license to operate in a specific state? Also, does a broker license number stay permanent? Or could it change?

Thanks!

[renriq02]

It is state specific.
It should.....

Originally Posted by DataCollector

I got a question regarding mortgage brokers. Do all mortgage brokers require a separate state license to operate in a specific state? Also, does a broker license number stay permanent? Or could it change?

Thanks!

[lscalder]

yes each state have their own Mortgage Broker requirements.
Are you speaking of Mortgage Broker or Loan Originator.
I think people get the two confuse.
If a Broker wants to originate Loans in each state he/she have to be license in that state. Now the Loan orignator do not have to be license in each state to originate loans as long as the Broker is license in that state or if the state does not have a loan originator licensing requirements such as Washington DC. Any Loan officer can originate in DC as long as the Broker has he/she Broker License for DC.

[dcdubbs]

Yup- no individual LO license in DC- but you can guarantee that is going to change. The meltdown brought a lot of heat on the lending division's of each state. I can guarantee they don't want to have egg on their face twice.
Here is a breakdown of what a broker in DC has to go through

District of Columbia Mortgage Broker Requirements

and every other state:
State by State Mortgage Licensing