Mortgage Licensing FAQs

I no longer work for a licensed company. Can my MLO license be renewed?
No, an MLO must be employed by a licensed company to maintain licensure.

What is the minimum surety bond requirement for licensed companies?
$50,000 at time of initial licensure. The amount is subject to change annually based on the previous year’s volume of brokering, funding and/or servicing. Bond increases must be posted with the Division of Finance by May 1 each year. Current surety bond schedule.

Can I apply for licensure if my previous MLO application was denied or withdrawn?
Yes. The division will obtain current findings to determine if a license will be issued and not necessarily take into account findings from a previous application(s).