The following information is required to apply for a Mortgage Broker License in Kentucky:

• Complete and accurate application along with the stipulated application fee is required to be submitted. Processing time for a completed application is approximately 45 days.
• HUD approved entities are exempted from licensing but they must formally register themselves with the department.
• Applicants are required to submit their compiled financial statement prepared by a licensed or certified public accountant. If this is a new venture, it must be capitalized sufficiently to carry on a new business. An initial balance sheet, as well as a 12 month projected cash flow statement and business plan, must be submitted. This CPA prepared financial statement is required, even for a brand new venture. Sufficient capital must be put into the business and be reflected in the 12 month projections to show the ability to maintain this new business at least through the first year.
• A resume of the owner/owners and managers is also required to be submitted.
• If the applicant is engaged, or intends to engage, in any business other than that allowed by KRS Chapter 294, they are required to state the name and type of business conducted.
• A mortgage broker surety bond in the prescribed format and amounting to $50,000 must be submitted along with the application.
• In order to be eligible for a mortgage broker license in Kentucky, the applicants are required to submit proof of completion of the required 30 hour education course pursuant to KRS Chapter 294.032(6).
• A mortgage broker must have a physical location in Kentucky. Post Office addresses are not acceptable. This office shall have a street address and shall be accessible to the general public as a place of business and shall hold itself open on a regular basis during posted hours, unless the office is in the residence of the mortgage loan broker.
• Licenses expire on June 30th of every year. Each licensee must renew on or before June 20th of the expiration year. Renewal application along with necessary renewal fees must be submitted on time.

A list of approved continuing education courses for individual loan brokers and loan officers can be obtained at http://dfi.ky.gov/courses.htm.

Also, a list of approved providers for the initial 30-Hour requirement pre license education can be found at http://dfi.ky.gov/providers.htm.

For more information and application forms, visit the Division of Financial Institutions Home Page.