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Below you will find information on the following
topics for Ohio: Mortgage Broker Licensing, Mortgage
Broker Training, Mortgage Broker License Requirements, Ohio
Mortgage Laws and Regulations, Mortgage Broker Schools, etc.
If you would like to find information about another state then
please click
here and select the state.
Ohio Mortgage License and Education Information |
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The Department of Commerce,
Division of Financial Institutions of the State of Ohio regulates and monitors
the Mortgage Broker Licensing requirements for aspiring Mortgage Brokers in Ohio.
The following information is required to obtain a Ohio State Mortgage Broker
License:
- To be considered for licensure, an applicant must submit a complete
application, all required documentation, and the appropriate fees.
- An individual applying for a license as a mortgage broker must have
a minimum of 3 years of experience working as a loan originator or in any lending
field. Documents that verify the applicant’s experience are required to
be submitted.
- A surety bond of $25,000 is required to obtain a mortgage broker license.
This is for the main location. In case the applicant wishes to operate from
other locations he/she must provide additional bonds of $5000 for each location.
- The license of a mortgage broker is valid for a 1-year period
- If the applicant does not have required previous experience he / she
must compensate this by obtaining a degree in a related field. The Ohio state
permits applicants who hold an associate degree in finance, banking, or even
business administration.
- A mortgage broker must have at least one physical office in the state
of Ohio.
- Based on when you received your degree, you may be asked to complete
certain other continuing education requirements.
- The applicant is required to submit to the banking department detailed
financial information sufficient for the Division of Financial Institutions
to determine the applicant's ability to conduct the business of a mortgage banker
or a mortgage broker with financial integrity.
- A statement of net worth must also be enclosed with the application.
- If the applicant is licensed as a mortgage banker or broker in any other
state/states, a document detailing the state/states, name and address of the
regulatory agency, the type of license, and license number that agency assigned
the applicant’s entity must be submitted along with the application.
- In some cases, a description of past activities conducted by the applicant
and a history of operations must be submitted to the department.
For more information, please visit the Department
of Commerce, Division of Financial Institutions - State of Ohio.
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Major Cities Include: Columbus, Cleveland, Cincinnati, Toledo, Akron, Dayton, Parma, Canton, Lorain, Springfield, Hamilton, Kettering, Lakewood, Elyria, Euclid, Mentor, Cleveland Heights, Cuyahoga Falls, Mansfield, Warren, Newark, Strongsville, Fairfield, Lima, Findlay, Huber Heights, Beavercreek, Boardman, Lancaster, Westerville, Marion, North Olmsted, Upper Arlington, Brunswick, Gahanna, Stow, Reynoldsburg, Fairborn, Westlake, Dublin, Massillon, Garfield Heights, Bowling Green, Shaker Heights, North Royalton, Kent, Barberton, Sandusky, Trotwood, East Cleveland, Grove City, Maple Heights, Zanesville, Delaware, Medina, Wooster, Hilliard, Xenia, South Euclid, Alliance, Green, Willoughby, Hudson, North Ridgeville, Mason, Troy, Oxford, Solon, Chillicothe, Norwood, Parma Heights, Athens, Ashland, Ashtabula, Niles, Portsmouth, Piqua, Rocky River, Eastlake, Sidney, Miamisburg, Mayfield Heights, Oregon, Whitehall
This website has been prepared for informational purposes only.
Please make sure you read the site
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