So you are looking to become a mortgage broker in New Jersey. How do you do it and what requirements must you meet to become a licensed mortgage broker in New Jersey?
Mortgage broker licenses in New Jersey are regulated and overseen by the New Jersey Department of Banking and Insurance. Mortgage license issuance is handled through the Nationwide Mortgage Licensing System (NMLS). New Jersey does not require a physical office in the state, but a qualifying individual must be an officer of a company licensed in New Jersey as an mortgage loan originator. The broker also must have a minimum net work of $50,000. Click here to learn more.
One seeking to become a licensed mortgage broker in New Jersey also has to provide a $150,000 mortgage broker surety bond.
Where can you instantly purchase mortgage broker bonds?
Colonial Surety offers the direct and digital way to obtain a mortgage broker bond. We are the insurance company — which means no agent, no broker, and no middleman. The steps are easy — get a quote online, fill out your information, and enter your payment method. Your bond will be available instantly. It’s that simple!