Rhode Island State Licenses and Regulator Costs

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Lender License (Company)

NMLS Cost: $1,750
Additional Costs: $15 per credit report, $36.25 per criminal background check
Qualifying Individual: each location; five (5) years of mortgage experience
Minimum Net Worth: $100,000
Surety Bond Requirement: $50,000, plus $10,000 for four or more branch locations or $25,000 for eight or more branch locations

Loan Broker License (Company)

NMLS Cost: $925
Additional Costs: $15 per credit report, $36.25 per criminal background check
Qualifying Individual: each location; five (5) years of mortgage experience; main location QI must own 51% or more of company
Minimum Net Worth: $10,000
Surety Bond Requirement: $20,000, plus $10,000 for four or more branch locations or $25,000 for eight or more branch locations

Third Party Loan Servicer License (Company)

NMLS Cost: $1,750
Additional Costs: $15 per credit report, $36.25 per criminal background check
Qualifying Individual: five (5) years of mortgage experience; must physically work at main location
Minimum Net Worth: $100,000
Surety Bond Requirement: $50,000, plus $10,000 for four or more branch locations or $25,000 for eight or more branch locations

Lender Branch Certificate (Branch)

NMLS Cost: $1,670
Additional Costs: $15.00 per credit report, $36.25 per criminal background check
Qualifying Individual: minimum of five (5) years of mortgage experience
Surety bond: may be needed depending on number of branch locations (see above)

Loan Broker Branch Certificate (Branch)

NMLS Cost: $845
Additional Costs: $15.00 per credit report, $36.25 per criminal background check
Qualifying Individual: minimum of five (5) years of mortgage experience
Surety bond: may be needed depending on number of branch locations (see above)

Third Party Servicer Branch Certificate (Branch)

NMLS Cost: $1,670
Additional Costs: $15.00 per credit report, $36.25 per criminal background check
Qualifying Individual: minimum of five (5) years of mortgage experience
Surety bond: may be needed depending on number of branch locations (see above)

Mortgage Loan Originator (Individual)

NMLS Cost: $180
Additional Costs: $15.00 per credit report, $36.25 per criminal background check
Education: Rhode Island requires three (3) hours of RI-approved pre-licensure education as part of your national education requirement