Broker Matrix
Complete cost breakdown for mortgage broker licensing fees and requirements
Your 4 Key Out-of-Pocket Fees
Below is the Thomas Law Firm Mortgage Broker Matrix of Costs Spreadsheet which details the 4 out-of-pocket fees for your mortgage licensing project:
- [1] The Thomas Law Firm processing fee
- [2] The State Application filing fees
- [3] The Secretaries of States Registrations
- [4] The Surety Bond annual premiums
Thomas Law Firm Processing Fees
Professional legal fees for preparing and processing your mortgage broker license application through the NMLS system and state regulators.
NMLS Application Fees
State filing fees required for mortgage broker license applications. These fees vary by state and license type.
Secretary of State Registrations
Corporate registration fees and qualification costs for establishing your business entity with each state's Secretary of State office.
Surety Bond Annual Premiums
Annual premiums for required surety bonds, which protect consumers and ensure compliance with state regulations.
| # | State | License Type | TLF Fee | Filing | Qualif. | Bond Prem. | Bond Req. | Net Worth | Credit Line | State Total |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | AK | Broker L/A | $500 | $850 | $655 | $0 | $0 | $0 | $0 | $2,005 |
| 2 | AL | Broker | $500 | $700 | $350 | $0 | N/A | $25k | $0 | $1,550 |
| 3 | AR | Loan Co. LO/A | $500 | $850 | $575 | $500 | $50k | $25k | $0 | $2,425 |
| 4 | AZ | Broker E/F/Phy. Off. | $500 | $900 | $565 | $150 | $15k | N/A | $0 | $2,115 |
| 5 | CA | Fin. Lender F | $500 | $320 | $365 | $250 | $25k | $250k | $0 | $1,435 |
| 6 | CO | Loan Originator F/E/C | $500 | $350 | $525 | $250 | $25k | $0 | $0 | $1,625 |
| 7 | CT | Broker LO | $500 | $600 | $410 | $500-1500 | $50-150k | $25k | $0 | $1,510 |
| 8 | DC | Broker A | $500 | $1,200 | $495 | $125 | $12.5k | $10k | $0 | $2,320 |
| 9 | DE | Broker | $500 | $250 | $460 | $250 | $25k | N/A | $0 | $1,460 |
| 10 | FL | Broker E/A/LO | $500 | $450 | $430 | $100 | $10k | $25k | $0 | $1,480 |
| 11 | GA | Broker C/F/Phy. Off. Maybe | $500 | $750 | $605 | $500 | $50k | $0 | $0 | $2,355 |
| 12 | HI | Broker LO/Phy. Off. | $500 | $380 | $380 | $150 | $15k | N/A | $0 | $1,410 |
| 13 | IA | Broker F | $500 | $500 | $405 | $1,000 | $100k | N/A | $0 | $2,405 |
| 14 | ID | Broker LO | $500 | $700 | $385 | $0 | $0 | $10k | $0 | $1,585 |
| 15 | IL | Residential Loan E/LO/C/A/FB | $500 | $2,143 | $960 | $200 | $20k | $150k | $0 | $3,803 |
| 16 | IN | Loan Broker C | $500 | $300 | $370 | $500 | $50k | N/A | $0 | $1,670 |
| 17 | KS | Broker LO/F/A | $500 | $1,000 | $465 | $1,000 | $100k | N/A | $0 | $2,965 |
| 18 | KY | Broker LO/F/A | $500 | $850 | $430 | $500 | $50k | N/A | $0 | $2,280 |
Note: This matrix provides estimated costs. Actual fees may vary based on specific circumstances, state requirements, and timing. Contact Thomas Law Firm for a detailed quote specific to your situation.
License Qualifications
Mortgage broker licenses require specific qualifications including:
- • NMLS individual license for loan originators (LO)
- • Pre-licensing education and testing
- • Background checks and credit reports
- • Physical office requirements in some states
Financial Requirements
Most states require mortgage brokers to maintain:
- • Minimum net worth between $10k-$250k
- • Surety bonds ranging from $10k-$150k
- • Errors and omissions insurance (E&O)
- • Annual financial statement submissions
Need Mortgage Licenses or Exemptions?
Consult with Herb Thomas, the foremost attorney on mortgage licenses in the US. Get expert guidance on broker licensing requirements and NMLS compliance.