National Mortgage Banker Licensing Strategy 1st Mortgage Loans
HUD States w/ States w/ States w/ States with
Exempt No License No Office No Office Office
Requirement Requirement Requirement Require.
1 KY* CO OR ME NJ
2 MO IN CA SD PA
3 TN * SC FL NH AZ***
4 TX****full eagle only AK IL ID NV***
5 MT Broker NY KS OH
6 MI ND HI
7 VA IA MT [1st Mtg]
8 MA VT OK [1st Mtg]
9 MD RI
10 CT LA
11 MN WV ***Wholesale Lender
12 WA**** DC exemptions
13 GA MS** **HUD exempt but
14 * Registration **** Fannie Mae exempt NM AR ONLY if state is within 250
15 required WI mile HUD approved
16 NE area: AL, MS
17 DE
18 UT
NC
AL**
Conclusions: FHA Exemptions 5
States with No License requirements= 4
States no office requirement= 34
States with Physical Office Requirements 8
Cost: 30 States $775 + 50/state FedEx $24,750 Payable in 2 installments:$12375, $12375