Ohio Mortgage Licensing
Mortgage Banker or Broker
Mortgage Broker License
Physical In-State Office Required: No, eliminated 3/23/2018
Qualifying Individual: Yes, requires completion of requirements to obtain OH LO License and 3 years of mortgage experience (verified by w-2s/1099s)
Minimum Net Worth: $ None
Surety Bond: 0.5% of Nationwide Loan Volume for previous calendar year plus an additional $10,000 for each branch location up to $150,000 maximum and down to $50,000 minimum.
Experience/Education: 3 years experience and 4 hours of OH Pre-License Education
Comments: If the Operations Manager (OM) leaves the company once you are licensed, Ohio gives 10 days to notify them that the current OM has left. They then give you 30 days to designate the new OM and provide the verification of experience.
License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$125 – Foreign Entity Fee
$125 – Registered Agent Fee
$500 to $1,500 – $60k to $150k Ohio Surety Bond
$600 – Company License Fee