Mortgage Broker License in Alabama

A Mortgage Broker License in Alabama requires an initial fee of $500 and an investigation fee of $100. This is handled by the Alabama State Banking Department, Bureau of loans in Montgomery, Alabama. All aspects of the Alabama Mortgage Broker License Act are handled by the department.

 

A Mortgage Broker License in Alabama requires an initial fee of $500 and an investigation fee of $100. This is handled by the Alabama State Banking Department, Bureau of loans in Montgomery, Alabama. All aspects of the Alabama Mortgage Broker License Act are handled by the department.

 

The person who holds a Mortgage Broker License in Alabama may perform his services with both first and second mortgages. In this case he may not need a special licensing for the second mortgage. The license is not required for the loan officers and employees of the Mortgage Brokers and the banks. Those applying for the Mortgage Broker License are required to fulfill a continuing education requirement of 12 hours before applying for the license.
In Alabama, if anyone solicits, negotiates or processes a mortgage loan for a borrower they will require a Mortgage Broker License. But there are certain exceptions to this. The exception to these requirements are real estate agents who are involved in business, bank and saving associations, loan association, attorneys, life insurance companies and many others.

Alabama has not yet provided its mortgage brokers a physical office in the state. It is among those 18 states where the mortgage brokers don’t have a physical office.

Economy watch provides information about the Alabama Mortgage Broker License.

 

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