Personal financial statements and resumes of all principals and directors, if the applicant is a company or partnership; or statements and resume of the individual applicant must be submitted along with the application. A recent and relevant balance sheet and income statement of the applicant must be enclosed along with the application. Make sure that the statements and other relevant data is recent and not older than 6 months. You must also apply for a license for each of your offices, in case you plan to operate your Mortgage Brokering from more than one location.

It is also required that the applicants obtain at least three letters of references from businesses that are currently doing business with the applicant company. These can be the CPA, bank, law firm or any other business. Also, each letter must refer to the applicant company and not an individual within the company. These letters must be mailed by the reference source directly to the Office of the State Bank Commissioner. A copy of the Broker’s Agreement must also be submitted along with the Mortgage Broker License Application.

The applicant must provide an original surety bond in the principal amount of $25,000. The bond form is available at Mortgage Loan Broker Surety Bond. The term of the surety bond should be equal to the license period. In other words, the expiry date of the bond cannot be earlier than the expiry date of your license. In lieu of a surety bond, the applicant may provide an original irrevocable letter of credit in accordance with section 2108(b), Title 5 of the Delaware Code. Ensure that the irrevocable letter of credit is provided by an Insured Depository Institution. These are defined in the Federal Deposit Insurance Act at 12 U.S.C. § 1813(c). The letter of credit should be in the same amount as the bond and acceptable to the State Bank Commissioner.

The License must be renewed yearly. Besides, the State of Delaware charges a fee known as the Annual Supervisory Assessment fee if the license files are maintained in states other than Delaware. In fact, such a fee is also charged if the files are maintained within the state of Delaware. However, the fee in this case is lower.

For more information, visit the MORTGAGE BROKERS section in the State of Delaware website that provides additional details and online forms.