The following information is required for obtaining a New Jersey Mortgage Broker License:

• The applicant must submit a complete and signed application along with the required application fee to the department.
• The applicant is required to submit a perfected surety bond in the minimum amount of $100,000 to the department.
• The applicant is required to have a physical office location in New Jersey in order to qualify for a New Jersey State Mortgage Broker License.
• Also, a copy of Certificate of Incorporation must be enclosed along with the application.
• A copy of audited financial statements prepared by a Certified Public Accountant reflecting a tangible net worth of $50,000 must be submitted.
• Completed certified consent certificates for all officers, directors, substantial stockholders, partners or owners are required.
• The applicant is required to take and successfully pass a written examination administered by the Department for the authority or authorities requested.
• A copy of the law and regulations governing the mortgage broker licensure will be provided by the department as a part of the examination scheduling packet. The applicant must also know the Federal laws and practices.
• The Department does not require the applicants to take any specific courses for the examination. Any private courses taken by the applicant are not connected with the Department in any way.
• To license additional office locations or branches, separate branch office license applications must be filed.
• Licenses are issued for a prescribed biennial period beginning on July 1 of an odd-numbered year through June 30 of the next odd-numbered year. The date of expiration for all licenses is June 30.

An individual licensed as a New Jersey real estate broker, broker-salesperson or salesperson is not, by virtue of being licensed, authorized to engage in the residential mortgage brokerage business. Persons and firms who broker loans secured by mortgages on commercial real estate for compensation must be licensed as New Jersey real estate brokers.

You can obtain applications and forms at New Jersey Licensed Lenders Applications and Forms.

For more information, visit the New Jersey Department of Banking and Insurance.