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Below you will find information on the following
topics for Tennessee: Mortgage Broker Licensing, Mortgage
Broker Training, Mortgage Broker License Requirements, Tennessee
Mortgage Laws and Regulations, Mortgage Broker Schools, etc.
If you would like to find information about another state then
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here and select the state.
Tennessee Mortgage License and Education Information |
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The Tennessee Department
of Financial Institutions issues and regulates the Mortgage Broker Licensing
in the state of Tennessee.
The following information is required to obtain a mortgage broker license in
Tennessee:
- Submit a completed and signed application along with the annual license
and investigation fee and other required documents to the Department.
- Attach a bond or a letter of credit payable to the People of the State
of Tennessee. The bond must be for the calendar year from January 1 to December
31, renewable each year and must remain in effect for two years after close
of business for any reason. The letter of credit must be for a time period of
three years. However, it should be renewable and should also remain in effect
for two years after the close of business. The bond or letter of credit must
be in the amount of $90,000.
- Provide a compiled, reviewed or audited financial statement less than
12 months old in the name of the applicant prepared in accordance with generally
accepted accounting standards with a cover letter completed by an independent
CPA or PA.
- Minimum net worth requirement is $25,000.
- There are no specific educational or experience requirements to obtain
a Tennessee Mortgage Broker License.
- If applicant is a corporation or an LLC, the Affidavit of Official Signing
of Registration and Certificate of Resolution must be completed. This is provided
along with the application.
- If the applicant is a corporation or LLC, a certificate of authority
should also be provided along with the application. This can be obtained from
the Secretary of State. Alternatively, if the applicant is a Limited Partnership,
in this case, a Certificate of Registration must be attached. This, again, can
be obtained from the Secretary of State.
- The names and business address for all officers, directors, members,
shareholders or partners for the applicant should be listed in the application.
To become a mortgage broker, the applicant must comply and conform to all provisions
of the Tennessee Lending Brokerage and Servicing Act TCA. § 45-13-101.
There is a Licensing fee as well as Investigation fee that must be paid along
with the application and other supporting documents.
Online forms and applications can be downloaded at Tennessee
Department of Financial Institutions - Forms.
For more information, visit Tennessee
Department of Financial Institutions.
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Major Cities Include: Memphis, Knoxville, Chattanooga, Clarksville, Murfreesboro, Jackson, Johnson City, Kingsport, Franklin, Hendersonville, Cleveland, Columbia, Collierville, Oak Ridge, Smyrna, Bristol, Cookeville, Brentwood, Gallatin, Maryville, East Ridge, Lebanon, La Vergne, Tullahoma, Dyersburg, Shelbyville, Greeneville, Springfield, Goodlettsville, Elizabethton, Athens, Mount Juliet, Dickson, Sevierville, Union City, Lawrenceburg, Brownsville, Martin, Millington, Lewisburg
This website has been prepared for informational purposes only.
Please make sure you read the site
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