Alabama Mortgage Licensing

Alabama eliminated their requirement for a physical office for mortgage broker licensees on 8/21/09. If you apply for the banker/lender license, which they call the consumer credit license or “mini-code” license, you will have to show proof of a warehouse line of credit. If you are a mortgage broker, you’re better off applying for the mortgage broker license versus trying to get a warehouse line of credit that you will never use, especially since a physical office is no longer required.

Mortgage Banker

Consumer Credit License (Mini-Code)

Physical In-State Office Required: No
Minimum Net Worth: None, CPA Compiled
Surety Bond: $25,000 to $75,000
Qualifying Individual: No
Comments: Evidence of Warehouse Line is required to verify lender status. Office location cannot be zoned residential.

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$150 – Foreign Entity App
$125 – Registered Agent Fee
$700 – Company License Fee
$250 – AL $25k Surety Bond

Mortgage Broker

Mortgage Broker License

Physical In-State Office Required: No as of 8/21/09
Minimum Net Worth: None, CPA Compiled
Surety Bond: $25,000 to $75,000
Qualifying Individual: No
Comments: Office location cannot be zoned residential.

Regulated by:

Alabama Mortgage Licensing