BUSINESS PURPOSE LENDING
BROKER LICENSE
REQUIREMENTS
BP Broker LIC Research / Rev. 1/2023
***This matrix refers to “Business Purpose” as mortgage loans made on residential 1-4 SFR properties for investment purposes***
State
License
Required?
Type of License
Research Notes
AZ
Yes AZ Mortgage Broker
Defines “mortgage loan” as “loan secured by mortgage/any lien interest on real
estate” – not restricted to owner-occ properties. Confirmed 1/2023.
AR
*See Notes N/A
*only exempt from licensing if broker ONLY makes non-residential mortgage
loans. If they make residential loans as well, then AR Mortgage Broker license
required.
CA
Yes CA Real Estate Broker
*MLO endorsement required on CA REB License if investment property is
being purchased for family member
CO
No
N/A
Broker licensing under the Mortgage Company Act is related to consumer
purpose loans. Unable to find RE stat’s. related to Commercial M Broker
licensing.
CT
No N/A
DC
No N/A
DE
No N/A
FL
No N/A
Confirmed 10/2022
GA
No N/A
Confirmed, based on definition of a Mortgage Loan; updated 10/2022
HI
No N/A
IA
No N/A
Mortgage Broker license states for “owner-occ residential property”
ID
Yes ID Mortgage Broker
“residential mortgage loan” not restricted to owner-occ transactions; confirmed
1/2023
IL
Yes IL Loan Broker
Based on definitions of “loan” & “loan broker” in IL Loan Brokers Act 1995 &
email from IL Regulator ; also confirmed with MQMR. confirmed 3/2023
IN
No N/A
KS
No N/A
Mortgage loan: “personal, family or household use” ; dwelling “occupied or
intended to be occupied for residential purposes by the owner”
KY
No N/A
LA
No N/A
MA
No
N/A
Residential property defined as owner occupied
BUSINESS PURPOSE LENDING
BROKER LICENSE
REQUIREMENTS
BP Broker LIC Research / Rev. 1/2023
***This matrix refers to “Business Purpose” as mortgage loans made on residential 1-4 SFR properties for investment purposes***
MD
No N/A
ME
No N/A
MI
Yes
MI Real Estate Broker
License (under MI Board of
RE Brokers/Salepersons)
NMLS Mortgage Broker license not required, “loan” is personal, family,
household use only.
RE Broker License 339.2501 Definitions:
"Negotiate the mortgage of real estate" means engaging in activity in
connection with a mortgage that is not regulated under the mortgage brokers,
lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651 to 445.1684,
the secondary mortgage loan act, 1981 PA 125, MCL 493.51 to MCL 493.81;
biz purpose/investment not under broker, lender, servicing act, so falls under
this; updated 11/2022
MN
Yes MN Real Estate Broker
“residential mortgage loan” not restricted to owner-occ transactions and
“residential real estate” includes non-owner occ; confirmed 1/2023
MO
No N/A
MS
No N/A
Mortgage loan: “personal, family or household use”
MT
No N/A
Confirmed MT Regulator 10/2022.
NC
No N/A
Mortgage loan: “personal, family or household use” ; updated 1/2023
ND
Yes ND Money Broker License
Authorized activities in NMLS include commercial; confirmed 1/2023
NE
No N/A
Mortgage loan: “personal, family or household use”; Yes for RE that is not res
1-4 family dwelling (commercial)
NH
No N/A
NJ
Yes NJ Real Estate Broker
NJ website states “Persons and firms who broker loans secured by mortgages
on
commercial real estate for compensation must be licensed as New Jersey
real estate brokers;” MQMR states NOO property is considered commercia
l ;
updated 11/2022.
NM
No N/A
NV
Yes NV Mortgage Company
Research from the state of NV Dept of Bus. & Industry FAQ corroborates; “real
property” includes residential & commercial; confirmed 1/2023
OH
No N/A
Confirmed with OH Regulator 12/2022.
OK
No N/A
OR
Yes OR Mortgage Broker
Definition of mortgage loan is any 1-4 family property, NOT excluded for personal
use; confirmed 1/2023
BUSINESS PURPOSE LENDING
BROKER LICENSE
REQUIREMENTS
BP Broker LIC Research / Rev. 1/2023
***This matrix refers to “Business Purpose” as mortgage loans made on residential 1-4 SFR properties for investment purposes***
PA
No N/A
RI
No N/A
SC
No N/A
SD
Yes SD Mortgage Brokerage
NMLS authorized activities: commercial mortgage brokering; confirmed 1/2023
TN
No N/A
TX
No N/A
UT
Yes UT Mortgage Broker
VA
Yes
VA Broker License
Reglist: VA examiner stated broker license is required based on definition of
"Residential property: improved real property used or occupied, or intended to be
used or occupied, for residential purposes”; meaning investment home is still
WA
No N/A
WI
No N/A
WV
No N/A
Mortgage loan: “personal, family or household use”