(1) $100 non-refundable registration fee
(2) $100 non-refundable investigation fee
(3) $90,000 Surety Bond (3 yr term) -- if broker is also licensed as a lender, must carry $200,000 Surety Bond
(4) Audited Financials showing minimum net worth of $25,000
(5) Provide 10 yr history of business/employment
(6) Personal disclosure of negative financial information
(7) Fingerprint cards for background check
(8) Designate a "Managing Principal"
Loan Officer Requirements:
(1) 18 years of age
(2) $100 non-refundable registration fee
(3) Criminal background and fingerprints check (as of 1/1/09) AND fee of $48 in-state, $56 out-of-state
(4) Passing (75%) a written pre-licensing test, including subject areas:
- Ethics
- Federal and state laws and regulations pertaining to
mortgage origination, fraud, consumer protection,
nontraditional mortgage marketplace, and fair lending
issues.
(5) Complete twenty (20) hours of pre-licensing education
- Three (3) hours of Federal law and regulations
- Three (3) hours of Ethics
- Two (2) hours of training related to nontraditional
mortgage lending
(6) Complete eight (8) hours of education for annual renewal
- Three (3) hours of Federal law and regulations
- Three (3) hours of Ethics
- Two (2) hours of training related to nontraditional
mortgage lending
Contact Information:
Tennessee Department of Financial Institutions
511 Union Street, Suite 400
Nashville, Tennessee 37219
Phone: 615.741.2236
Compliance Phone: 615.741.3186
Fax: 615.532.1018
Email:
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(Applications)
Licensing/Application Mailing Address
Tennessee Department of Financial Institutions
Attn: Compliance Division
414 Union St., Ste. 1000
Nashville, TN 37219
Website:http://www.tennessee.gov/tdfi/
Map of Tennessee Department of Financial Institutions:
