Business Licenses and Permits

Commercial mortgage brokers and residential mortgage brokers essentially serve the same purpose, but being licensed to engage in business as one or the other is another story. Whereas residential mortgage brokerages tend to follow pretty standard licensing requirements, commercial brokers face licensing laws that vary widely from state to state.

Most states license residential brokers using the Nationwide Licensing Mortgage System (NMLS). These states steer brokers to an online system that helps applicants register and complete applications for the appropriate licenses needed for their business. However, commercial brokers face a much wider range of licensing requirements.

Some states still direct commercial brokers to the NMLS, and others like Minnesota use an online registration system. But for several states, commercial brokers need to get licensed using state specific applications. More surprisingly however, is the fact that many states have no licensing requirements at all for commercial mortgage brokers.

Licensing requirements vary industry by industry. Often times it seems like one type of industry should have licensing requirements, but doesn’t. At the same time, other industries seem to require unnecessary licenses. Corporation Service Company (CSC) can help identify what licenses and permits your business needs.  Contact us at 800.927.9800 ext. 5077 or request a quote for a Business License Order.

Ryan Julson, Business License Research Analyst, Corporation Service Company

Tags: Corporation Service Company, license, mortgage broker, NMLS