Does the state require a physical location within the state?
Licensees are not required to maintain a physical presence in the state.

Is there individual loan officer licensing?
No.

What are lenders, brokers and loan officers called?
The terms mortgage brokers and licensed lenders are used in Delaware.

Is there state reciprocity across state lines?
As of this writing there is no pre-licensing state reciprocity.

What is the cost of a license? Surety bond? Are there net worth requirements?
Since the adoption of the Licensed Lenders Statute and Licensed Mortgage Loan Brokers Statute mortgage bankers and brokers have been regulated by the Office of the State Bank Commissioner.
A lender license is obtained through the Delaware State Banking Department.
Applicants must submit a license application and a $250 investigation fee.
Upon approval, the applicant must submit a $250 annual license fee.
A surety bond of at least $50,000 but no more than $200,000 must be provided for lenders.
The bond amount is based on loan volume, advance fees collected and other factors.
A mortgage broker must provide a $25,000 surety bond.
The state may accept, in lieu of a bond, a letter of credit in a similar amount.
Licenses expire on December 31 each year.
Renewals must be submitted at least 30 days prior to December 31.
The annual renewal license fee is $250.

Is there a pre-licensing education requirement? Is there a test?
No.

Is there a CE requirement?
No.

Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license)?
Separate licenses are required for licensed lenders and mortgage brokers.

Are there any state specific high cost loan provisions?
No.

Are there any state specific predatory lending laws?
No.

Closing practices – attorney or title state? Wet or dry settlement?
Delaware is treated as a wet funding state by practice. There is no penalty for not delivering funds with closing documents, but closing may be delayed if funds are not delivered.

Are there 2nd mortgage policies and/or restrictions? Do you need a separate license to do 2nd mortgages?
First and second mortgages are covered under the Licensed Mortgage Loan Brokers Statute.

Who is the regulator and what is their contact information?
Office of the State Bank Commissioner
555 East Loockerman Street
Suite 210
Dover, DE 19901
Phone: 302-739-4235
Fax: 302-739-3609


DISCLAIMER: The data contained here is for informational purposes only. It should not be the sole resource for licensing decisions. Please consult the regulator and/or an attorney that specializes in these matters before taking action.


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