Does the state require a physical location within the state?
A licensee or applicant is not required to have a physical office located in Kansas.

Is there individual loan officer licensing?
Yes. All individuals conducting mortgage business in Kansas involving loan origination on behalf of a licensed mortgage company are required to register as loan originators.

What are lenders, brokers and loan officers called?
Lenders and brokers are referred to as mortgage businesses. Loan officers are referred to as loan originators.

What is the cost of a license? Surety bond? Are there net worth requirements?
Mortgage lenders and brokers are licensed under the Mortgage Business Act.

The initial application fee is $600 for the principal place of business and $200 for each branch location.

The renewal fees are $400 and $200 respectively.

Companies with a bona fide in state office must provide a surety bond of $50,000.

Companies without a bona fide office must provide a surety bond of $100,000 and proof of net worth of at least $50,000.

Loan originator initial registration is $75 and renewal is $50.

There is a $49 fee for each required fingerprint card.

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

Is there a CE requirement?
Loan originators must annually complete eight hours of approved continuing professional education.

Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license?).
The license under the Mortgage Business Act encompasses both mortgage lending and brokering.

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?
Kansas 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?
A Supervised Lender License under the Uniform Consumer Credit Code may be required for lenders making second mortgages with APR’s in excess of 12%.

Who is the regulator and what is their contact information?
Kansas State Bank Commissioner
Division of Consumer and Mortgage Lending
700 SW Jackson St., Suite 300
Topeka, Kansas 66603-3796
Phone Number: (785) 296-2266
Fax: (785) 296-0168
www.osbckansas.org

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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