Does the state require a physical location within the state?
No.

Is there individual loan officer licensing?
No, but originators must be listed on a mortgage brokers' annual report and application.

What are lenders, brokers and loan officers called?
New Hampshire uses the terms mortgage banker, mortgage broker and originator.

What is the cost of a license? Surety bond? Are there net worth requirements?
An application must be made to the Banking Commissioner. The licensing fee is $500 per licensed location. Each branch location must have a separate license. A surety bond in the sum of $20,000 must be filed with the application for a broker’s license. A mortgage banker must maintain a net worth of $100,000 or provide a surety bond of $100,000. Brokers must maintain a positive net worth.

All licenses expire on December 31 and must be renewed in order to continue operations. On or before February 1 of each year, licensees must file an annual report with the Banking Department for the preceding calendar year. An updated list of originators employed under the license and their work address must be included with the report. In addition, audited or certified financial statements on the licensee must be filed with the Banking Department within 90 days of its fiscal year end.

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?).
The mortgage banking license allows both lending and brokering, the mortgage brokers license allows only brokering.

Are there any state specific high cost loan provisions?
No. New Hampshire did enact a bill effective January 1, 2005 that requires first and second mortgage brokers to comply with the provisions of the Home Ownership and Equity Protection Act of 1994 as amended.

Are there any state specific predatory lending laws?
No.

Closing practices – attorney or title state? Wet or dry settlement?
New Hampshire has a wet settlement act, which provides statutory requirements with regard to how funds are disbursed. The statutes also outline penalties that may be assessed if the statutes are not followed. In most cases, there are severe penalties for noncompliance.

Are there 2nd mortgage policies and/or restrictions? Do you need a separate license to do 2nd mortgages?
The Licensing of Nondepository First Mortgage Bankers and Brokers Act accounts for both first and second mortgage bankers and brokers.

Who is the regulator and what is their contact information?
New Hampshire Banking Department
64B Old Suncook Road
Concord, NH 03301
Phone: 603-271-3561
Fax: 603-271-1090
www.nh.gov

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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