My partner and I are exploring the idea of starting a similar model to
that of www.lendingtree.com and/or www.eloan.com

We want to know the exact requirements to be nationally licensed. Not
only what it takes to obtain a license in every state, but
additionally what is the required maintenance each year to maintain
that license.

We are looking for both the capital requirements and the overall
processes involved.

We do not want links to websites that list their licenses that they
have, we just need information on what it takes to be at their same
level.

Feel free to post any questions and/or comments. 

Thank you.

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Request for Question Clarification by cynthia-ga on 28 Feb 2005 22:00 PST

Here's 2 companies that assist in becoming licensed in all 50 states:

Nationwide Mortgage Company Licensing
http://www.nationwidelicensing.com/

Mortgage Broker Licenses in 50 States
http://www.thomas-law.com/mtgbrokers.html
Information for all 50 states is here.  (scroll down)

This is a synopsis:

NATIONAL MTG. BROKER LICENSING STRATEGY
http://www.thomas-law.com/nat-strategy.html
You'll still have to jump through hoops, just not as many.  Seems
there are no licenses required for Alaska, Colorado and Wyoming.  Some
states require a brick and mortar office, some don't.  All is revealed
on this page. Look at the bottom of the page for price quotes.

If this qualifies as an Answer, please Clarify and I'll post in the Answer box.

~~Cynthia

I believe most states require a corporate presence in the state to
operate. So you're talking about 50 corporations and 50 agents of
record with physical addresses and phone numbers.

I would look at that before considering any kind of capital or bonding requirements.

Most states require separate licensure to ensure that you comply with
state statutes.  There a only a few that do not require licensure. 
There is no national licensure. You may want to contact the National
Association of Mortgage Brokers for more info.

I hope that this is helpful.

There is no "National License."  Each state requires a separate
license.  If you want the big bucks, you gotta jump through the hoops,
all 50 of them.