Broker Licensing for Investor Advantage Loans - Tennessee Update

Overview

As a reminder, Carrington Mortgage Services, LLC (CMS) accepts loan submissions for the Investor Advantage Loan program where Brokers are exempt from state licensing. All Brokers must still be approved with Carrington and in good standing. The states listed below allow a broker to originate an Investor Advantage loan without a state license (except where noted). Additionally, the Loan Officer and Company need not have an NMLS number to do business in any of these states (except where noted).

Please note: Tennessee has been added to the list and CMS will accept loan submissions only if the interest rate is under the formula rate (4% above the average prime loan rate published by the Federal Reserve Board for the most recent week).

¹ Broker office must be licensed in the state, loan officer need not be.
² Property must close vested in an LLC or with NY Real Estate Broker’s license, can close as an individual.
³ Broker company will need to be registered with Secretary of State (Loan Broker Registration), but LO does not need to be licensed.
⁴ Broker office must hold the North Dakota Money Broker License, loan officer need not be.
⁵ Tennessee loans are permitted only if the interest rate is under the formula rate (4% above the average prime loan rate published by the Federal Reserve Board for the most recent week)

Contacts

Please contact your Account Executive or Account Manager with any questions.

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