All mortgage brokers within the state of Delaware must be legally licensed. The Registrar of Regulations administers all mortgage broker licenses within the state, and this state department also regulates any complaints related to brokers. As with most states, there are specific educational requirements that all brokers must pass before obtaining a license. Consumers are advised to ask for proof of a brokerage license before working with any mortgage broker. In addition to licensing requirements, brokers within the state of Delaware are required to carry a bond of $25,000.
While Delaware does not have any state-specific laws that protect consumers against predatory lenders, federal laws do protect consumers who reside in Delaware. In addition to regular home mortgages, various state programs are available to those who qualify. Programs such as the Single Family Mortgage Revenue Bond Program, the Live Near Your Work Program, and the American Dream Downpayment Initiative are worth checking into. Some senior citizens, rural residents, veterans, and other Delaware residents may qualify for additional state programs. If you’re looking for a honest, reputable, and licensed mortgage broker, take a look at the brokers listed on our site. All of the brokers listed here are legally licensed to handle your mortgage. |
