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| HUD | States w/ | States w/ | States w/ | States with | |
| Exempt | No License | No Office | No Office | Office | |
| Requirement | Requirement | Requirement | Require. | ||
| 1 | KY* | CO | OR | ME | NJ |
| 2 | MO | IN | CA | SD | PA |
| 3 | TN * | SC | FL | NH | AZ*** |
| 4 | TX****full eagle only | AK | IL | ID | NV*** |
| 5 | MT Broker | NY | KS | OH | |
| 6 | MI | ND | HI | ||
| 7 | VA | IA | MT [1st Mtg] | ||
| 8 | MA | VT | OK [1st Mtg] | ||
| 9 | MD | RI | |||
| 10 | CT | LA | |||
| 11 | MN | WV | ***Wholesale Lender | ||
| 12 | WA**** | DC | exemptions | ||
| 13 | GA | MS** | **HUD exempt but | ||
| 14 | * Registration | **** Fannie Mae exempt | NM | AR | ONLY if state is within 250 |
| 15 | required | WI | mile HUD approved | ||
| 16 | NE | area: AL, MS | |||
| 17 | DE | ||||
| 18 | UT | ||||
| NC | |||||
| AL** | |||||
| Conclusions: | FHA Exemptions | 5 | |||
| States with No License requirements= | 4 | ||||
| States no office requirement= | 34 | ||||
| States with Physical Office Requirements | 8 | ||||
| Cost: | 30 States | $775 + 50/state FedEx | $24,750 | Payable in 2 installments:$12375, $12375 | |