NATIONAL MTG. LENDER LICENSING STRATEGY
		1st Mtg Loans only		1st Mtg Loans only	1st Mtg Loans only	1st Mtg Loans only
		States w/		States w/		States w/
		No License		No Office		Physical
		Requirements		Requirement		Office Req.**
1		AK		OR	ME	NJ
2		CO		CA	SD	PA
3		IN		FL	NH	MO
4		SC		IL	ID	HI
5				NY	KS	AZ
6				MI	AR	NV
7				NC	ND	TX
8				VA	IA	MT
9				MA	VT	OH
10				MD	RI	OK
11				TN	AL
12				CT	NM	** brick
13				MN	LA	and mortar
14				WA	MS	office in
15				GA	KY	state with
16				UT	WY	full-time
17				WV		branch
18				WI		manager
19				NE
20				DE
21
		STAGE 1		States with No License requirements=		4
		STAGE 2		States no office requirement=		36
		STAGE 3		States with Physical Office Requirements		10
		COST:		36 states	750 + 50/st FEDEX	$28,800 [installments: $14,400, & 14,400