How do I Apply for a Residential Mortgage Lender and/or Servicer License?
All license applications are filed electronically through the Nationwide Mortgage Licensing System (NMLS). Please refer to the New Application Checklist posted on the NMLS Resource Center.
Prior to obtaining a license, each applicant must:
- Be an approved lender and/or servicer with one or more of the following*:
- the Federal Housing Administration (FHA),
- Veterans Administration (VA),
- Farmers Home Administration (FmHA),
- Government National Mortgage Association (Ginnie Mae),
- Federal National Mortgage Association (Fannie Mae) or
- Federal Home Loan Mortgage Corporation (Freddie Mac).
*This requirement does not apply to companies engaged solely in the processing or underwriting of loans.
- Provide audited financial statements demonstrating tangible net worth of at least $250,000.
- A surety bond in the amount of at least $50,000. Unless otherwise informed, the bond requirement is $50,000.
All stockholders, principal officers and directors must have a background check performed by the Department. This includes obtaining criminal history information through the Department of Justice and conducting civil court checks for activities that indicate previous involvement in fraud, embezzlement, fraudulent conversion, or misappropriation of property. For each individual, a payment of $20.00 for processing of each Live scan or $62.00 for processing of each fingerprint card is required.
Applicants for a company license must pay all fees to NMLS in order to file the application. Fees may be paid by credit card or ACH transfer. ALL FEES ARE PAID THROUGH NMLS AND ARE NOT REFUNDABLE.
DFPI Investigation Fee $100
DFPI Application Filing Fee $900
NMLS Initial Processing Fee $100
For a complete list of requirements, see New Application Checklist in NMLS. Applications must be submitted through the NMLS.
How Do I Obtain a License For A Branch Office?
All branch authorization applications are filed electronically through the Nationwide Mortgage Licensing System (NMLS). Please refer to the New Application Checklist posted on the NMLS Resource Center.
Each licensee who desires to engage in business at an additional location (branch office) must submit the Form MU3 through the NMLS at least 10 days prior to engaging in business at the new location and submit the NMLS set up fee of $20.
NMLS branch filing fee $20
ALL FEES ARE PAID THROUGH NMLS AND ARE NOT REFUNDABLE.
For a complete list of requirements, see New Branch Application Check List in NMLS. Applications must be submitted through the NMLS.