Who may need this license

Detailed scope guidance is being verified against the current NMLS checklist.

Estimated filing costs

Application fee

$300

License fee

$0

NMLS fee

$120

Financial requirements

Financial statement (new application)

Unaudited (compiled)

Annual financial statement

Unaudited (compiled)

Net worth

$25,000 for each licensed location

Source text preserved as written — see statute or checklist for the exact calculation.

Bonding

Surety bond required

Yes

Minimum bond amount

$50,000

Control-person and background requirements

Credit report roles

Direct Owners: Yes; Indirect Owners: Yes

Criminal background check roles

Direct Owners / Executive Officers: Each owner, partner, executive officer, manager who will be in charge of the location to be licensed or holder of a controlling interest. Controlling interest means an ownership interest of 25% or more in the applicant or an entity of which the applicant is a subsidiary.; Indirect Owners: A person owning a 25% or greater interest in an entity of which the licensee is a subsidiary, whether the licensee is a direct subsidiary or the Indirect Owner is higher on the business ownership chart.

Ongoing reporting

MCR — Mortgage Call Report

Required

A periodic report of loan origination and servicing activity filed through NMLS.

SSSF — State-Specific Supplemental Form

Not required

A state-specific form filed alongside standard NMLS reporting to satisfy that state's additional requirements.

UAAR — UAAR

Not required

A state reporting requirement. The full definition has not yet been verified against NMLS or state-regulator source documentation — treat as provisional pending confirmation. (definition pending verification)

Advance-change notice timing

Legal name change notice

30 days

Main address change notice

30 days