Who may need this license

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

Estimated filing costs

Application fee

$0

License fee

$700

NMLS fee

$120

Financial requirements

Financial statement (new application)

Audited or Unaudited

Annual financial statement

Audited or Unaudited

Net worth

$0

Bonding

Surety bond required

Yes

Minimum bond amount

$50,000

Control-person and background requirements

Credit report roles

Direct Owners: Yes; Qualified Individuals: Yes

Criminal background check roles

Direct Owners / Executive Officers: Owners and Executive Officers: Direct and In-Direct Owners over 5% ownership are required to submit a CBC; Top-Tier Executive officers are also required to submit a CBC (excluding directors). Top-Tier may include Officers, Sole Proprietor, and/or Control Person(s).; Indirect Owners: Owners and Executive Officers: Direct and In-Direct Owners over 5% ownership are required to submit a CBC; Top-Tier Executive officers are also required to submit a CBC (excluding directors). Top-Tier may include Officers, Sole Proprietor, and/or Control Person(s).; Qualified Individuals: All required

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

15 days