Who may need this license

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

Estimated filing costs

Application fee

$275

License fee

$550

NMLS fee

$120

Financial requirements

Financial statement (new application)

Unaudited (not compiled/reviewed)

Annual financial statement

Unaudited (not compiled/reviewed)

Net worth

$25,000

Bonding

Surety bond required

Yes

Minimum bond amount

$10,000

Control-person and background requirements

Credit report roles

Direct Owners: Yes; Qualified Individuals: Yes; Indirect Owners: Yes

Criminal background check roles

Direct Owners / Executive Officers: Direct owners over 10% ownership are required to submit a CBC and those under 10% ownership are not; Indirect Owners: Indirect owners over 25% ownership are required to submit a CBC and those under 25% ownership are not; Qualified Individuals: All Qualifying Individuals are required to submit a CBC

Ongoing reporting

MCR — Mortgage Call Report

Required

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

SSSF — State-Specific Supplemental Form

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

0 days (no advance notice window)

Main address change notice

0 days (no advance notice window)