Who may need this license

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

Estimated filing costs

Application fee

$1,150

License fee

$0

NMLS fee

$120

Financial requirements

Financial statement (new application)

Unaudited (compiled)

Annual financial statement

Unaudited (compiled)

Net worth

$25,000

Bonding

Surety bond required

Yes

Minimum bond amount

$45,000

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: TCA 45-13-202 - Any individual who is an officer, partner, managing member, managing principal, branch manager or ultimate equitable owner of ten percent (10%) or more of the applicant, as well as from any other individual associated with the applicant as is reasonably necessary.; Indirect Owners: TCA 45-13-202 - Any individual who is an officer, partner, managing member, managing principal, branch manager or ultimate equitable owner of ten percent (10%) or more of the applicant, as well as from any other individual associated with the applicant as is reasonably necessary.

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

5 days