Who may need this license

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

Estimated filing costs

Application fee

$1,000

License fee

$0

NMLS fee

$120

Financial requirements

Financial statement (new application)

Unaudited (reviewed)

Annual financial statement

Audited

Net worth

$250,000

Bonding

Surety bond required

Yes

Minimum bond amount

$300,000

Control-person and background requirements

Credit report roles

Direct Owners: Yes

Criminal background check roles

Direct Owners / Executive Officers: Natural persons who directly own 10% or more of the applicant/licensee and executive officers (CEO, COO, President, CFO, Treasurer, Secretary, Exec. VP or highest level VP) or any other person with the power, directly or indirectly, to direct the management and policies of the applicant/licensee.; Indirect Owners: Natural persons with the power to direct the management or policies of the applicant/licensee who indirectly own 25% or more of the applicant/licensee.

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

0 days (no advance notice window)

Main address change notice

0 days (no advance notice window)