State Licensing Requirements

Rhode Island

Electronic filings through NMLS may be delayed if all required items on the appropriate checklist below are not submitted to the regulator.

Check state agency website for further information: State of Rhode Island Department of Business Regulation

Common Requirements

The following requirements are handled through a common process for all jurisdictions:

Renewals - Annual license renewal for 2010

Financial Statements - Submitting financial statements through NMLS

Professional Requirements - Testing, education and background check requirements for individual Mortgage Loan Originators

Policy - Common policies, including the Policy Guidebook for Licensees

Company Licenses	Description	Requirements Checklist
Lender License	This License is required of any company or sole proprietorship that makes or funds a loan with own funds. (More Details)	New Application Amendment Surrender
Loan Broker License	This License is required of any company or sole proprietorship who solicits, processes, negotiates, places, or sells a loan for others in the primary market. (More Details)	New Application Amendment Surrender
Exempt Company Registration	This registration is available for any company that employs state-licensed mortgage loan originators but is not required to be licensed under the laws of Rhode Island. This registration is optional and is intended for companies that wish to manage their mortgage loan originator in NMLS. Please consult the state regulator before applying for this registration. (More Details)	New Application
Branch Licenses	Description	Requirements Checklist
Lender Branch Certificate	This license is required for all offices, other than the main office identified on the Mortgage Lender License, whether or not located in Rhode Island, which conducts business with Rhode Island residents or Rhode Island properties. (More Details)	New Application Amendment Surrender
Loan Broker Branch Certificate	This license is required for all offices, other than the main office identified on the Mortgage Loan Broker License, whether located in Rhode Island or not, which conducts business with Rhode Island residents. (More Details)	New Application Amendment Surrender
Individual Licenses	Description	Requirements Checklist
Mortgage Loan Originator License	This license is required of any natural person employee of a Rhode Island licensed lender or loan broker or a provisional employee, who for a fee, commission or other valuable consideration (i) advises an applicant about different loan products and their terms and conditions in order to permit the applicant to select and apply for a particular loan product, or (ii) advises persons in completing loan applications by informing the applicant regarding the benefits, terms and/or conditions of a loan product or service, or (iii) negotiates or offers to negotiate the making of a loan with an applicant. (More Details)	New Application Amendment Surrender