New Jersey Transition Plan 

Current Company Licensees/Registrants:

Companies holding a License referenced in the table below in New Jersey must complete and submit through NMLS a Form MU1 for the licensure of their company as a Residential Mortgage Lender or Correspondent Residential Mortgage Lender or Residential Mortgage Broker and a Form MU2 for each of their control persons by April 30, 2010.  If licensees do not apply for transition through the NMLS by April 30, 2010 and qualify for re-licensure, they cannot be guaranteed that licenses can be approved on or before July 31, 2010 when existing licenses expire.

Natural persons holding an Individual License with a Licensed Lender business entity must complete and submit through the NMLS a Form MU4 for licensure as a Qualified Individual Residential Mortgage Lender or Qualified Individual Correspondent Mortgage Lender or Qualified Individual Residential Mortgage Broker by April 30, 2010. Such natural persons must also be listed as a Qualified Individual on the company’s Form MU1 filing and must file a Form MU2 as a control person.  Natural person applicants transitioning to new licensure as Qualified Individual licensees will be required to meet all of the standards required for Mortgage Loan Originator Licenses. If individual licensees do not apply for transition through the NMLS by April 30, 2010 and qualify for re-licensure, they cannot be guaranteed that licenses can be approved on or before July 31, 2010 when existing licenses expire.

Additionally, for each branch holding a Licensed Lender license with mortgage banker or correspondent mortgage banker or mortgage broker or secondary lender authority, a company must complete and submit through NMLS a Form MU3 for the licensure of each branch as a Residential Mortgage Lender branch or Correspondent Residential Mortgage Lender branch or Residential Mortgage Broker branch by April 30, 2010. If branch office licensees do not apply for transition through the NMLS by April 30, 2010 and qualify for re-licensure, they cannot be guaranteed that licenses can be approved on or before July 31, 2010 when existing licenses expire.

It is important that current licensees have all of their New Jersey reference numbers available when completing and submitting their Form MU1 and Form MU3(s) and MU4(s). NOTE: The reference number is a seven digit number and should not be confused with the license number. 

Beginning on January 4, 2010, any licensee that needs to amend or surrender a license, establish or terminate a sponsorship of a mortgage loan originator license, or conclude any other transactions previously completed in paper form, must complete these actions within NMLS.  Paper forms for business entity, branch office, and individual licenses, and for mortgage solicitor registrations, and electronic submissions of mortgage solicitor registrations through New Jersey’s Banking Online Services ceased being accepted as of close of business on November 30, 2009.

NOTE: If you have submitted these filings in another state, then you do not need to re-enter your company record or your branch record into NMLS.  You will only need to identify the appropriate license in New Jersey and complete a few state specific fields.

See also License Descriptions and Checklists.

New Mortgage Loan Originator Requirement:

Mortgage Loan Originators should consult with their employer before logging into the NMLS and completing a Form MU4.

Registered Mortgage Solicitors in New Jersey must complete and submit a Form MU4 through the NMLS by May 15, 2010.  If individual registrants do not apply for transition through the NMLS by May 15, 2010 and qualify for licensure, they cannot be guaranteed that licenses can be approved on or before July 31, 2010 when existing registrations expire. Companies employing loan originators are required to Sponsor their license application through NMLS.  Be advised that the Company MU1 form, the Branch Location MU3 form (when the Loan originator works from a branch) and the Loan originator MU4 form must all be submitted prior to the company sponsoring the loan originator’s license application.

Note: If you have submitted a Form MU4 in another state, then you do not need to re-enter your record into NMLS.  You will only need to identify the appropriate license in New Jersey and complete a few state specific fields.

Loan originators can complete and submit Form MU4 themselves or their company can complete Form MU4 and have the loan originator log into the NMLS and electronically attest to its accuracy.

Loan originators must meet the additional requirements listed below by May 15, 2010 in order to ensure that licenses can be approved on or before July 31, 2010. 

Additional requirements will include:

• Pre-licensure education of at least 20 hours, 4 of which must be NJ specific
• A Passing Score on both the National and State components of the SAFE Test
• Satisfactory criminal background check including NJ State Police and FBI fingerprints
• New Jersey satisfactory review of a credit report
• License Sponsorship in NMLS by your company 

See also License Descriptions and Checklists.