Record Creation

Once an account is created, companies and individuals must create their record in the System. Each distinct legal entity, branch, and natural person will have a single, unique record in the NMLS.

The record consists of demographic and other data points, as well as information required by the SAFE Act. This information is captured on the following forms:
  • Company Form (MU1)
  • Individual Form (MU2)
  • Branch Form (MU3)
  • Individual License Form (MU4)

These forms are available electronically on the NMLS State Resource Center.

Once a record is created, an individual or entity will use NMLS to add or amend the data on their record, apply for or maintain licenses, apply for new licenses, transition an existing license onto the System1, surrender a license, cancel a license request, or renew a license.

An applicant or licensee generates a filing in NMLS incorporating the most recent information from their record. The filing is submitted to a state regulator to apply for, surrender, or amend a license. A filing may contain a request to more than one state regulator. When submitting a filing, one must attest that the information is true and accurate as of the date of the filing. The term filing may also encompass the submission of financial statements or call reports within the System.

Note: Companies and individuals are responsible for maintaining their record and can update their record by submitting a new filing to the state regulator.
Note: In certain instances, a company may be required to create a new record (see E. Amendments to a Company’s Structure That Will Require the Creation of a New NMLS Record).
Important:

NMLS operates as a real-time system and is the legal system of record for the state agency. When a company, branch, or individual updates their record, the change applies to every state in which they hold a license.

As a real time system, document uploads, including regulatory actions, changes made to a licensee’s record, or license status by a regulator become part of a company, branch, or individual record and are effective as of the date and time of the change in NMLS except for an advance change notice (defined in Chapter II, seeAdvance Change Notice (ACN)).

Except for state-specific documents, all states see the same MLO or company license information. If a state questions or rejects the information on a submitted filing or license amendment, the MLO or company can forego licensure in that state or change their record to address an agency’s concern. Note that any change can be viewed by all states.

An MLO or company record is required to be always kept up to date. Licensees are required to update their NMLS record no later than 30 days after information on the record changes. Some jurisdictions may have earlier change notification requirements.

1 See Appendix 1 for license transition information.