Credit Report

All new applicants for a mortgage loan originator license are required to authorize a credit report through NMLS. The first time an individual authorizes a credit report through NMLS, they must complete an Identity Verification (IDV) process.

Upon submission of the new application, NMLS processes and delivers results of the credit report to all relevant state agencies. These state agencies individually evaluate the credit report to determine financial responsibility as required under the SAFE Act. Each state agency has agency-specific evaluating criteria.

If necessary, regulators communicate with licensees by either placing a license item on the record in NMLS or in some other means outside of NMLS. State regulators are prohibited from disclosing any information from the credit report with any entity other than the individual named on the credit report.

A credit report is not typically required in connection with filing an amended Individual (MU4) Form, unless a request for a new credit report is made by a regulator.

Foreign nationals or individuals who do not reside in the United States need to refer to the State Agency checklist for instructions on how to meet this requirement.