NMLS is designed to replace each state’s existing licensing application forms and manual processes.

NMLS Company Form (MU1) must be completed by a company applying for a license/registration in one or more states.

The Individual Form (MU2) must accompany the Company or Branch Form. Each individual identified as a Control Person, Qualifying Individual, or a Branch Manager for the applicant, must complete the Individual Form (MU2).

The Branch Form (MU3) is the branch office information tied to a company’s record. The Branch Forms may only be submitted after a company submits a Company Form (MU1).

The Individual License Form (MU4) is the Individual Mortgage License / Registration & Consent form.

To be eligible for Temporary Authority to Operate (TA), an MLO must meet the following eligibility requirements at application:

TA begins when a qualified MLO, who meets all TA eligibility requirements, submits an MLO application (application requirements are listed below).

An MLO application will enter the TA workflow if the above eligibility requirements are met and the application includes:

NMLS is programmed to check the following TA eligibility requirements:

To be eligible for TA, an MLO must be employed by a state-licensed company in the applicationstate. “Employee” has been interpreted to mean a W-2 employee, as defined by the IRS, not a 1099 contractor.

In order for an MLO to receive TA, the MLO’s company must have requested sponsorship.

There is a 2-Day / 9-Day CHRI review process for applications in the TA workflow.

The intent of S. 2155 is to permit qualified mortgage loan originators to continue originating loans for up to 120 days while completing testing, education, and/or state- specific requirements, including additional documents.

There are four NMLS licensing statuses that will be used in relation to applications in the TA workflow.

TA permits MLOs to apply for a license without first completing testing and education requirements. Those MLOs who are eligible for TA may continue originating loans but must complete their testing and education requirements within the 120-day TA period.

The Individual Roster Report (Company) captures the Worker Classification and Classification Begin Date fields.

The SAFE Act gives the Consumer Financial Protection Bureau authorization to set minimum net worth or surety bond requirements for MLOs and for recovery funds paid into by MLOs. These amounts are based on the amount of loans originated by an MLO.

Loans, whether closed or not, are not affected by the intent to deny or denial of an MLO’s application. Loans not closed belong to the company and closed loans cannot be undone.

An MCR must be completed by all state-licensed companies and companies employing state-licensed MLOs.

Individual applicants and companies will receive notification when one of the following events occur:

NMLS enables company account administrators and designated company users to file financial statements (FS) in a single PDF document (8MB file size limit) through the system. Companies are often required to file a financial statement prior to submitting a license application, on an annual basis, or at other designated times during the year.

NMLS accommodates the below Call Reports:

Terms,definitions, and instructions for Electronic Surety Bonds can be found on the NMLS Resource Center Electronic Surety Bond page.

The bond form is created by the Regulator. This form is then rendered in NMLS and any NMLS licensee specific information required by the Regulator is then prompted to be provided.

In order to complete the surety company account request, the Primary Company Contact will need to log in to NMLS and complete the Surety Company Full Entity Request.

In 2016, the NMLS Policy Committee approved a policy that addresses situations in which an individual either:

The SAFE Act stipulates that a state-licensed MLO “may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.” NMLS has interpreted the term “successive years” to mean two years in a row.

As a condition for license renewal, an MLO is required to complete at least eight (8) hours of CE in the same year in which a state agency placed the license in an approved status with the following exception: 

To accommodate instances where state requirements and/or NMLS policies creates exceptions to System business rules, NMLS has established a process referred to as Administrative PE or CE (Admin PE or CE).

Addressing inconsistency between licensee’s NMLS record and state files during Transition.

How to provide disclosure explanations in NMLS.

Descriptions and examples of the different types of documentation available for upload to NMLS.

Document requirements are determined by the specific license requirements outlined in the Agency Guidance section of your MU4 filing. There are no standard documents required for every application; required uploads vary depending on your agency’s licensing guidance.