US Mortgage Company Licence: State Broker, Lender and Servicer Licensing Through NMLS
How to license a US mortgage broker, lender or servicer through NMLS: state net worth and bonds, SAFE Act MLO rules, the year-end renewal and the call report.
Key dates for 2026 and 2027
| 18 April 2026Passed | NMLS changes the individual disclosure questions and links MLO employment history to company relationships, affecting every MU2 and MU4 filer. |
|---|---|
| 31 August 2026Passed | Deadline set by NMLS for companies and individuals to complete the April 2026 updates, to avoid delays in the renewal for 2027. |
| 1 November 2026Upcoming | The NMLS annual renewal window opens for every mortgage company, branch and MLO licence. |
| 14 November 2026Upcoming | The third quarter 2026 Mortgage Call Report is due, 45 days after the quarter ended on 30 September. |
| 5 December 2026Upcoming | NMLS SMART deadline for MLOs to finish 2026 continuing education so it posts in time for renewal. |
| 31 December 2026Upcoming | Renewal deadline: licences not renewed in NMLS expire and the company must stop licensed activity in that state. |
| 14 February 2027Upcoming | The fourth quarter 2026 Mortgage Call Report is due for all state-licensed mortgage companies. |
| 1 March 2027Upcoming | HMDA loan data for 2026 is due from non-bank lenders that meet the loan-volume thresholds. |
Written and reviewed by the Regulatory Counsel team. Last reviewed: 20 October 2026.
The short answer
There is no single federal licence for a US mortgage company. A non-bank that brokers, makes or services home loans needs a licence from each state where it does business, applied for through the Nationwide Multistate Licensing System (NMLS), the online system the states share. Every loan officer, called a mortgage loan originator (MLO), also needs an individual state licence under the SAFE Act: at least 20 hours of approved education, a score of 75% or more on the national test, an FBI fingerprint check, a credit report and sponsorship by a licensed employer. Most states also require a named qualifying individual, a minimum net worth, a surety bond (a guarantee from an insurer that pays out if the company breaks the law) and a licence for each branch. Licences renew every year between 1 November and 31 December, and licensees file the Mortgage Call Report within 45 days of each quarter end. Banks and credit unions do not need a state company licence, and their loan officers register federally through NMLS instead.
Key facts at a glance
| Licence | A state company licence or registration in each state, usually split into mortgage broker, mortgage lender (also called mortgage banker) and mortgage servicer. There is no federal mortgage company licence |
|---|---|
| Where you apply | NMLS, which the Conference of State Bank Supervisors (CSBS) operates for the state regulators. Company Form MU1, Form MU2 for each owner, officer and qualifying individual, Branch Form MU3 and Individual Form MU4 for each MLO |
| Loan officer licence | SAFE Act and Regulation H (12 CFR 1008): 20 hours of pre-licensing education, the SAFE MLO Test with a pass mark of 75%, an FBI criminal background check, a credit report, and 8 hours of continuing education every year |
| Owners and officers | Direct owners of 10% or more of a class of voting securities, and executive officers, each file an MU2 and keep their own NMLS account |
| Net worth, examples | California DFPI: US$250,000 tangible net worth. Florida mortgage lender: US$63,000, or US$250,000 with a servicing endorsement. Georgia mortgage lender: US$100,000. New York mortgage banker: US$250,000 |
| Surety bond, examples | California DFPI: US$50,000 to US$200,000 by prior-year volume. Georgia: US$250,000 for a lender, US$150,000 for a broker. Wisconsin mortgage banker: US$300,000. Washington mortgage broker: from US$20,000, reset each year by volume |
| NMLS fees | US$120 per company licence, US$25 per branch licence and US$35 per MLO licence, charged on application and again at each renewal. Background check US$36.25, credit report US$15, national test US$110 |
| Annual renewal | 1 November to 31 December every year. Late reinstatement from 1 January to the end of February, only in states that allow it |
| Ongoing reporting | Mortgage Call Report within 45 days of each calendar quarter end. Annual financial statements within 90 days of the fiscal year end. HMDA data by 1 March for lenders above the loan thresholds |
| Exempt | Banks, savings associations and federally insured credit unions. Their loan officers register federally under Regulation G (12 CFR 1007) rather than holding state licences |
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What is the US Mortgage Company Licence (NMLS)?
A US mortgage company licence is the permission a state gives a non-bank to broker, lend or service residential mortgage loans on homes in that state. Each state writes its own law and sets its own entry tests, so a firm that operates nationally holds a separate licence from each state regulator. Since NMLS launched in January 2008, states have moved their mortgage licensing onto it, so a company keeps one record, adds a licence request for each state, and pays state and NMLS fees in one place.
The licence sits on top of a federal floor. The SAFE Act of 2008 requires every state to license individual loan officers to the same minimum standard, and the CFPB's Regulation H sets out that standard. The federal consumer laws then apply to the licensed business: RESPA for settlement and servicing, TILA for cost disclosures and loan officer pay, ECOA for fair lending, and HMDA for loan data. Non-bank lenders and originators must also run an anti-money laundering programme under a FinCEN rule in force since 16 April 2012.
In practice the licence is a bundle: the company licence in each state, a branch licence for each office that originates loans, an individual MLO licence for every loan officer, a qualifying individual the regulator approves, and recurring filings that keep it all in good standing.
Who needs US Mortgage Company Licence (NMLS)?
Any non-bank company that arranges, makes, funds or services residential mortgage loans secured on a home in a US state, and every individual who takes a mortgage application or offers or negotiates loan terms for pay.
- - Mortgage brokers that take applications and place loans with lenders
- - Non-bank lenders and mortgage bankers that close loans in their own name, often funded through warehouse lines (short-term bank credit used to fund loans until they are sold)
- - Mortgage servicers and subservicers that collect payments, manage escrow accounts and handle arrears, and firms that own servicing rights
- - Online and fintech lenders that originate in many states from one office or with remote staff
- - Non-US and UK groups entering the US home loan market through a US subsidiary
- - State-licensed subsidiaries of banks, which still file the Mortgage Call Report
- - Loan officers moving from a bank to a non-bank lender, who must move from federal registration to a state licence
The first misconception is that a licence in the home state covers the country. It does not. Each state licenses mortgage activity on homes in that state, and the Mortgage Call Report itself is broken down by the state where each property is located. The second is that only the loan officers need a licence. The company needs its own licence, and Regulation Z (12 CFR 1026.36(f)) makes the company responsible for ensuring each loan officer is licensed or registered before that person acts as a loan originator. The third is that servicing sits outside licensing. Many states license servicers separately or through an endorsement: Florida requires US$250,000 of net worth for a lender with a servicing endorsement, and New York and Pennsylvania each have a separate servicer licence or registration. A firm that buys servicing rights can need a licence even if it never originates a loan.
Broker, lender or servicer: which licence each state requires
States license three core activities. A mortgage broker takes applications and arranges loans that another lender funds. A mortgage lender, called a mortgage banker in states such as New York and Wisconsin, makes the loan in its own name and usually funds it. A mortgage servicer collects payments, runs escrow accounts and deals with borrowers in arrears, either for loans it owns or for other investors.
Each state draws the lines differently. California's Department of Financial Protection and Innovation (DFPI) issues one Residential Mortgage Lending Act licence that covers lending and servicing. Florida issues a mortgage broker licence and a mortgage lender licence, with servicing added as an endorsement. Pennsylvania has separate broker, lender and servicer licences. Texas has a mortgage company licence through its Department of Savings and Mortgage Lending.
The NMLS business activity list drives what a company reports later. First mortgage brokering, first mortgage lending and first mortgage servicing each map to a different part of the Mortgage Call Report, so the activities selected on the MU1 should match the licences held and the business actually done.
Loan officer licensing under the SAFE Act
Regulation H defines a loan originator as an individual who, for pay, takes a residential mortgage loan application and offers or negotiates loan terms, or who advertises that they can. Every such person working for a non-bank needs a state MLO licence and an NMLS unique identifier. Independent contractor loan processors and underwriters need one too.
To qualify, an individual must have at least 20 hours of NMLS-approved pre-licensing education, including 3 hours of federal law, 3 hours of ethics and 2 hours on non-traditional mortgage products. They must pass the SAFE MLO Test with at least 75%, submit fingerprints for an FBI check, authorise a credit report, and show financial responsibility, character and general fitness.
Two criminal history rules are absolute. Nobody can be licensed who has had an MLO licence revoked, or who has a felony conviction in the 7 years before applying, or at any time where the felony involved fraud, dishonesty, a breach of trust or money laundering. Each year the licence renews only if the MLO has completed 8 hours of approved continuing education.
- - Test format: 120 questions, 115 of them scored, in 190 minutes, for US$110
- - Retakes: 30 days after a first or second failure, 180 days after a third
- - First-time pass rate: 53% as at 31 December 2024
- - Test results expire after 5 consecutive years without a licence or federal registration
- - Some states add hours: Texas requires 23 hours of pre-licensing education and New York 11 hours of annual continuing education
Qualifying individuals, control persons and branches
The company record in NMLS is the MU1 form. It lists the company's business activities, addresses, direct owners and executive officers, indirect owners and qualifying individuals. Every natural person listed files an MU2 and attests to it from their own NMLS account. The company filing is not complete until each of those individual filings has been attested.
The qualifying individual is the person the state holds responsible for the licensed business. States use different names for the role and set their own tests. Florida, for example, requires each mortgage lender to be run by a principal loan originator who is a licensed loan originator, and each branch to be run by a branch manager who is also licensed.
Each branch that conducts licensed activity needs its own MU3 filing and branch licence in each state that licenses branches, with a branch manager who files an MU2. California requires a new branch to be filed at least 10 days before it starts business at the new location.
Net worth and surety bonds: verified state examples
Net worth and bond requirements vary widely, and several states scale them with loan volume. The figures below are taken from the state regulator or statute, or from the NMLS License Requirements and Fees Chart, as at 20 October 2026. Bond amounts shown are the minimum; the state checklist sets how the bond grows with volume or branches.
| State and licence | Minimum net worth | Surety bond |
|---|---|---|
| California DFPI, Residential Mortgage Lending Act licence | US$250,000 tangible net worth, kept at all times | US$50,000 up to US$50 million of annual volume, US$100,000 up to US$500 million, US$200,000 above that |
| Florida, mortgage lender | US$63,000, or US$250,000 with a servicing endorsement | Check the state checklist |
| Georgia, mortgage lender | US$100,000 | US$250,000 |
| Georgia, mortgage broker | US$50,000 | US$150,000 |
| Illinois, residential mortgage licence | US$150,000 (audited) for lending or servicing; US$50,000 (compiled) for brokering with an in-state office | US$25,000 minimum |
| New York, mortgage banker | US$250,000 | Check the state checklist |
| Wisconsin, mortgage banker | US$250,000 | US$300,000 for the main office and up to 5 branches, plus US$10,000 for each further branch |
| Washington, mortgage broker | Not required | From US$20,000, based on prior-year Washington volume and adjusted by 31 March |
Sources: California DFPI, Florida Statutes s. 494.00611, Washington DFI and the NMLS License Requirements and Fees Chart. Always confirm on the state checklist before filing.
The federal rules that apply once you are licensed
A state licence lets a company do business. Federal law then governs how it deals with borrowers. The CFPB writes the rules below, and the SAFE MLO Test examines loan officers on all of them. State examiners also review a licensee's books and records.
| Law and rule | What it requires | Who it affects most |
|---|---|---|
| RESPA, Regulation X (12 CFR 1024) | No fees or kickbacks for referring settlement business. Servicing rules on escrow, error notices and help for borrowers in difficulty | Brokers, lenders and servicers |
| TILA, Regulation Z (12 CFR 1026) | Loan Estimate within 3 business days of an application and Closing Disclosure at least 3 business days before closing. Loan officer pay cannot depend on loan terms. Licensing duty and NMLS IDs on loan documents | Lenders and brokers |
| ECOA, Regulation B (12 CFR 1002) | No discrimination in lending. Notify the applicant of a decision within 30 days of a completed application | Lenders and brokers |
| HMDA, Regulation C (12 CFR 1003) | Non-bank lenders with an office in a metropolitan area that made at least 25 closed-end loans, or 200 open-end lines, in each of the two prior years report loan data by 1 March | Lenders |
| Bank Secrecy Act, FinCEN rule (31 CFR 1029) | An anti-money laundering programme and suspicious activity reports on transactions of US$5,000 or more | Non-bank lenders and originators |
Regulation Z treats a servicer of 5,000 or fewer mortgage loans that it or an affiliate owns or originated as a small servicer, with lighter servicing obligations.
Annual renewal and the Mortgage Call Report
Every company, branch and MLO licence in NMLS renews in the same window: 1 November to 31 December. The company attests that its record is accurate, submits renewal requests and pays the fees: US$120 per company licence, US$25 per branch and US$35 per MLO licence in NMLS fees, plus state fees. A licence not renewed by 31 December expires, and the company loses its authority to do licensed business in that state. Some states allow reinstatement from 1 January to the end of February, usually with extra fees.
Renewal fails if the record carries open problems. NMLS lists the usual blockers: outstanding licence items, unpaid fees, unfiled changes to name, address or control persons, bond problems, regulatory holds, late or deficient call reports and sponsorship issues. Each MLO must also have completed continuing education for the year, and NMLS advises finishing it by its SMART deadline of 5 December 2026 so course providers have time to report it.
The Mortgage Call Report (MCR) is the quarterly report every state-licensed mortgage company, and every company employing state-licensed MLOs, files through NMLS. It has two parts: Residential Mortgage Loan Activity, broken down by state, and Financial Condition, at company level. Activity data is due within 45 days of each quarter end. Lenders and servicers file the Financial Condition part quarterly too, and brokers file it annually within 90 days of the year end. Form Version 7 applied from the first quarter of 2026.
Who is exempt: banks, credit unions and federally registered loan officers
NMLS separates the state and federal tracks by whether the firm takes deposits. Banks, savings associations and federally insured credit unions do not need a state mortgage company licence. They register in NMLS as institutions, and their employed loan officers register federally under the CFPB's Regulation G, with a unique identifier, instead of meeting the state education and testing requirements.
Federally registered institutions that employ only federally registered MLOs do not file the Mortgage Call Report. A state-licensed subsidiary of a federally regulated institution does. A loan officer who leaves a bank for a licensed non-bank needs a state licence, but can usually originate under temporary authority for up to 120 days while completing it, if they were registered continuously for the year before applying.
Mortgage broker vs lender vs servicer
The three licence types carry different capital, reporting and federal compliance burdens.
| Point | Mortgage broker | Mortgage lender | Mortgage servicer |
|---|---|---|---|
| What it does | Takes applications and arranges loans funded by others | Makes and funds loans in its own name, then holds or sells them | Collects payments, runs escrow and handles arrears |
| Typical net worth | Lower or none: Georgia US$50,000, Washington not required | Higher: Georgia US$100,000, New York US$250,000 | Highest: Florida servicing endorsement US$250,000, New York servicer US$250,000 |
| Call report Financial Condition | Annual, within 90 days of the year end | Quarterly, within 45 days of the quarter end | Quarterly, within 45 days of the quarter end |
| Call report activity data | Applications, closed loans and MLOs by state | Applications, closed loans, MLOs, lines of credit and repurchases by state | Loans serviced by state, including subservicing and servicing rights owned |
| Federal focus | RESPA referral fees, loan officer pay, NMLS IDs | Loan Estimate and Closing Disclosure timing, ability to repay, ECOA, HMDA | Regulation X servicing rules, periodic statements, small servicer test of 5,000 loans |
Many firms hold more than one type. A lender that keeps servicing rights usually needs a servicing licence or endorsement as well.
State application fees and loan officer fees, examples
State fees are paid through NMLS with the NMLS processing fee of US$120 per company licence and US$35 per MLO licence.
| State | Company licence application fee | MLO licence state fee |
|---|---|---|
| California DFPI | US$1,000 (US$100 investigation and US$900 filing) | US$300 |
| Florida | Lender US$500; broker US$425 | US$195 |
| New York | Mortgage banker US$3,000; mortgage broker US$1,500; servicer US$3,000 | US$425 |
| Texas SML | Mortgage company US$325 | US$145, including a US$20 recovery fund fee |
| Illinois | Residential mortgage licence US$2,700 | US$200, plus a US$50 sponsorship fee |
| Pennsylvania | Lender US$1,500; broker US$1,000; servicer US$2,500 | US$200 |
| Washington | Mortgage broker US$901 | US$125 |
Source: NMLS License Requirements and Fees Chart and California DFPI, as at 20 October 2026. Regulatory Counsel's professional fee is a fixed fee set out in a written proposal.
Key requirements
A licence for each state and activity
Choose the right licence type in each state: broker, lender or servicer, or a combined licence where the state offers one. The NMLS License Requirements and Fees Chart lists every licence type, fee, net worth figure and bond amount by state.
Qualifying individual
Most states require a named individual who meets the state's experience, education or testing standard to represent the company, sometimes called the qualified person in charge or principal loan originator. Florida requires the principal loan originator and each branch manager to be licensed loan originators. Many states require advance notice before the qualifying individual changes.
Owners, officers and background checks
Every direct owner of 10% or more and every executive officer files an MU2 with personal history, disclosure answers and, where the state requires it, fingerprints and a credit report. Indirect owners up the chain must also be shown.
Net worth and financial statements
Most lender and servicer licences require a minimum net worth shown in financial statements of the type the state demands: audited, reviewed or compiled. Annual statements are then uploaded to NMLS within 90 days of the fiscal year end, or sooner where the state requires.
Surety bond
Most states require a surety bond, filed electronically in NMLS. Several scale the amount with loan volume and require it to be reset each year: California moves from US$50,000 to US$200,000, and Washington requires mortgage brokers to adjust their bond by 31 March.
Licensed and sponsored loan officers
Each loan officer needs a state MLO licence in each state where they originate, sponsored by the licensed company in NMLS. The company's name and NMLS ID, and the loan officer's, must appear on the credit application, the Loan Estimate, the Closing Disclosure, the note and the security instrument.
Branch licences
Each office that conducts licensed activity needs its own branch licence on an MU3 filing, with a named branch manager who files an MU2. NMLS allows one branch record per physical address.
Compliance programme
Written policies covering RESPA, TILA, ECOA, HMDA, privacy, advertising, complaints and an anti-money laundering programme with suspicious activity reporting for transactions of US$5,000 or more. State examiners review these policies and the records behind them after licensing.
What does a US mortgage company licence cost?
The cost has four parts: NMLS processing fees, state fees, capital and bonding, and the professional and audit work to prepare the file. NMLS fees are set by the State Regulatory Registry board and rose on 1 March 2025 for the first time since NMLS launched in 2008. Card payments carry a 2.5% service fee; ACH bank transfers do not. Net worth is the company's own capital, not a fee, but it must be held at all times. Bond premiums depend on the insurer and the company's financial strength.
| Item | Fee | When charged |
|---|---|---|
| Company licence (MU1) | US$120 per state licence | On application and at each annual renewal |
| Branch licence (MU3) | US$25 per state licence | On application and at each annual renewal |
| MLO licence (MU4) | US$35 per state licence | On application and at each annual renewal |
| MLO change of sponsorship | US$35 per state licence | Each time a company sponsors an MLO's licence |
| FBI criminal background check | US$36.25 (plus US$10 for a print card packet) | Each new application, once per filing |
| Credit report | US$15 | Each new application, unless one under 30 days old is on file |
| SAFE MLO Test | US$110 | Each attempt |
The application process
Map activities to licences, state by state
We confirm whether the business brokers, lends, services or does all three, in which states and through which channels, and match each activity to the licence type each state requires, using the NMLS chart and each state checklist.
Set up the entity, owners and qualifying individual
We structure the US entity, identify every direct and indirect owner and executive officer, and select a qualifying individual who meets each target state's experience and licensing test before anything is filed.
Prepare financial statements, bond and policies
We work with the client's accountants on statements that show each state's net worth at the right level of assurance, arrange the bond riders by state, and draft the compliance manual, AML programme and complaint procedures.
File the MU1, MU2 and MU3 forms in NMLS
We build the company record, coordinate each individual's MU2 and the branch MU3 filings, pay NMLS and state fees, and send any documents the state requires outside NMLS within its deadline.
License the loan officers
We plan education, testing and background checks for each MLO, set up sponsorship, and use temporary authority where an experienced loan officer qualifies, so origination can start on approval.
Clear licence items and go live
We answer each regulator's licence items, track approvals state by state, and hand over a live compliance calendar for the Mortgage Call Report, renewals, bond resets and audited accounts.
There is no national clock: each state reviews on its own timetable. Florida, as an example of a statutory period, must flag errors within 30 days of receiving an application and approve or deny within 90 days of a complete one, and an application counts as received only once NMLS has delivered the form, background check results, credit report and fees. Preparing a clean company file, financial statements and qualifying individuals is the stage the applicant controls. Loan officer licensing runs alongside, and an experienced MLO moving from a bank or another state can originate under temporary authority for up to 120 days while the application is pending.
How long does a mortgage company licence take?
The timeline is the sum of preparation, NMLS filing, state review and loan officer licensing. Only the review stage is set by the state, and most states do not publish a fixed period. The stages below show where time is spent and who controls it.
| Stage | What happens | Time set by |
|---|---|---|
| Preparation | Entity, owners and qualifying individual chosen; financial statements, bond and policies prepared | The applicant |
| NMLS filing | MU1, MU2 and MU3 forms filed, fees paid, fingerprints and credit reports processed, state documents sent | The applicant and NMLS |
| State review | Licence items issued and answered. Florida, for example, flags errors within 30 days and decides within 90 days of a complete application | Each state |
| Loan officers | Education and test before applying; 30-day wait between early test attempts; temporary authority of up to 120 days for qualifying MLOs | The individual and the state |
| Go live | Licence shown as approved in NMLS; sponsored MLOs can originate in that state | Each state |
Why applications fail, and how we prevent it
A qualifying individual who does not meet the state test
States set their own experience and licensing standards for the person in charge. A file built around someone who does not qualify in a key state stalls there. We check each target state's standard before the MU1 is filed.
Financial statements at the wrong level or of the wrong type
States specify audited, reviewed or compiled statements and a minimum net worth that must be kept at all times. We align the statements and the net worth calculation with each state before submission.
Loan officers acting before they are licensed and sponsored
An MLO who takes applications before the state licence is approved and sponsored, or outside temporary authority, exposes both the individual and the company. We sequence MLO licensing so nobody originates early.
Bonds that do not keep pace with volume
Several states scale the bond with prior-year volume. A bond that is not raised on time becomes a licence deficiency. We diarise each state's reset date, such as 31 March for Washington mortgage brokers.
Missed call reports that block renewal
A late Mortgage Call Report places a deficiency on the licence, and reporting delinquencies are one of the listed items that can prevent renewal. We run the quarterly filings and the year-end renewal as one calendar.
Out-of-date MU2 and MU4 records after the April 2026 NMLS release
NMLS changed the disclosure questions and employment history on 18 April 2026 and asked for updates by 31 August 2026. Records left incomplete can delay filings and the renewal for 2027. We audit every individual record before 1 November.
Practitioner notes
- - Start with the qualifying individual: each state sets its own standard, and the company filing is not complete until that person's MU2 is attested
- - Use the NMLS chart to group states by net worth and bond so the capital plan covers the hardest state from day one
- - File the MCR for every quarter in which a licence is held, even if no loans closed
- - Diarise bond resets by volume: California on prior-year volume, Washington mortgage brokers by 31 March
- - Finish MLO continuing education by 5 December 2026 and clear licence items before 1 November
- - If you also hold a UK FCA mortgage permission, align the two compliance calendars so year-end US renewals do not clash with UK returns
How we help
Licensing strategy
We map broker, lender and servicer activity to each state's licence, choose the qualifying individual and plan the rollout order across states.
NMLS applications
We prepare and file the MU1, MU2 and MU3 forms, financial statements, bonds and state documents, license the MLOs and answer every licence item.
Renewals and reporting
We run the Mortgage Call Report, the annual renewal, continuing education tracking, bond resets and federal compliance testing so every licence stays in force.
Regulatory Counsel is a licensing and compliance practice for regulated finance in 65+ jurisdictions, US first, with more than 200 licence and registration engagements. We license mortgage brokers, lenders and servicers through NMLS alongside the money transmitter, consumer lending and UK FCA mortgage permissions many of our clients also need, so one plan covers every market. Professional fees are a fixed fee set out in a written proposal, and every enquiry is answered the same business day.
Related licences
US Money Transmitter Licence
State-by-state licensing through NMLS for firms that move customer money, with the same renewal window.
US FinCEN MSB Registration
Federal registration for money services businesses operating in the United States.
FCA Mortgage Authorisation (Brokers and Lenders)
UK authorisation for mortgage brokers and home finance lenders, for groups active in both markets.
US Consumer Lending Licence
State licences for non-bank consumer lenders and brokers, often held alongside mortgage licences through NMLS.
Guides
Further reading on the US Mortgage Company Licence (NMLS)
Frequently asked questions
No. Mortgage brokers, lenders and servicers that are not banks are licensed by each state where they do business, through NMLS. The SAFE Act sets a federal minimum for licensing individual loan officers, and federal consumer laws apply to the business, but the company licence itself is a state licence.
The company licence authorises the business to broker, lend or service in a state. The MLO licence authorises an individual to take applications and negotiate loan terms. A company needs both: its own licence and a licensed, sponsored MLO for every loan officer working in that state.
It depends on the state and the licence. Examples verified as at 20 October 2026: California DFPI US$250,000 tangible net worth; Florida mortgage lender US$63,000, or US$250,000 with a servicing endorsement; Georgia mortgage lender US$100,000; New York mortgage banker US$250,000. Several states require none for brokers.
Every year between 1 November and 31 December in NMLS, for company, branch and MLO licences. A licence not renewed by 31 December expires. Some states allow reinstatement from 1 January to the end of February, usually with additional fees.
Within 45 days of each calendar quarter end: 15 May, 14 August, 14 November and 14 February. Lenders and servicers file the Financial Condition section quarterly with the activity data. Brokers file the Financial Condition section once a year, within 90 days of the year end.
No. Banks, savings associations and federally insured credit unions are exempt from state company licensing, and their loan officers register federally through NMLS under Regulation G. A state-licensed subsidiary of a bank is not exempt and files the Mortgage Call Report.
Only under temporary authority. An MLO employed by a state-licensed company who was federally registered for the full prior year, or licensed in another state for the prior 30 days, can originate for up to 120 days while the application is pending, unless disqualified.
On 18 April 2026 NMLS updated the disclosure questions on the MU2 and MU4 forms and began filling MLO employment history from company relationships. NMLS asked for updates by 31 August 2026 to avoid delays in the renewal for 2027. The Mortgage Call Report also moved to Form Version 7 from the first quarter of 2026.
Primary sources
The requirements, fees and timeframes on this page are taken from the following primary regulatory and legislative sources. Rules change, and firms should confirm the current position before relying on any figure.
- NMLS: licensing process overview for companies
- NMLS: identifying qualifying individuals
- NMLS: identifying direct owners and executive officers
- NMLS: branch licensing or registration
- NMLS: do you need a state licence or registration
- NMLS: submitting annual financial statements
- NMLS: processing fees
- NMLS: License Requirements and Fees Chart
- NMLS: annual renewal overview for companies
- NMLS: annual renewal fees
- NMLS: failing to renew your licence
- NMLS: items that can prevent renewal eligibility
- NMLS: Mortgage Call Report FV7 user guide
- NMLS: Mortgage Call Report general questions
- NMLS: Mortgage Call Report financial condition questions
- NMLS: SAFE MLO Test overview and specifications
- NMLS: pre-licensing education FAQ
- NMLS: continuing education FAQ
- NMLS: state-specific education requirements and SMART CE deadline
- NMLS: temporary authority to operate
- NMLS: temporary authority FAQs (updated 17 December 2024)
- NMLS: employment reporting enhancement, 18 April 2026 release
- CSBS: NMLS changes create greater efficiencies (6 May 2026)
- CSBS: state supervisors urge licensees to prepare early for NMLS annual renewal (23 October 2025)
- CSBS: NMLS processing fee increase takes effect 1 March 2025
- CFPB: SAFE Act compliance resources (Regulations G and H)
- CFPB: Regulation H, 12 CFR 1008.103 (individuals required to be licensed)
- CFPB: Regulation H, 12 CFR 1008.105 (minimum licence requirements)
- CFPB: Regulation H, 12 CFR 1008.107 (licence renewal)
- CFPB: Regulation G, 12 CFR 1007.102 (federal registration definitions)
- CFPB: Regulation Z, 12 CFR 1026.36 (loan originator rules)
- CFPB: Regulation Z, 12 CFR 1026.19 (Loan Estimate and Closing Disclosure timing)
- CFPB: Regulation Z, 12 CFR 1026.41 (small servicer definition)
- CFPB: Regulation X, 12 CFR 1024.14 (no referral fees)
- CFPB: Regulation B, 12 CFR 1002.9 (notifications)
- CFPB: Regulation C, 12 CFR 1003.2 (HMDA coverage)
- CFPB: Regulation C, 12 CFR 1003.5 (HMDA filing deadlines)
- FinCEN final rule: AML programmes and SAR filing for residential mortgage lenders and originators (77 FR 8148, effective 16 April 2012)
- California DFPI: how to apply for a residential mortgage lender or servicer licence
- California DFPI: requirements after a CRMLA licence is issued
- Florida Statutes s. 494.00611: mortgage lender licence
- Florida Statutes s. 494.00665: principal loan originator and branch manager
- Florida Statutes s. 120.60: licensing decision periods
- Texas Department of Savings and Mortgage Lending: MCR Form Version 7 guidance (17 December 2025)
- Washington DFI: Spring 2026 mortgage and consumer loan industry update
Last reviewed by the Regulatory Counsel team on 20 October 2026.