The State of New Jersey
NJ Department of Banking and Insurance
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Home > Banking Division > Banking Licensees > New Applications Under the RMLA
Licensure Under the NJ Residential Mortgage Lending Act -
NJSA TITLE 17:11C-51 et seq
Nationwide Mortgage Licensing System New Jersey joins the NMLSR on January 4, 2010

Now Available -
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Beginning January 4, 2010, all new business applicants seeking licensure under the New Jersey Residential Mortgage Lending Act as Residential Mortgage Lenders, or Correspondent Residential Mortgage Lenders, or Residential Mortgage Brokers MUST create a record in the Nationwide Mortgage Licensing System (“NMLS”) and obtain a unique identifier.

All new business entity applicants are required to file a Form MU1 through NMLS.   Each control person – officer, director, partner, owner, member, sole proprietor, stockholder or other principal – named in the MU1 filing must also file an MU2 through NMLS.

Each business entity applicant, including a sole proprietorship, must have a Qualified Individual upon whom the business entity’s license is dependent.  The Qualified Individual must be an officer, director, partner, owner or principal of the entity.  That individual must at a minimum meet all of the licensing criteria for a mortgage loan originator, must be listed as a control person on the company’s Form MU1 and must file a Form MU2 through NMLS.

Applicants for a Qualified Individual license MUST create a record in the NMLS, obtain a unique identifier and request an individual license of the same type as that being sought by the business entity by filing a Form MU4 through NMLS. 

A business entity seeking to obtain licenses for additional branch locations, wherever located, is required to file a Form MU3 through NMLS for each location.

Each individual who will be originating residential mortgage loans must be separately licensed as a Mortgage Loan Originator and MUST create a record in the NMLS, obtain a unique identifier and apply for licensure by filing a Form MU4 through NMLS.

 
Fees

New Jersey Application fees: NMLS Processing fees:
Business entity                          $1,200   $100 
Branch office                             $1,000      $20
Qualified Individual                     $500   $30
Mortgage Loan Originator          $150 $30

All fees are required to be paid through NMLS and are NONREFUNDABLE.
 
For information on New Jersey specific license descriptions and requirements:

Residential Mortgage Lender
Description Requirements/Instructions
  Fingerprinting
Correspondent Residential Mortgage Lender
Description Requirements/Instructions
  Fingerprinting
Residential Mortgage Broker
Description Requirements/Instructions
  Fingerprinting
Qualified Individual Residential Mortgage Lender
Description Requirements/Instructions
  Fingerprinting
Qualified Individual Correspondent Residential Mortgage Lender
Description Requirements/Instructions
  Fingerprinting
Qualified Individual Residential Mortgage Broker
Description Requirements/Instructions
  Fingerprinting
Mortgage Loan Originator
Description Requirements/Instructions
  Fingerprinting
Residential Mortgage Lender branch
Description Requirements/Instructions
Correspondent Residential Mortgage Lender branch
Description Requirements/Instructions
Residential Mortgage Broker branch
Description Requirements/Instructions
 
Legislation/More Information
 

WHO TO CONTACT

Contact NJ Department of Banking & Insurance, Licensing Services Bureau, Banking licensing staff by phone at (609) 292-7272 (from menu – select 3, select 2, select 1) or send your questions via e-mail to bliconline@dobi.state.nj.us for additional assistance.
 
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New Jersey Department of Banking and Insurance