The New Jersey Residential
Mortgage Lending Act, N.J.S.A. 17:11C-51 to -89 (“RMLA”) was enacted on May
4, 2009.
All business applicants seeking licensure under RMLA as Residential Mortgage Lenders, Correspondent Residential Mortgage Lenders, Residential Mortgage Brokers, Exempt Company Registrants, or Registered Depository Institutions MUST create a record in the Nationwide Multistate 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. |
