Surety Bond
An original, fully executed surety bond in the minimum amount of $150,000 furnished by a surety company authorized to conduct business in New Jersey. The name of the principal insured on the bond must match exactly the Full Legal Name of applicant.
Financial Statement
An unqualified, audited financial statement demonstrating that the company has a minimum tangible net worth of $250,000. The financial statement must be prepared by a Certified Public Accountant or a Public Accountant in accordance with Generally Accepted Accounting Principles and cannot be dated earlier than one year prior to the filing of the application. Financial statements should include a Balance Sheet, Income Statement and Statement of Cash Flows and all relevant notes thereto. Financial statements should be submitted through the Filing Tab in NMLS prior to the submission of the business entity Form MU1.
NJ Division of Revenue Documentation
A certified copy of:
- Certificate of Incorporation (if a corporation), or
- Certificate of Formation and Operating Agreement (if a Limited Liability Company), or
- The Partnership Agreement (if a partnership of any form)
- Certificate of Authority To Do Business In New Jersey – required if the applicant was organized or formed outside of New Jersey
County Recording Office Documentation
Filed Trade Name Certificate for a partnership or sole proprietorship using a trading as name
Other Trade Names
A file-stamped copy of each Alternate Name authorization issued by the N.J. Division of Revenue if applicant will be operating under a name(s) other than its legal name, such as a “d/b/a” or “fictitious” name. In New Jersey, a company is prohibited from using more than three trade names, fictitious names or d/b/a names for each license obtained. Branch offices may only operate under a trade name, fictitious name or d/b/a name for which the business entity has received NJ regulatory approval.
Criminal History Background Check
Each Control Person (officer, director, partner, member, owner or other principal) must complete a criminal history background check through the F.B.I. and the New Jersey State Police. (Get more information on the NJ Live Scan fingerprinting process.) NOTE: the control person who will be the Qualified Individual licensee for the company must authorize the F.B.I. criminal history background check through the NMLS. The Qualified Individual will, however, need to complete the NJ State Police check through the NJ LiveScan fingerprinting process.
Qualified Individual Licensee
At least one individual who is an officer, director, partner, member, owner or principal must obtain a qualified individual license of the same type as that being applied for by the company. The individual must, at minimum, meet all of the requirements for mortgage loan originator licensing. The individual must be identified on the MU1 filing as a control person, must complete an MU2, and must complete an MU4 to apply for the qualified individual license.
Certification of Office Suitability
Provision of an executed certification, as prescribed by the commissioner, of office suitability. NOTE: select the applicable certification for the branch – (1) an office to be located within the State of New Jersey OR (2) an office to be located outside of New Jersey.
Disclosure Questions
Complete details of all events or proceedings for any “Yes” answer to any of the Disclosure questions for the company in the MU1 filing or any Control Person in the MU2 filing must be provided. In addition, provide a copy of any applicable orders, judgments of conviction, or other documents.
New Jersey requirements outlined above must be submitted to the Department within 5 business days of the electronic submission of an application through NMLS. As noted above, Financial Statements must be submitted through the NMLS process.
|
