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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Correspondent Residential Mortgage Lender License This license is required of any business entity, including a sole proprietorship, who for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly takes a residential mortgage loan application, or offers, negotiates, originates, or acquires residential mortgage loans in the primary market. Residential mortgage loans include both first and second mortgage loans on New Jersey property. This license differs from the residential mortgage lender in that the holder may not, in the regular course of business, hold mortgage loans in portfolio or service mortgage loans, for more than 90 days. (More Details)
Exempt Company Registration An exempt company registrant is a business entity other than a bona fide not for profit entity that is not subject to licensure as a residential mortgage lender or a residential mortgage broker under P.L.2009, c.53 (C.17:11C-51 et seq.) that is registered pursuant to subsection d. of section 4 of P.L.2009, c.53 (C.17:11C-54), and that employs, or will employ one or more licensed mortgage loan originators to supervise individuals employed by the registered exempt company as loan processors or loan underwriters. Such mortgage loan originators shall not be authorized to engage in the origination of loans.
Mortgage Servicer License A mortgage servicer is any person, wherever located, who for the person or on behalf of the holder of a residential mortgage loan, receives payments of principal and interest in connection with a residential mortgage loan, records the payments on the person’s books and records and performs the other administrative functions as may be necessary to properly carry out the mortgage holder’s obligations under the mortgage agreement including, when applicable, the receipt of funds from the mortgagor to be held in escrow for the payment of real estate taxes and insurance premiums and the distribution of the funds to the taxing authority and insurance company. This also includes a person who makes payments to borrowers pursuant to the terms of a home equity conversion mortgage or reverse mortgage. This license is not required for any business entity licensed as a residential mortgage lender pursuant to the “New Jersey Residential Mortgage Lending Act” P.L.2009, C.53 (C.17:11C-51 through C.17:11:C-89) acting as a mortgage servicer. Any residential mortgage lender seeking to engage in mortgage servicing activity must apply for the Exempt Mortgage Servicer Registration. Companies and branches applying through NMLS with the New Jersey Department of Banking and Insurance must agree to abide by NMLS requirements, including attesting to the accuracy of the information submitted, agreeing to keep it updated through NMLS, and annually renewing the registration through the NMLS Streamlined Renewal Process. Branches must be registered by submission of a completed Branch Form (MU3). The governing statute for the NJ Mortgage Servicer license is the Mortgage Servicers Licensing Act, NJSA 17:16F-26 to -46, P.L. 2019, c. 65.  
Registered Depository Institution A depository institution as defined in section 3 of the “Federal Deposit Insurance Act,” Pub.L.81-797 (12 U.S.C. s.1813), or a State or Federally chartered credit union may elect to register with this department as a registered depository institution for the purpose of sponsoring individuals to be licensed to act as mortgage loan originators. NJSA 17:11C-55.
Residential Mortgage Broker License This license is required of any business entity, including a sole proprietorship, who for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly takes a residential mortgage loan application for others, or negotiates, places or sells for others, or offers to take an application for, negotiate, place or sell, residential mortgage loans in the primary market for others. Residential mortgage loans include both first and second mortgage loans on New Jersey property. (More Details)
Residential Mortgage Lender License This license is required of any business entity, including a sole proprietorship, who for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly takes a residential mortgage loan application, or offers, negotiates, originates, or acquires residential mortgage loans in the primary market. Residential mortgage loans include both first and second mortgage loans on New Jersey property. (More Details)
RMLA-Licensed Mortgage Servicer Registration A mortgage servicer is any person, wherever located, who for the person or on behalf of the holder of a residential mortgage loan, receives payments of principal and interest in connection with a residential mortgage loan, records the payments on the person’s books and records and performs the other administrative functions as may be necessary to properly carry out the mortgage holder’s obligations under the mortgage agreement including, when applicable, the receipt of funds from the mortgagor to be held in escrow for the payment of real estate taxes and insurance premiums and the distribution of the funds to the taxing authority and insurance company. This also includes a person who makes payments to borrowers pursuant to the terms of a home equity conversion mortgage or reverse mortgage. Any licensed residential mortgage lender pursuant to the “New Jersey Residential Mortgage Lending Act” P.L.2009, C.53 (C.17:11C-51 to -89) acting as a mortgage servicer seeking to engage in mortgage servicing activity must apply for the NJ RMLA-Licensed Mortgage Servicer Registration. Companies and branches applying through NMLS with the New Jersey Department of Banking and Insurance must agree to abide by NMLS requirements, including attesting to the accuracy of the information submitted, agreeing to keep it updated through NMLS, and annually renewing the registration through the NMLS Streamlined Renewal Process. Branches must be registered by submission of a completed Branch Form (MU3). The governing statute for the NJ Mortgage Servicer license is the Mortgage Servicers Licensing Act, NJSA 17:16F-26 to -46, P.L. 2019, c. 65.
Branch Licenses Description Requirements Checklist
Correspondent Residential Mortgage Lender Branch License This license is required for any location of a Correspondent Residential Mortgage Lender, other than its principal licensed office, where in the regular course of business, applications for residential New Jersey mortgage loans are distributed to or received from consumers, loan records are maintained, underwriting decisions are made, commitments or lock-in agreements are issued, or any fees or charges relating to such loans are received from consumers. (More Details)
Exempt Company Registration Branch An exempt company registrant is a business entity other than a bona fide not for profit entity that is not subject to licensure as a residential mortgage lender or a residential mortgage broker under P.L.2009, c.53 (C.17:11C-51 et seq.) that is registered pursuant to subsection d. of section 4 of P.L.2009, c.53 (C.17:11C-54), and that employs, or will employ one or more licensed mortgage loan originators to supervise individuals employed by the registered exempt company as loan processors or loan underwriters. Such mortgage loan originators shall not be authorized to engage in the origination of loans. A registered exempt company may conduct loan processing and loan underwriting at branch locations provided each such branch is registered.
Mortgage Servicer Branch License A mortgage servicer is any person, wherever located, who for the person or on behalf of the holder of a residential mortgage loan, receives payments of principal and interest in connection with a residential mortgage loan, records the payments on the person’s books and records and performs the other administrative functions as may be necessary to properly carry out the mortgage holder’s obligations under the mortgage agreement including, when applicable, the receipt of funds from the mortgagor to be held in escrow for the payment of real estate taxes and insurance premiums and the distribution of the funds to the taxing authority and insurance company. This also includes a person who makes payments to borrowers pursuant to the terms of a home equity conversion mortgage or reverse mortgage. This license is not required for any business entity licensed as a residential mortgage lender pursuant to the “New Jersey Residential Mortgage Lending Act” P.L.2009, C.53 (C.17:11C-51 to -89) acting as a mortgage servicer. Any residential mortgage lender seeking to engage in mortgage servicing activity must apply for the Exempt Mortgage Servicer Registration. Companies and branches applying through NMLS with the New Jersey Department of Banking and Insurance must agree to abide by NMLS requirements, including attesting to the accuracy of the information submitted, agreeing to keep it updated through NMLS, and annually renewing the registration through the NMLS Streamlined Renewal Process. Branches must be registered by submission of a completed Branch Form (MU3). The governing statute for the NJ Mortgage Servicer license is the Mortgage Servicers Licensing Act, NJSA 17:16F-26 to -46, P.L. 2019, c. 65.
Registered Depository Institution Branch A depository institution, as defined in section 3 of the “Federal Deposit Insurance Act,” Pub.L.81-797 (12 U.S.C. s.1813), or a State or Federally chartered credit union that has elected to register with this department as a registered depository institution for the purpose of sponsoring individuals licensed as mortgage loan originators pursuant to section 5 of P.L. 2009, c. 53 (C.17:11C-55) must register as a branch any location(s) where it intends for sponsored mortgage loan originator licensees to conduct licensed activity.
Residential Mortgage Broker Branch License This license is required for any location of a Residential Mortgage Broker, other than its principal licensed office, where in the regular course of business, applications for residential New Jersey mortgage loans are distributed to or received from consumers, loan records are maintained, underwriting decisions are made, commitments or lock-in agreements are issued, or any fees or charges relating to such loans are received from consumers. (More Details)
Residential Mortgage Lender Branch License This license is required for any location of a Residential Mortgage Lender, other than its principal licensed office, where in the regular course of business, applications for residential New Jersey mortgage loans are distributed to or received from consumers, loan records are maintained, underwriting decisions are made, commitments or lock-in agreements are issued, or any fees or charges relating to such loans are received from consumers. (More Details)
RMLA-Licensed Mortgage Servicer Registration A mortgage servicer is any person, wherever located, who for the person or on behalf of the holder of a residential mortgage loan, receives payments of principal and interest in connection with a residential mortgage loan, records the payments on the person’s books and records and performs the other administrative functions as may be necessary to properly carry out the mortgage holder’s obligations under the mortgage agreement including, when applicable, the receipt of funds from the mortgagor to be held in escrow for the payment of real estate taxes and insurance premiums and the distribution of the funds to the taxing authority and insurance company. This also includes a person who makes payments to borrowers pursuant to the terms of a home equity conversion mortgage or reverse mortgage. Any licensed residential mortgage lender pursuant to the “New Jersey Residential Mortgage Lending Act” P.L.2009, C.53 (C.17:11C-51 to -89) acting as a mortgage servicer seeking to engage in mortgage servicing activity must apply for the NJ RMLA-Licensed Mortgage Servicer Registration. Companies and branches applying through NMLS with the New Jersey Department of Banking and Insurance must agree to abide by NMLS requirements, including attesting to the accuracy of the information submitted, agreeing to keep it updated through NMLS, and annually renewing the registration through the NMLS Streamlined Renewal Process. Branches must be registered by submission of a completed Branch Form (MU3). The governing statute for the NJ Mortgage Servicer license is the Mortgage Servicers Licensing Act, NJSA 17:16F-26 to -46, P.L. 2019, c. 65.
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License This license is required for any natural person who for compensation or gain, or in expectation of compensation or gain, either directly or indirectly takes a residential mortgage loan application, or offers or negotiates terms of a residential mortgage loan. Residential mortgage loans include both first and second mortgage loans on New Jersey property. (More Details)
Qualified Individual License This license is required for a natural person who must be an officer, director, partner, owner or principal of a business entity licensed or to be licensed as a Qualified Individual License and is required as a condition of the business entity’s qualification for licensure. The individual must minimally meet all of the licensing criteria for a mortgage loan originator.
Transitional Mortgage Loan Originator License A transitional mortgage loan originator license is a license that may be issued to an out-of-State mortgage loan originator, and that provides temporary authority to engage in the business of mortgage loan origination in this State pending the completion by the transitionally licensed individual of the requirements for full licensure as a New Jersey mortgage loan originator as set forth in section 7 of P.L. 2009, c. 53 (C.17:11C-57). A transitional mortgage loan originator license shall be valid for a term of no longer than 120 days from a complete application, during which time a transitional mortgage loan originator licensee duly sponsored by a business licensee may engage in business as a mortgage loan originator. Application for a Transitional Mortgage Loan Originator license must include a completed application for full licensure, authorization for a credit report through NMLS, and authorization of a criminal background check (“CBC”) in the form of an FBI CBC. The individual may use the 120-day period to fulfill the New Jersey specific pre-licensing education and written test requirements prescribed in N.J.A.C. 3:15-2.10 and N.J.A.C. 3:15-2.11 of the New Jersey Administrative Code.
 

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