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 Determing the Classification of Financial Statements

The Financial Statements Requirements Summary Table provides an overview of the financial statement and net worth requirements by license type for each NMLS participating jurisdiction. For a definition of each classification, see Financial Statement Terminology.

Follow the Classification Guide below to determine which financial statement requirement your company must meet for NMLS financial statement submission purposes.

 Classification Guide

More than one of the questions may apply.

Is your company applying for a new license?
Review the Summary Table for new applicant requirements.

Is your company an existing licensee needing to satisfy annual requirements?
Review the Summary Table for annual requirements.

Is your company transitioning an existing license onto NMLS?
Review the Summary Table for annual requirements.

Is your company licensed in more than one jurisdiction?
If your company is applying, transitioning or satisfying annual requirements for licenses in multiple jurisdictions, review the Summary Table and determine the highest level requirement of all applicable jurisdictions and satisfy that requirement.

The highest ranking classification must be filed in NMLS.

Audited
Unaudited (reviewed)
Unaudited (compiled)
Unaudited
None

Example: If your company holds licenses in 8 states with 7 of them requiring an annual Unaudited (Reviewed) financial statement and one requiring an annual Audited financial statement, simply file one annual Audited financial statement through NMLS and your company will have satisfied the financial statement requirements for all 8 states.

Once you have determined the classification, return to the Financial Statements Overview.

* Many agencies have further financial statement requirements that are not listed in the Financial Statements Requirements Summary. Continue to consult jurisdiction specific requirements to ensure your company has met all of these requirements.

 
 

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