Reglith

Mortgage licensing / New Jersey

New Jersey Federal Contract Student Loan Servicer License

company licence · NMLS NJFCSTUDENTLNSERVICER_C · DOBI

Requirements (6)

  1. Step 1

    Financial Statements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

    Submitted via: NMLS

  2. Step 2

    The accuracy of the financial statement must be sworn to under oath before a notary public by the applicant, proprietor, a general partner or a corporate officer, or a member duly authorized to execute those documents. The financial statement must include a balance sheet, income statement, statement of cash flows, and all relevant notes. See, N.J.S.A. 17:16ZZ-4(b)(1), (c)(1).

  3. Step 3

    Other Trade Name:If operating under a name that is different from the applicant’s legal name, that name (“Trade Name”, “Assumed Name” or “DBA”) must be listed under the Other Trade Names section of the Company Form (MU1). The New Jersey Department of Banking and Insurance does not limit the number of other trade names. If operating under an “Other Trade Name”, upload the trade name authorization document regarding ability to do business under that trade name. This document should be named NJ-FCSLS Trade Name – Assumed Name.

    Submitted via: Upload in NMLS: under the Document Type Trade Name/Assumed Name Registration Certificates in the Document Uploads section of the Company Form (MU1).

  4. Step 4

    Non-Primary Contact Employees: New Jersey Department of Banking and Insurance requires that an individual(s) be identified as a Non-Primary Contact for the following areas. These contacts must be listed in the Contact Employees section of the Company Form (MU1). • Licensing • Consumer Complaint (Regulator) • Legal

    Submitted via: NMLS

  5. Step 5

    Electronic Surety Bond: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

    Submitted via: Electronic Surety Bond in NMLS

  6. Step 6

    Federal Contract Student Loan Servicer Certification: Upload a certification indicating that the person is servicing student loans pursuant to a contract awarded by the United States Secretary of Education under 20 U.S.C. s.1087f. The certification must be signed and sworn to under oath before a notary public by the proprietor, a general partner or a corporate officer, member or other person duly authorized to execute such a document. See, N.J.S.A. 17:16ZZ-5(a).

    Submitted via: Upload in NMLS: under the Document Type Business Plan in the Document Uploads section of the Company Form (MU1).

General information

GENERAL INFORMATION Who Is Required to Have This License? This limited purpose license is applicable to the extent that the student loan servicing performed in this State is conducted pursuant to a contract awarded by the United States Secretary of Education under 20 U.S.C. s.1087f. Any student loan servicer that services non-federal student loans must apply for the New Jersey Student Loan Servicer license. A student loan servicer is any person, wherever located, responsible for the receiving any scheduled periodic payments from a student loan borrower or notification of such payments, and applying payments to the borrower’s account pursuant to the terms of the student education loan or the contract governing the servicing of the loan; b. during a period when no payment is required on the student education loan, maintaining account records for the loan and communicating with the student loan borrower regarding the loan, on behalf of the holder of the loan; or c. interacting with a student loan borrower to facilitate the loan servicing as described in this definition, including activities to help prevent loan default on obligations arising from a student education loan of any student education loan to any student loan borrower. Companies and branches applying through NMLS with the New Jersey Department of Banking and Insurance (DOBI) 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 Federal Contract Student Loan Servicer license is the Student Loan Servicing Act, N.J.S.A. 17:16ZZ-1 TO -18. Who Does Not Need to Have This License? • Any state or federally chartered bank, savings bank, savings and loan association or credit union. (N.J.S.A. 17:16ZZ-4(a)(2)(a)). • Any wholly owned subsidiary of any bank or credit union. (N.J.S.A. 17:16ZZ-4(a)(2)(b)). • Any operating subsidiary where each owner of the operating subsidiary is wholly owned by the same bank or credit union. (N.J.S.A. 17:16ZZ-4(a)(2)(c)). Activities Authorized Under This License This license authorizes the following activities… • Non-private student loan servicing Pre-Requisites for License Applications • A contract awarded by the United States Secretary of Education under 20 U.S.C. s.1087f. The New Jersey Department of Banking and Insurance does not issue paper licenses for this license type.

Other New Jersey mortgage licenses

Sourced from the NMLS/CSBS state licensing record, last updated May 24, 2023. Requirements change — confirm against the state agency before filing. Not legal advice.

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