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Mortgage licensing / New Jersey

New Jersey Mortgage Servicer License

branch licence · NMLS NJSERVICER_B · DOBI

Requirements (9)

  1. Step 1

    Other Trade Names: 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

    Submitted via: NMLS

  2. Step 2

    Branch Manager: A Branch Manager should have at least three years of experience in the mortgage servicing business within the five years immediately preceding the date of application.

    Submitted via: NMLS

  3. Step 3

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

    Submitted via: NMLS

  4. Step 4

    MU2 Individual FBI Criminal Background Check Requirements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. Note: If you are able to ‘Use Existing Prints’ to process the FBI criminal background check, you DO NOT have to schedule an appointment. NMLS will automatically submit the fingerprints on file.

    Submitted via: NMLS

  5. Step 5

    Electronic Surety Bond: Increase the company’s bond amount by $100,000 for each location furnished by a surety company authorized to conduct business in New Jersey. Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement.

    Submitted via: NMLS

  6. Step 6

    Branch Manager Contract: Submit a copy of the signed contract between the branch manager and the licensee. The document must include the following information: • The duties and responsibilities of the person’s employment; • the term of employment, including month and year; and • the name, address and telephone number of the employer. This document should be named [Branch NMLS ID#] Branch Manager Agreement

    Submitted via: Upload in NMLS: under the Document Type Branch Written Agreement in the Document Uploads section of the Branch Form (MU3).

  7. Step 7

    Credit Report Explanations: Submit a line by line, detailed letter of explanation of all derogatory credit accounts along with proof of payoffs, payment arrangements and evidence of payments made, or evidence of any formal dispute filed (documents must be dated). Accounts to address include, but are not limited to: collections items, charge offs, accounts currently past due, accounts with serious delinquencies in the last 3 years, repossessions, loan modifications, etc. Note: Items regarding bankruptcy, foreclosure actions, outstanding judgments or liens, or delinquent child support payments should be addressed in the Disclosure Explanations section of your Individual Form (MU2).

    Submitted via: Upload in NMLS: under the Document Type Credit Report Explanations in the Document Uploads section of the Individual Form (MU2).

  8. Step 8

    Legal Name/Status Documentation: Upload legal documentation of legal name or legal status. This may be certified copies of divorce decree, marriage certificate, copy of driver’s license, passports, etc. This document should be named [Document Name] (Ex. Driver’s License, Marriage Certificate, etc.).

    Submitted via: Upload in NMLS: under the Document Type Legal Name/Status Documentation in the Document Uploads section of the Individual Form (MU2).

  9. Step 9

    Verification of Experience: Providea license specific resume with detailed job descriptions and/or duties performed evidencing experience in the industry the company is applying for a license. Detailed job descriptions and duties with all employers need to be incorporated into a resume to demonstrate experience related to the specific state license being applied for. State specific requirements include: • A statement specifying the duties and responsibilities of the person’s employment, the term of employment, including month and year, and the name, address and telephone number of a supervisor, employer or, if self-employed, a business reference. • W-2 Forms, 1099 Tax Forms or, if self-employed, 1120 corporate tax returns • Signed letters from the employer, on the employer’s letterhead verifying the person’s duties and responsibilities and term of employment including month and year. This document should be named [Document Type] – License Name.

    Submitted via: Upload in NMLS: under the Document Type Verification of Experience in the Document Uploads section of the Individual Form (MU2).

General information

GENERAL INFORMATION Who is required to have this 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 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. Activities Authorized Under This License This license authorizes the following activities… • First Mortgage Servicing • Third Party First Mortgage Servicing • Third Party Subordinate Lien Mortgage Servicing • Subordinate Lien Servicing • Reverse Mortgage Servicing • Mortgage Loan Modifications • Master Servicing Pre-Requisites for License Applications • None 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 July 25, 2024. Requirements change — confirm against the state agency before filing. Not legal advice.

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