Reglith

Mortgage licensing / New Jersey

New Jersey RMLA-Licensed Mortgage Servicer Registration

company licence · NMLS NJEXEMPTSERVICERREG_C · DOBI

Requirements (4)

  1. Step 1

    Resident/Registered Agent: The Registered Agent must be listed under the Resident/Registered Agent section of the Company Form (MU1) and must match the information currently on record with the New Jersey Division of Revenue and Enterprise Services.

    Submitted via: NMLS

  2. Step 2

    Electronic Surety Bond: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement.

    Submitted via: Electronic Surety Bond in NMLS

  3. Step 3

    Errors and Omissions: Submit proof of errors and omissions insurance protecting the applicant from liability arising from a negligent act, error or omission in the performance of professional service. If applicable, include power of attorney (POA). VOLUME OF NEW JERSEY RESIDENTIAL MORTGAGE LOANS SERVICED CALCULATION OF ERRORS AND OMISSIONS COVERAGE $100,000,000 or Less $300,000 $100,000,000.01 to $500,000,000 $300,000 plus .15% of residential mortgage loans serviced $500,000,000.01 to $100,000,000,000 $900,000 plus .125% of residential mortgage loans serviced between $100,000,000,000 or greater $125,275,000 plus .10% of residential mortgage loans serviced The errors and omissions coverage may provide for a deductible amount not to exceed the greater of $100,000 or five percent of the principal amount. The full policy should be uploaded. The policy should name the New Jersey Department of Banking and Insurance as an additional loss payee. This document should be named Errors and Omissions Insurance.

    Submitted via: Upload in NMLS: under the Document Type Errors and Omissions (Insurance Policy) in the Document Uploads section of the Company Form (MU1).

  4. Step 4

    Fidelity Bond: Submit a fidelity bond at the coverage level required by NJ. VOLUME OF NEW JERSEY RESIDENTIAL MORTGAGE LOANS SERVICED CALCULATION OF FIDELITY BOND $100,000,000 or Less $300,000 $100,000,000.01 to $500,000,000 $300,000 plus .15% of residential mortgage loans serviced $500,000,000.01 to $100,000,000,000 $900,000 plus .125% of residential mortgage loans serviced between $100,000,000,000 or greater $125,275,000 plus .10% of residential mortgage loans serviced The name and address of the principal insured on the bond must exactly match the Full Legal Name, trade name if applicable and address, of the applicant. If applicable, include power of attorney (POA). The policy should name the New Jersey Department of Banking and Insurance as an additional loss payee. The full policy should be uploaded. The fidelity bond must be written by a surety authorized to write the bonds in NJ. This document should be named Fidelity Bond.

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

General information

GENERAL INFORMATION Who Is Required to Have This 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 treamlined 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. Who Does Not Need to Have This Registration? • Any bank, out-of-state bank, credit union chartered in New Jersey, federal credit union, or out-of-state credit union, provided the bank or credit union is federally insured; • Any wholly-owned subsidiary of the bank or credit union; • Any operating subsidiary in situations in which each owner of the operating subsidiary is wholly owned by the same bank or credit union; • Any agency of the federal government, any state or municipal government or any quasi-governmental agency servicing residential mortgage loans under the specific authority of the laws of any state or the United States; • New Jersey Housing and Mortgage Finance Agency; • A person servicing five or fewer residential mortgage loans within any period of twelve consecutive months and; • Any individual or entity that is exempt from licensure as a residential mortgage lender pursuant to N.J.S.A. 17:11C-55 of the RMLA, while servicing mortgage loans made pursuant to the exemption. N.J.S.A. 17:16F-45(1). Activities Authorized Under This Registration 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 Registration 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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