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Mortgage licensing / New Jersey

New Jersey Student Loan Servicer License

branch licence · NMLS NJSTUDENTLNSERVICER_B · DOBI

Requirements (6)

  1. Step 1

    Electronic Surety Bond: Increase the company’s bond amount by $30,000 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

  2. Step 2

    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

  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.

    Submitted via: NMLS

  5. Step 5

    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). This document should be named Credit Report Explanations – Sub Name – Document Creation Date.

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

  6. Step 6

    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 complete and current resume for the applicant; all partners, if the applicant is a partnership; all members, if the applicant is a limited liability company or association; or for all officers, directors and principal employees, if the applicant is a corporation. The resume should include detailed job descriptions and/or duties performed evidencing experience in the loan servicing industry. 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? This license should only be applied for by a company that also holds or is applying for a NJ 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 Student Loan Servicer license is the Student Loan Servicing Act, N.J.S.A. 17:16ZZ-1 TO -18 The Act also creates a separate license type for persons servicing student loans pursuant to a contract awarded by the United States Secretary of Education under 20 U.S.C. S.1087f (“Federal Contract Student Loans” or “FCSL”) 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… • Private student loan 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 May 26, 2023. Requirements change — confirm against the state agency before filing. Not legal advice.

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