Reglith

Mortgage licensing / Puerto Rico

Puerto Rico Mortgage Broker (Branch)

branch licence · NMLS PRBROKER_B · OCIF

Requirements (6)

  1. Step 1

    Liquid assets of at least $5,000.00 for each additional office.

  2. Step 2

    For each additional Office, the required bond shall be increased by the amount of five thousand dollars ($5,000.00).

    Submitted via: NOTE: Original Bond must be sent to the Office and a copy should be uploaded in NMLS. The name of the principal insured on the bond must match exactly the Full Legal Name of applicant.

  3. Step 3

    Criminal background check for control persons.

    Submitted via: CRIMINAL BACKGROUND CHECK: FOR EACH QUALIFYING INDIVIDUAL, PROVIDE A CRIMINAL BACKGROUND CHECK ISSUED BY THE STATE OR COUNTRY OF RESIDENCE, DATED NOT MORE THAN 30 DAYS PRIOR TO THE FILING OF THE APPLICATION THROUGHT NMLS. NOTE: WE DO NOT HAVE ACCESS TO THE CBC REPORT IN NMLS, THEREFORE, EACH QUALIFYING INDIVIDUAL, MUST SEND THE CRIMINAL REPORT DIRECTLY TO THE OFFICE. PRIVATE PROVIDERS MAY BE USED (I.E. FIDELIFACTS, KROLL, SPECTRUM GAMING, BERKELEY RESEARCH GROUP, ETC.) MUST INCLUDE THE FOLLOWING: CIVIL, FELONY, MISDEMEANOR, STATE, FEDERAL AND COURT RECORDS.

  4. Step 4

    Credit check for control persons.

    Submitted via: CREDIT REPORT: FOR EACH CONTROL PERSON, SUBMIT A CREDIT REPORT DATED NOT MORE THAN 30 DAYS PRIOR TO THE FILING OF THE APPLICATION THROUGH NMLS.

  5. Step 5

    Experience and education of control persons.

    Submitted via: RESUME For each Control Person, submit a résumé dated not more than 30 days prior to the filing of the application through the NMLS.

  6. Step 6

    Puerto Rico requires registration for Offices that wish to offer their services to Puerto Rican residents.

    Submitted via: Brick and Mortar: “Office”: premises where the main offices of the licensee are located and any other premises where the business of granting mortgage loans, brokering mortgage loans, or originating mortgage loans takes place, providing that no premises may be a dwelling. All offices shall require the applicable use permit issued by the corresponding government agency.

General information

Who is required to have this license? A license is required for each office established by any company or individual, corporation, partnership, firm or an unincorporated entity be it for profit or nonprofit, that offers and contracts its services to negotiate, transact or obtain residential real estate mortgage loans or other types of loans and financings for third persons, for a service charge that may be direct, indirect, ostensible, concealed, or disguised. Who does not need this license? • This license is not required to any person who acts as owner, partner, director, official, agent or employee of any legally authorized business such as: banks, savings banks, and savings and loan associations, financing companies, small loan companies, mortgage institutions, and other similar ones whose principal activity is to grant loans or financing, with a license to do so. • Nor shall it apply to any person who, as the owner, partner, director, official, agent or employee, is engaged in a business in which the obtaining of loans or financing for the clients thereof, is inherent, incidental or necessary there to, such as the businesses for the sale or lease of goods and services

Other Puerto Rico mortgage licenses

Sourced from the NMLS/CSBS state licensing record, last updated July 29, 2024. Requirements change — confirm against the state agency before filing. Not legal advice.

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