Mortgage licensing / Rhode Island

Rhode Island Third Party Loan Servicer License

company licence · NMLS RISERVICER_C · DBR

Requirements (18)

1. Step 1

   Qualifying Individual: An Individual is required to be appointed for each location to be licensed by the Division. This individual is referred to as the Qualifying Individual for the main office and the Branch Manager for all other locations. This individual must be listed in the Qualifying Individual section of Company (MU1) Form and his/her business address must match the address listed as the “Main Office Address” on the Company Form. • The Qualifying Individual is required to have at least five (5) years' experience in the industry, be a W-2 employee of the Applicant; be physically present at the licensed location the majority of operating hours; to personally oversee the operations of the licensee at the licensed location and live within a reasonable commuting distance.

   Submitted via: NMLS

2. Step 2

   Credit Report: The following individuals are required to authorize a credit report through NMLS. • All Directors, Executive Officers, and Qualifying Individuals. • Any individual who has a direct ownership interest of ten percent (10%) or more in the Applicant. See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

   Submitted via: NMLS

3. Step 3

   Financial Statement: UPLOAD Financial Statements, including a Balance Sheet and Income Statement, prepared in accordance with Generally Accepted Accounting Principles representing the Applicant’s financial position within the ninety (90) day period immediately preceding the filing of the license application. • If Applicant is a startup company, then Applicant need only upload a Balance Sheet. • See the License Requirements and Fees Chart on the NMLS Resource Center for additional details related to this Requirement. As provided in R.I. Gen. Law § 19-14-5, each licensee which applied for and is granted a license after June 30, 1995, must maintain minimum net worth, as set forth in R.I. Gen. Laws § 19-14-5, at all times. Net worth shall be defined as the amount by which total assets exceed total liabilities, calculated in accordance with Generally Accepted Accounting Principles. NOTE: • Only the Applicant’s Financial statements are uploaded separately under the Financial Statement Summary section of the Filing tab. • The Division will not accept consolidated financial statements of the Direct Parent or Ultimate Parent Company that incorporate Applicant's financials in the consolidated numbers UNLESS they include a breakdown schedule that shows the financial position of each entity making up the consolidation. • All licensees must prepare and maintain a financial statement, prepared at a minimum on a quarterly basis, which evidences compliance to applicable statutory net worth requirements.

   Submitted via: NMLS

4. Step 4

   Financial Statement of Legal Entities That Directly Own Applicant: UPLOAD a Balance Sheet prepared in accordance with Generally Accepted Accounting Principles, representing the direct owner’s financial position within the ninety (90) day period immediately preceding the filing of the License Application. NOTE: • This requirement refers to the DIRECT PARENT/OWNERS of the applicant, not the ULTIMATE PARENT. • This is required of all entities that hold a 10% or more direct equity interest in Applicant, including any holding companies. • The Statement should be uploaded to the DIRECT PARENT’s NMLS account, if they have an account in NMLS. • If the DIRECT PARENT does not have an account in NMLS, UPLOAD the Statement under the Document Type “Additional Requirements” in the Document Uploads section of the Applicant's MU1 Filing. Statement should be named [[DO Name] Financial Statement].

   Submitted via: NMLS

5. Step 5

   Business Plan: Upload a business plan identifying and describing the activities the applicant proposes to take in Rhode Island.

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

6. Step 6

   Certificate of Authority / Good Standing Certificate: Upload a copy of the company’s Certificate of Authority or Certificate of Good Standing issued by the RI Secretary of State’s office or applicable Municipality City or Town, dated not more than 60 days prior to the filing of the application in NMLS demonstrating that the Entity exists or is authorized to do business in Rhode Island. • Out of State Applicants must register for authority to conduct business in RI with the RI Secretary of State (Corp., LLC, Partnerships). • In-state Applicants that are Sole Proprietors must register for authority to conduct business in RI with the applicable Municipality/City or Town. Document should be named RI Certificate of Authority OR RI Certificate of Good Standing and UPLOADED under the Document Type “Certificate of Authority/Good Standing Certificate” in the Document Uploads section.

   Submitted via: NMLS

7. Step 7

   Formation Documents: Determine classification of applicant’s legal status and submit a State certified copy of the requested applicable documentation detailed below. Original formation documents and all subsequent amendments, thereto including a list of any name changes. Limited Liability Partnership: • Certificate of Limited Liability Partnership; and • Partnership Agreement (including all amendments). Limited Liability Company (“LLC”): • Articles of Organization (including all amendments); • Operating Agreement (including all amendments); • LLC resolution if authority not in operating agreement. Corporation: • Articles of Incorporation (including all amendments); • By-laws (including all amendments), if applicable; • Shareholder Agreement (including all amendments), if applicable; • Corporate resolution if authority to complete application not in By-Laws or Shareholder Agreement, as amended, as applicable. Not for Profit Corporation: • Documents requested of a Corporation; and • Proof of nonprofit status: • Internal Revenue Service (“IRS”) 501(c)(3) designation letter; or • Statement from a State taxing body or the State Attorney General certifying that: 1. The entity is a nonprofit organization operating within the State; and 2. No part of the entity’s net earnings may lawfully benefit any private shareholder or individual; or • Entity's certificate of incorporation or similar document if it clearly establishes the nonprofit status of the applicant; or • Any of the three preceding items described, if that item applies to a State or national parent organization, together with a statement by the State or parent organization that the applicant is a local nonprofit affiliate.

   Submitted via: Upload in NMLS under the Document Type “Formation Document” in the Document Uploads section of the Company (MU1) Form.

8. Step 8

   Electronic Surety Bond: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. • Submit an Electronic Surety Bond (ESB) furnished and submitted by a surety company authorized to conduct business in Rhode Island. Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement.

   Submitted via: Electronic Surety Bond in NMLS

9. Step 9

   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: • When authorizing an FBI Criminal Background Check ("CBC") though NMLS, be sure that RI is a state that has been granted access to view the results of the CBC at the time the CBC is requested. • If CBC results are generated before RI is granted access, the individual will be required to request and pay for another CBC. • After authorizing a CBC through the submission of the Company Form (MU1) and Individual Form (MU2), you must schedule an appointment to be fingerprinted if new prints are required. • 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

10. Step 10

    Insurance Claim Check Endorsement. All lenders offering financing or hold retail installment contracts or other loans that are secured by insurable property or third party loan servicers who have been included as a loss payee on any insurance policy must complete this requirement pursuant to R.I. Gen. Laws 5-38-26, 27-5-3.3 and 19-14-34. • Applicant must designate a Resident Agent within Rhode Island who shall have authority to endorse insurance claim checks on behalf of the lender. • Applicant must UPLOAD a copy of such agreement including all contact information for the Resident Agent within Rhode Island at the time of application under the Document Type “Company Staffing and Internal Policies" in the Document Uploads section of the Company (MU1) Form. Please name document "Insurance Claim Check Endorsement Agent- RI". A lender that has not and will not be included as a loss payee on any insurance policy for any period of time may be exempted from this requirement. • An applicant that wishes to obtain an exemption must clearly state in its business plan that the company has not and will not be included as a loss payee on any insurance policy and must upload a written statement under the aforementioned Document Type and Section of NMLS, in lieu of the Agreement, that states that the company has not and will not be included as a loss payee on any insurance policy. • A licensee that obtains an exemption should expect that compliance will be evaluated on examination. Note: Licensee must keep such agreement active during licensure.

    Submitted via: NMLS

11. Step 11

    Other Trade Names: 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) and Branch Form (MU3) of any licensed location listing Rhode Island as the jurisdiction. Rhode Island does not limit the number of other trade names a licensee may use. It is the applicant’s responsibility to ensure that all other trade names to be used in Rhode Island are properly registered with the RI Secretary of State. NOTE: If your company is forced to use an ASSUMED NAME in order to conduct business in Rhode Island, then Applicant must list the ASSUMED NAME under the “Other Trade Names” section of the Company Form (MU1) and Branch Form (MU3) of any licensed location followed by “(Assumed Name)” listing Rhode Island as the jurisdiction. If your company choices to use its legal name by itself in addition to its other trade names, its legal name must also be listed under “Other Trade Names” section of the Company (MU1) Form and Branch Form (MU3) of any licensed location followed by “(Legal Name)” listing Rhode Island as the jurisdiction. All licensed locations including branch offices must have all these alternative names listed on their NMLS filing with the Division.

    Submitted via: NMLS

12. Step 12

    Resident/Registered Agent: The Applicant must appoint and maintain a Resident/Registered Agent in Rhode Island. The Agent (Individual or Company) must be physically located in Rhode Island and must not be an employee, manager or owner of the Company. • The designated Agent must be listed under the Resident/Registered Agent section of the Company Form (MU1) and must match the information currently on record with Rhode Island Secretary of State.

    Submitted via: NMLS

13. Step 13

    Primary Contact Employees: The following individuals must be listed under the Contact Employees section of the Company Form (MU1). • Primary Company Contact • Primary Consumer Complaint Contact. • Examination Contact

    Submitted via: NMLS

14. Step 14

    Disclosure Questions: Provide a complete and detailed explanation for any “Yes” response along with any supporting documentation such as applicable Orders, Suspensions etc. A separate explanation and document upload is needed for each “Yes” response. • Upload a copy of any applicable orders or supporting documents in the Disclosure Explanations section of the Company (MU1) Form. • See the Company Disclosure Explanations Quick Guide for instructions.

    Submitted via: NMLS

15. Step 15

    Management Chart: UPLOAD a management chart displaying the applicant’s divisions, directors, officers, and managers (individual name and title). • Chart must also identify compliance reporting and internal audit structure. • Chart should be named [Company Legal Name] Management Chart and UPLOADED under the Document Type “Management Chart" in the Document Uploads section. If the existing uploaded management chart already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart.

    Submitted via: NMLS

16. Step 16

    Organizational Chart/Description: Submit a chart showing (or a description which includes) the percentage of ownership of: • Direct Owners (total direct ownership percentage must equate to 100%) • Indirect Owners • Subsidiaries and Affiliates of the applicant/licensee This document should be named [Company Legal Name] Organizational Chart and UPLOADED under the Document Type "Organizational Chart" in the Document Uploads section. If the existing uploaded Organizational Chart/Description already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart. NOTE: The information on the organizational chart should be consistent with information contained in other sections of Form MU1.

    Submitted via: NMLS

17. Step 17

    Bank Account: Bank account information is not required for the Applicant to submit this application for Licensure.

    Submitted via: NMLS

18. Step 18

    Web Addresses: Provide any corporate websites, including any and all websites through which the company is soliciting consumers and transacting business. • This information must be disclosed under the Web Addresses section of the Company Form (MU1). If the company does not have a website, it must UPLOAD a signed and dated letter stating that the company does not have a website. • This document should be named “RI Web Address Explanation” and UPLOADED under the Document Type "Additional Requirement(s)" in the Document Uploads section, indicating Rhode Island for the applicable state.

    Submitted via: NMLS

General information

Other Rhode Island mortgage licenses

• Mortgage Loan Originator License
• Student Loan Servicer Registration
• Third Party Loan Servicer Branch License
• All 4 Rhode Island licenses

Sourced from the NMLS/CSBS state licensing record, last updated September 10, 2025. Requirements change — confirm against the state agency before filing. Not legal advice.