Mortgage licensing / Tennessee

Tennessee Mortgage License

company licence · NMLS TNLICENSE_C · DFI

Requirements (22)

1. Step 1

   Financial Statements: Upload Financial Statements compiled in accordance with generally accepted accounting principles (GAAP) and certified by an independent certified public accountant or certified public accounting firm. Financial Statements shall show compliance with the net worth requirements set forth in Tennessee Code Annotated § 45-13-203. Financial Statements shall include, but are not limited to, an income statement, balance sheet, statement of cash flows, and relevant disclosures. The Financial Statements must be accompanied by an Accountant’s Compilation Report. The Applicant must have a tangible net worth (tangible assets less liabilities) of not less than $25,000 and an additional tangible net worth of $25,000 for each additional branch office within Tennessee, in accordance with Tennessee Code Annotated § 45-13-203. Additional information may be required and will be requested once the Financial Statements have been reviewed by the Compliance Division.

   Submitted via: NMLS under the Filing tab and Financial Statement submenu link.

2. Step 2

   Other Trade Name: 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). Tennessee does not limit the number of other trade names. If operating under an “Other Trade Name”, upload a copy of the Certificate of Assumed Name(s) filed with the Tennessee Secretary of State regarding ability to do business under that trade name.

   Submitted via: NMLS under the Document Type Trade Name/Assumed Name Registration Certificates in the Document Uploads section of the Company Form (MU1).

3. Step 3

   Resident/Registered Agent: The Resident/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 Tennessee Secretary of State.

   Submitted via: NMLS

4. Step 4

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

   Submitted via: NMLS

5. Step 5

   Non-Primary Contact Employees: The Tennessee Department of Financial Institutions requires that an individual(s) be identified as a Non-Primary Contact for the following areas. These contacts must be listed in the Contact Employees section of the Company Form (MU1). • Company Contact for Licensing • Company Contact for Legal • Company Contact for Exams (pre-exam, billing, and delivery)

   Submitted via: NMLS

6. Step 6

   Disclosure Questions: Provide a complete and detailed explanation and document upload for each “Yes” response to Disclosure Questions made by the company or related control persons (MU2). See the Company Disclosure Explanations Quick Guide for instructions.

   Submitted via: NMLS in the Disclosure Explanations section of the Company Form (MU1) or Individual Form (MU2).

7. Step 7

   Qualifying Individual: The Qualifying Individual is referred to under Tennessee law as the Managing Principal, who is the individual who agrees to be primarily responsible for the operations of a licensed mortgage lender or mortgage loan broker. Each mortgage lender or mortgage loan broker must have a managing principal who operates the business under that person’s full charge, control, and supervision. This individual must be listed in the Qualifying Individual section of Company Form (MU1).

   Submitted via: NMLS

8. Step 8

   Control Person (MU2) Attestation: Complete the Individual Form (MU2) in NMLS. This form must be attested to by the applicable control person before it is able to be submitted along with the Company Form (MU1).

   Submitted via: NMLS

9. Step 9

   Credit Report: Individuals in a position of control are required to authorize a credit report through NMLS. Individuals will be required to complete an Identity Verification Process (IDV) along with an individual attestation before a license request for your company can be filed through NMLS. This authorization is made when the Individual Form (MU2) is submitted as part of the Company Form (MU1).

   Submitted via: NMLS

10. Step 10

    MU2 Individual FBI Criminal Background Check Requirements: Any individual who is an officer, partner, managing member, managing principal, branch manager or ultimate equitable owner of ten percent (10%) or more of the Applicant, as well as any other individual associated with the Applicant as is reasonably necessary to meet the purposes of the Tennessee Residential Lending, Brokerage and Servicing Act. After authorizing an FBI criminal background check 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

11. Step 11

    Electronic Surety Bond: Submit an Electronic Surety Bond (ESB) via NMLS in the amount listed below furnished and submitted by a surety company authorized to conduct business in Tennessee. Mortgage Loan Broker $90,000 Mortgage Lender $200,000 Mortgage Loan Servicer $200,000 Third Party Mortgage Loan Processor $90,000 Third Party Mortgage Loan Underwriter $90,000 Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement.

    Submitted via: Electronic Surety Bond in NMLS

12. Step 12

    AML/BSA Policy: Upload the most recent version of Anti-Money Laundering (AML) / Bank Secrecy Act (BSA) Policy and the most recent Independent Review of the AML/BSA Program. AML/BSA Policy This document should be named AML/BSA Policy [approval date mm-dd-yyyy]. Independent Review of AML/BSA Program This document should be named AML/BSA Policy Independent Review [review date mm-dd-yyyy].

    Submitted via: NMLS under the Document Type AML/BSA Policy in the Document Uploads section of the Company Form (MU1).

13. Step 13

    Business Plan: Upload a business plan outlining the following information: • Marketing strategies • Products • Target markets • Fee schedule • Operating structure the Applicant intends to employ. This document should be named [Company Legal Name] Business Plan. If the existing uploaded business plan already includes the above information, an additional document does not need to be uploaded. A company should only upload a single business plan. If state-specific material is required, this information should be added to the existing uploaded business plan.

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

14. Step 14

    Certificate of Authority/Good Standing Certificate: Upload a State-issued and approved document (typically by the Secretary of State’s office), dated not more than 60 days prior to the filing of the application through NMLS that demonstrates authorization to do business in the Applicant’s state of formation and/or Tennessee. This document should be named [[State prefix] Certificate of Authority OR [State prefix] Certificate of Good Standing].

    Submitted via: NMLS under the Document Type Certificate of Authority/Good Standing Certificate in the Document Uploads section of the Company Form (MU1).

15. Step 15

    Company Staffing and Internal Policies: Upload document(s) including information on staffing and internal organizational policies and procedures. If submitting multiple policies, upload and name each policy separately. This document should be named [Name of Policy].

    Submitted via: NMLS under the Document Type Company Staffing and Internal Policies in the Document Uploads section of the Company Form (MU1).

16. Step 16

    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. Unincorporated Association: • By-Laws or constitution (including all amendments). General Partnership: • Partnership Agreement (including all amendments). Limited Liability Partnership: • Certificate of Limited Liability Partnership; and • Partnership Agreement (including all amendments). Limited Partnership: • Certificate of Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Limited Partnership: • Certificate of Limited Liability Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Company (“LLC”): • Articles of Organization (including all amendments); • Operating Agreement (including all amendments); • IRS Form 2553 or IRS Form 8832 if S-corp treatment elected; and • 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; • IRS Form 2553 if S-corp treatment elected; and • 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: (i) the entity is a nonprofit organization operating within the State; and (ii) 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. Trust (Statutory) • Certificate of Trust; and • Governing instrument (all amendments).

    Submitted via: NMLS under Formation Document in the Document Uploads section of the Company Form (MU1). This document should be named Formation Documentation [Date of Creation (MM-DD-YYYY)].

17. Step 17

    Management Chart: Submit a Management chart displaying the Applicant’s directors, officers, and managers (individual name and title). Also identify compliance reporting and internal audit structure. This document should be named [Company Legal Name] Management Chart. 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 under Management Chart in the Document Uploads section of the Company Form (MU1).

18. Step 18

    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 This document should be named [Company Legal Name] Organizational Chart – Description. 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.

    Submitted via: NMLS under Organizational Chart/Description in the Document Uploads section of the Company Form (MU1).

19. Step 19

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

20. Step 20

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

21. Step 21

    Investigative Background Report: If the individual has resided outside of the United States at any time in the last ten (10) years, the individual shall also provide an investigative background report prepared by an independent search firm acceptable to the commissioner that meets the following requirements: At a minimum, the search firm shall: • Demonstrate that it has sufficient knowledge, resources, and employs accepted and reasonable methodologies to conduct the research of the background report. • Not be affiliated with or have an interest with the individual it is researching. The investigative background report must be written in the English language and must, at a minimum, contain the following: • If available in the individual's current jurisdiction of residency, a comprehensive credit report, or any equivalent information obtained or generated by the independent search firm to accomplish such report, including a search of the court data in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked; • Criminal records information for the past ten (10) years, including, but not limited to, felonies, misdemeanors, or similar convictions for violations of the law in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked; • Employment history; • Media history, including an electronic search of national and local publications, wire services, and business applications; and • Financial services-related regulatory history, including, but not limited to, money transmission, securities, banking, insurance, and mortgage-related industries. This document should be named Tennessee – Investigative Background Report.

    Submitted via: NMLS under the Document Type State Background Check Authorization in the Document Uploads section of the Individual Form (MU2).

22. Step 22

    Verification of Experience: Provide a 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. Tennessee requirements include: • Each applicant must demonstrate at least three years of relevant and substantive experience in the mortgage loan industry. Experience is considered relevant if it occurred within the five years preceding the date of application. • An applicant seeking licensure as a mortgage lender and/or mortgage loan broker must demonstrate experience by the individual designated in the application as the Qualifying Individual (Managing Principal). • An applicant seeking licensure solely as a mortgage loan servicer must demonstrate experience by the single individual identified in the application possessing significant managerial control over the applicant (such as the president or chief executive officer).

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

General information

Other Tennessee mortgage licenses

• Mortgage Branch Authorization
• Mortgage Loan Originator License
• All 3 Tennessee licenses

Sourced from the NMLS/CSBS state licensing record, last updated June 27, 2025. Requirements change — confirm against the state agency before filing. Not legal advice.