Mortgage Licensing FAQs
Are companies required to submit a mortgage call report?
Not at this time. Please get more information about future reporting requirements.
I no longer work for a licensed company. Can my MLO license be renewed?
No, an MLO must be employed by a licensed company to maintain licensure.
What is the minimum surety bond requirement for licensed companies?
$50,000 at time of initial licensure. The amount is subject to change annually based on the previous year’s volume of brokering, funding and/or servicing. Bond increases must be posted with the Division of Finance by May 1 each year. Current surety bond schedule.
How many hours of continuing education must I complete to renew my MLO license?
Unless you completed pre-licensure education and received your original license from the Division of Finance in 2013, you will be required to complete at least eight hours of continuing education to be approved for a 2014 license. Please visit the NMLS Resource Center for more information about education requirements.
Can I apply for licensure if my previous MLO application was denied or withdrawn?
Yes. The division will obtain current findings to determine if a license will be issued and not necessarily take into account findings from a previous application(s).