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Beginning January 4, 2010, all new applicants for licensure as Mortgage Loan Originators are required to submit a Form MU4 filing to New Jersey through the (“NMLS”).  This license is required for any natural person who for compensation or gain, or in expectation of compensation or gain, either directly or indirectly takes a residential mortgage loan application, or offers or negotiates terms of a residential mortgage loan. A Mortgage Loan Originator must be employed by one, and not more than one, licensed New Jersey Residential Mortgage Lender, Correspondent Residential Mortgage Lender, or Residential Mortgage Broker.

New applicants must satisfy all of the below-listed requirements before Mortgage Loan Originator licensure will be approved.

Pre-Licensure Education
Completion of 20 hours of pre-licensure education, including 4 hours of New Jersey specific courses

Testing
Passing score on both the National and State components of the SAFE Test.  

Criminal History Record Checks
Submission of fingerprints through the NMLS for an FBI criminal history background check.

Completion of a New Jersey State Police criminal history background check through New Jersey’s Live Scan Fingerprinting Process. 

Credit Report
Authorization through the NMLS for obtaining a credit report.

Sponsorship
Sponsorship of the requested Mortgage Loan Originator license by a business entity that is properly licensed in New Jersey through the NMLS

Disclosure Questions
Provision of complete details of all events or proceedings for any “Yes” answer to any of the Disclosure questions in the Form MU4, including copies of any applicable orders, judgments of conviction or other documents.

Evidence of the completion of the New Jersey State Police criminal history background check and information concerning any “yes” response to a disclosure question must be submitted to the Department within 5 business days of the electronic submission of the application to New Jersey through the NMLS at the following: