- Form your corporate entity. Obtain foreign qualification in each additional state. Get appropriate approval letters from each state banking division or secretary of state if your company name includes “mortgage, bank, banker, lender, etc.”
- Review each state to determine needed license types and gather licensing checklists. Remember to check company, branch and individual checklists.
Read them at least three times and follow each link. - Create (or update) a company account in NMLS. Review ownership requirements and disclosures (direct owners, indirect owners, trusts, etc.). Does everyone qualify?
- Review all professional standards including financial responsibility, criminal background, qualifying experience, minimum net worth, corporate entity, surety bond, brick and mortar, pre-licensure education, and testing requirements.
- Ensure all corporate and personal financial statements, surety bonds, E&O insurance, fidelity bonds, policies, procedures, trust accounts, and other state-required certifications and documents are ready to go.
- Create a company (MU1) filing that includes all required information, gain access from and affiliate all executive officers, control persons, owners, and qualifying individuals through appropriate MU2 filings that must be attested and submitted. Pay invoice fees.
- Call regulator to make sure they don’t require anything that is not in the licensing checklist and that the licensing checklist is up to date (some states do not update regularly).
- Review company filing to ensure all checklist items are submitted/entered. Review outside NMLS requirements such as state fingerprints, original surety bonds, original notarized documents, etc. Attest and submit. Pay invoice fees.
- Create company relationships with branch managers, loan officers, qualifying individuals, owners, executive officers and control persons. Submit filings and pay invoice fees.
- Mail-in licensing checklists to state regulators with all required fingeprint cards, original documents and additional payments. Confirm receipt.
- Monitor NMLS for communications from regulators. Address license items and correct deficiencies. Some deficiencies must be corrected outside of NMLS. Follow-up with regulators (the regulators’ company, branch and individual licensing employees do not always update each other and most licenses are contingent on each other).
- Receive licenses.
- Handle annual NMLS renewal period. Manage surety bond continuation, continuing education, annual assessment requirements, etc. Respond to regulator messages and state examinations.
Company Licensing
Don't spend days in NMLS when you can spend minutes...Our 4 Step Process
We get to know your company, determine your mortgage, lending or cryptocurrency license needsand explain the process from start to finish. Lynx Licensing frees up your time to focus on your mortgage company. End result? You spend less time on licensing and confusing NMLS workflows and more time with your referral partners and customers. You don't need to be sure about license requirements because we are.
We provide you with custom request lists that are hand-tailored to your company. We organize and securely store all needed information. We'll help you get surety bonds, financial statements, policies, pre-licensing education or other necessary documents. If you have questions, we'll have answers. We deal with the little details while you deal with the big ones - like running your company.
Our expert prepares your licensing applications inside and outside NMLS and carefully reviews everything to ensure completeness and accuracy. We believe in "giving the regulator what they want" the first time around. We even leverage our experience to provide information that regulators need but isn't always on NMLS checklists, saving you time and frustration. No need to tie up your time.
We act as your trusted advisor as the regulators review your applications. We quickly get ahead of questions or concerns and demonstrate professionalism and responsiveness as we communicate on your behalf. We believe in kindness, honesty and strong relationships - with both you and your regulators. Once your licenses come in, we'll call you with the good news. Need another license down the road or help with renewals? We're here for that too.