New Jersey Mortgage Broker License Guide

In New Jersey, anyone engaged in the residential mortgage loan business must obtain a license with the state. The New Jersey Department of Banking and Insurance regulates and supervises all NJ mortgage licenses.

The license application process for mortgage companies and loan originators is handled by the Nationwide Mortgage Licensing System (NMLS). NMLS allows companies and individuals to apply or renew a license online.

Types of Mortgage Licenses in New Jersey

In the state of New Jersey, there are three major state license types: Company, Branch, and Individual. Each license type depends on the work you perform.

In this guide, we’ll cover the Company license type only. You can review the full list on the NMLS website.

Most Common Company Licenses

  • Correspondent Residential Mortgage Lender License - allows entities and sole proprietorships to take residential mortgage loan applications and/or originate, offer, and negotiate residential mortgage loans for NJ properties. Note that licensees are not allowed to hold or service mortgage loans for more than 90 days.
  • Residential Mortgage Broker License - allows entities and sole proprietorships to take residential mortgage loan applications for borrowers and/or places, sells, or negotiates residential mortgage loans for borrowers for properties located within the state.
  • Residential Mortgage Lender License - allows companies and sole proprietorships to take residential mortgage loan applications and/or originate, offer, and negotiate residential mortgage loans for properties located within NJ.

New Jersey State Requirements

All license applications must be submitted via NMLS. Please note that some agency-specific documents, such as the original surety bond, must be mailed directly to the Department at New Jersey Department of Banking & Insurance, Licensing Services Bureau, Banking, P.O. Box 473, Trenton, NJ 08625 .

For license-related questions, you may contact the Department of Banking and Insurance at (609) 292-7272 or via email at [email protected].

For NMLS account-related questions, you may contact the NMLS call center at (855) 665-7123.

Education and Exams

Passing an exam is obligatory for some, but not all New Jersey mortgage license types. In order to obtain a company license, you don’t need to complete a pre-license course or pass a test.

NJ Mortgage Broker Bonds

Bonds for Company Licenses

  • Correspondent Residential Mortgage Lender License - Applicants are required to upload and mail an original $150,000 surety bond.
  • Residential Mortgage Broker License - Mortgage Broker license applicants must upload and mail an original surety bond in the amount of $150,000.
  • Residential Mortgage Lender License - Mortgage Lender license applicants must upload and mail an original surety bond in the amount of $150,000.

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Licensing Fees

Fees for Company Licenses

All fees must be submitted through NMLS; they are non-refundable and non-transferable.

  • Correspondent Residential Mortgage Lender License
    • 1,200 license fee.
    • $100 NMLS processing fee.
  • Residential Mortgage Broker License
    • 1,200 license fee.
    • $100 NMLS processing fee.
  • Residential Mortgage Lender License
    • 1,200 license fee.
    • $100 NMLS processing fee.
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