The State of New Jersey
NJ Department of Banking and Insurance
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New Jersey Requirements - Qualified Individual Residential Mortgage Broker


Beginning January 4, 2010, all new applicants for licensure as Qualified Individual Residential Mortgage Brokers are required to submit a Form MU4 filing through the Nationwide Mortgage Licensing System (“NMLS”).  This license is required for a natural person who must be an officer, director, partner, owner or principal of a business entity licensed or to be licensed in New Jersey as a Residential Mortgage Broker and is a condition of the business entity’s qualification for licensure.

The individual MUST apply for a license of the same type as that being applied for or held by the business entity. The individual MUST, at a minimum, meet all of the licensing criteria for a mortgage loan originator.  The individual MUST be listed as a control person on the business entity’s MU1 filing through the NMLS and, as a control person, MUST file an MU2 through the NMLS.

New applicants must satisfy all of the below-listed requirements before Qualified Individual Residential Mortgage Broker 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  
(At this time, there is not a separate New Jersey specific test for Qualified Individuals.  Passage of the above-noted NJ Component of the SAFE Test will satisfy the requirement)

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 LiveScan Fingerprinting Process

Credit Report
Authorization through the NMLS for obtaining a credit report

Sponsorship
Sponsorship of the requested Qualified Individual license by a business entity that is properly licensed or is applying simultaneously for licensure 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:
 

For U.S. Postal Service:     
NJ Department of Banking & Insurance
Licensing Services Bureau, Banking 
P.O. Box 473
Trenton, NJ 08625  
For Overnight Delivery:
NJ Dept of Banking and Insurance
Licensing Services Bureau, Banking
20 W. State St., 8th Floor
Trenton, NJ 08608
 

WHO TO CONTACT

Contact NJ Department of Banking & Insurance, Licensing Services Bureau, Banking licensing staff by phone at (609) 292-7272 (from menu – select 3, select 2, select 1) or send your questions via e-mail to bliconline@dobi.state.nj.us for additional assistance.

 
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New Jersey Department of Banking and Insurance