The State of Delaware, Department of State Office of the State Bank Commissioner, administers through the National Mortgage Licensing System (NMLS), the licensing of mortgage brokers, mortgage lenders, mortgage and mortgage loan originators.
The Delaware Administrative Code, Title 5, Regulation 2201 defines the requirements for mortgage lender licensing:
1. Complete all pre-licensing education and take the written examinations.
2. Completion of the required licensing through the National Mortgage Licensing System (NMLS) and pay the applicable processing fee, credit report fee, FBI Criminal Background Check Fee, State Criminal Background Check Fee.
3. Provide in the application: business bank account information, contact employees.
4. Indicate on the application any trade names or dba’s that will be used.
5. An onsite manager, qualifying individual, or branch manager required and must be listed in the application.
6. Provide an unaudited financial statement that is dated within 90 days of the business fiscal year end. Financial statements include a balance sheet and income statement. For new businesses, an initial balance sheet is required. Applicant must have a minimum of $40,000 in capital.
7. Provide a business plan that includes marketing strategy and products, operating structure, etc.
8. Submit a Management Chart for all divisions, officers, managers and an Organizational Chart for applicants that are owned by another entity.
9. Provide sample copies of the mortgage loan agreements.
10. Obtain a minimum $50,000 surety bond. The name of the principal (applicant) must match exactly as the full legal name of the applicant.
11. Complete the Supervisory Assessment Disclosure and the FinCen Disclosure, and Business Survey, scan and email to Elizabeth.Miller@state.de.us.
12. If applicant answers Yes to any of the Disclosure Questions, provide complete details and any applicable documents.
13. Obtain a Certificate of Authority or Good Standing from the Secretary of State.
Premium for a Delaware Mortgage Lender Bond is dependent on credit.
Delaware does not limit the number of dba’s or trade names used.
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