If you are a Residential Mortgage Broker in New Jersey, you are required to apply for a license through the National Mortgage Licensing System (NMLS) and to file a New Jersey Residential Mortgage Broker Surety Bond in the amount of $150,000 as a condition of licensure.
The application process is as follows:
Complete the application and pay the NMLS and FBI Criminal Background Check fees.
Provide financial statements that include a Balance Sheet, Income Statement, and a Statement of Cash Flows (and any relevant notes). A minimum net worth of $50,000 be maintained.
Provide a copy of the Certificate of Authority or Good Standing Certificate issued from the New Jersey Division of Revenue.
If applicable, provide formation documents, other trade name (dba) registration, an explanation for any questions answered yes in the disclosure statements,
Obtain a $150,000 surety bond. The name of the principal on the bond must match the applicant name on the application.
Provide a Certification of Office Suitability.
Applicants must be able to pass a criminal background check.
The premium that you pay for a New Jersey Residential Mortgage Broker Surety Bond is dependent on credit and buisness and personal financials.
Contact our Surety Bond Specialists at:
Hours: 8:00-5:00 CST, Monday through Friday