An applicant for a mortgage loan originator license must pay an investigation fee of $250 and an NMLS processing fee of $30, through NMLS, at the time of application. If the application is approved the applicant pays a licensing fee of $250 directly to the Office of the State Bank Commissioner (not through NMLS). The licensing fee is required again at the next renewal (filed through NMLS during the month of November) and annually at each renewal thereafter, but at renewal the licensing fee is collected by NMLS. A $500 supervisory assessment fee will be billed directly by the Office of the State Bank Commissioner each July, which is due no later than August 1st. NMLS charges an annual processing fee on a per license/per state basis. The processing fee pays for the operation of NMLS including access to the licensee system; creation, maintenance and production of reports and call center operation.
An individual who meets the definition of a mortgage loan originator or otherwise falls under the authority of the Delaware SAFE Act, and is employed by a licensed lender, mortgage loan broker, independent processor or manufactured housing finance company, must submit a license application to Delaware, through NMLS, before conducting Delaware business under the Act.
Mortgage loan originators must complete the NMLS form called MU4 (uniform individual mortgage licensing/registration and consent form). It may be completed and submitted by the individual, or the employing company may complete and submit the form provided the individual logs in and attests to its accuracy. Once an individual submits the MU4 the first time, he/she does not have to re-enter the entire record each time he/she applies to a new state. The NMLS Licensing Wizard will forward the information each time an individual applies.
Renewal of mortgage loan originator licenses is through NMLS beginning November 1st each year. Applications to renew Delaware mortgage loan originator licenses must be submitted to NMLS no later than December 1st each year.
Each year the renewal requirements of individual states are updated and posted on NMLS prior to renewal time. Often, a licensee who had to provide an explanation of an affirmative response to a disclosure question on the initial application will have to provide an update of the situation at renewal, especially if the issue was related to the financial responsibility of the licensee.