The BIG MISTAKE when applying for a new Mortgage Company License is to go into NMLS and start the MU1 Filing and pay for your company license before you have everything ready.
WARNING: Do NOT start your MU1 Filing in NMLS untils you have everything ready on the checklist.
1. Go to the NMLS Resource Center https://mortgage.nationwidelicensingsystem.org/Pages/default.aspx
2. Click on "State Licensing" then "State Licensing Requirements" in the drop down menu.
3. Pick the State that you want your Mortgage License in.
4. Select the license that you want to apply for and click "New Application"
5. Now you will have your checklist. Prepare all these items on the checklist before you start your MU1 Filing in NMLS.
Once you file your MU1 in NMLS the clock starts ticking and the State will start posting license items for all the things you are missing. They will put a deadline for you to respond and provide the missing items. If you don't get everything done quickly they will mark your license "Withdrawn - Application Abandoned"
For Example: Some of the items you need to take care of before you file the MU1 in NMLS for the CALIFORNIA FINANCE LENDERS LAW LICENSE are:
1. DBA's Ficticious Names need to be filed with the County Clerk.
2. Resident / Registered Agent
3. Qualifying Individual
4. Financial Statement with a Net Worth of 50k for Broker Only / 250K for Lender
You can see more items by clicking on the link below that will bring you to the CA-CFL New Application Checklist.
Here is the link to the CA-CFL Application Checklist in NMLS.
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