Transitioning A Mortgage Broker License Onto The NMLS

All companies holding a Mortgage Broker license in Washington have until October 1, 2008 to transition their license onto the Nationwide Mortgage Licensing System (NMLS).

---

How To Transition An Existing Washington Mortgage Broker License Onto The NMLS

• If Your Company Is Registered With The NMLS

  1. Gather all of your company's Washington license numbers.
  2. Review Washington's transition plan.
  3. Log into your NMLS account.
  4. Add Washington to your License/Registration section of Form MU1.
  5. Add your Designated Broker to the Qualifying Individual section of Form MU1.
  6. Have your Designated Broker complete a Form MU4 and submit it for a Designated Broker license in Washington.
  7. Submit your Form MU1 to Washington and pay all applicable fees.
  8. Have the company submit a Sponsorship Request for the Designated Broker's license request.
  9. If you have multiple locations licensed in Washington, you will also need to add Washington to the License/Registration section of Form MU3 for each branch location.

• If Your Company Is Not Registered With The NMLS

  1. Gather all of your company's Washington license numbers.
  2. Review Washington's transition plan.
  3. Complete the NMLS company account request form.
  4. Complete a company record (Form MU1). Be sure to add your Designated Broker to the Qualifying Individual section of Form MU1.
  5. Complete a record for each the Designated Broker and each Control Person (owners, executive officers and branch managers) (Form MU2).
  6. Have your Designated Broker complete a Form MU4 and submit it for a Designated Broker license in Washington.
  7. Submit your Form MU1 to Washington and pay all applicable fees
  8. Have the company submit a Sponsorship Request for the Designated Broker's license request.
  9. Complete a record for each licensed branch office (Form MU3).

---

About The NMLS

DFI uses the NMLS for all Mortgage Broker, Consumer Loan and Loan Originator licenses. The NMLS was developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. The goal of the NMLS is to streamline and improve the licensing process for companies, branches, and individuals that hold licenses in multiple states. Learn more about the NMLS.

---

Contact Us

If you have any questions please feel free to contact us by phone at 360-902-8703 or toll free at 1-877 RING DFI (746-4334). You may also email us at dcs@dfi.wa.gov.

* This document is a PDF file, and you will need Adobe Acrobat Reader to view it. If you don't already have Acrobat Reader installed on your computer, you may download it for free from Adobe.

[Top]