Requirements for CFLL and CRMLA Licensed Companies

Bonding Requirements:

CFLL lender and/or broker licensees who originate residential mortgage loans are required to maintain a surety bond that covers the activities of the MLOs they employ. The bond amount will be based on the amount of origination activities conducted by the licensee in the preceding calendar year.  See CFL bonding requirement (Surety Bond Requirements paragraph) .

CRMLA licensees who make and/or service residential mortgage loans will be required to maintain a surety bond that covers the activities of the MLOs they employ. The bond amount will be based on the amount of origination and/or servicing activities conducted by the licensee in the preceding calendar year  (See CRMLA bonding requirement (Surety Bond Requirements paragraph).

 

Net worth requirement:

CFLL lenders that make residential mortgage loans must maintain a minimum net worth of $250,000.  See CFL net worth requirement for more details (Net Worth Requirements paragraph) .

There is no change to the CRMLA tangible net worth requirement for CRMLA licensees.  (See CRMLA tangible net worth requirement for more details( Net Worth Requirements paragraph).

 

MLO Change of Sponsorship fee:

This fee is incurred each time a company requests to sponsor a mortgage loan originator's (MLO) license. This fee is a “per agency/per license” fee of $30.  

 

How do I file in NMLS if I am a CFLL or CRMLA sole proprietor?

A sole proprietor will always have a dual role in NMLS and require two accounts in NMLS with two login names and passwords.

  • NMLS treats sole proprietors as “companies” and requires the completion of a Form MU1.  Thus, the sole proprietor will likely need access as an Account Administrator or a Company User to the “company’s” Form MU1.
  • The sole proprietor will also be identified as a Control Person and requires the completion of a Form MU2.  Therefore, the sole proprietor will need to create an Individual Account for themselves as an individual person.

If a sole proprietor is also required to hold an individual license (e.g. loan originator license), they do not need another NMLS account.  Their individual record in NMLS can be used to make both Form MU2 and Form MU4 filings.  Additional information can be found on the NMLS website.