(1) What are the fees for MORTGAGE LOAN ORIGINATORS?

An applicant for a mortgage loan originator license must pay an initial $250 Delaware investigation fee, along with a $30 NMLS new application processing fee.  These fees will be paid electronically through NMLS upon submission of Form MU4.  Upon approval of the license, a $250 Delaware licensing fee must be paid directly to the Office of the State Bank Commissioner.  This fee will be required annually.  All Delaware licensed mortgage loan originators will be subject to an annual $500 supervisory assessment, which will be billed by our office in July of each year.  An annual processing fee is also charged through NMLS and is applied on a per license per state basis.  These processing fees pay for NMLS’s operations, including licensee system access 362 days per year, ability to maintain, renew and run reports on your licenses, and call center support.

(2) What is the deadline for the application?

An individual who meets the definition of a mortgage loan originator, and is currently employed by a licensed lender or mortgage loan broker, must submit a license application to Delaware by March 31, 2009.  As provided in the new law, that individual then may continue to work as a mortgage loan originator on a provisional basis until the application has been approved or denied.

(3) What if I am hired after January 1, 2009?

An individual who meets the definition of a mortgage loan originator, and begins employment after January 1, 2009, must submit a license application to Delaware BEFORE conducting business as a mortgage loan originator. Once the application has been submitted, that individual then may conduct business as a mortgage loan originator on a provisional basis until the license application has been approved or denied.

(4) What do I do once I get on to NMLS System?

The NMLS has established four uniform forms to create a national standard of licensing.  Mortgage loan originators in Delaware must complete form MU4 (uniform individual mortgage licensing/registration and consent form).  Mortgage loan originators may complete and submit Form MU4 themselves or their company may complete and submit Form MU4 if the company has an NMLS account and the mortgage loan originators log in and electronically attest to the accuracy of the information.  Individuals who have submitted form MU4 in another state do not need to re-enter the record into NMLS.  They will only need to add the Delaware mortgage loan originator license request in the license wizard in NMLS and submit.  For the 2009 license, the only Delaware attachments necessary would be to explain “yes” answers to any disclosure questions.  Requirements for fingerprinting, credit reports, educational credits and the national test will be implemented at a later date.

(5) Where do I send attachments for the disclosure questions?

Please forward to our office:

Office of the State Bank Commissioner
555 E. Loockerman St., Suite 210 Dover, DE 19901

Please write your NMLS identifying number on the front of the document.

(6) If I have trouble with application, who could I call?

The NMLS call center is open 9:00 AM to 7:00 PM (EST) from Monday to Friday at (240) 386-4444 for any questions with the application.