(a) Every applicant for initial licensure shall pay a nonrefundable filing fee of
one thousand two hundred fifty dollars ($1,250) for licensure as a mortgage broker,
mortgage lender, or mortgage servicer, three hundred dollars ($300.00) for licensure
as an exclusive mortgage broker, or one hundred twenty-five dollars ($125.00) for
licensure as a mortgage loan originator or transitional mortgage loan originator.
Every applicant for initial registration as a mortgage origination support registrant
shall pay a nonrefundable filing fee of (i) two hundred fifty dollars ($250.00) for
applicants who employ or contract with fewer than a total of five individuals engaged
solely as loan processors or underwriters, (ii) one thousand dollars ($1,000) for
applicants who employ or contract with between a total of five and 30 individuals
engaged solely as loan processors or underwriters, or (iii) two thousand dollars ($2,000)
for applicants who employ or contract with more than a total of 30 individuals engaged
solely as loan processors or underwriters.
In addition, every applicant for initial licensure or registration must pay the actual
cost of obtaining a credit report, State and national criminal history record checks,
and the processing fees required by the Nationwide Mortgage Licensing System and Registry.
(b) Each principal and each branch office of a mortgage broker or mortgage lender
licensed under the provisions of this Article shall be issued a separate license for
which the Commissioner shall assess a nonrefundable filing fee of three hundred dollars
($300.00) in addition to the Nationwide Mortgage Licensing System and Registry processing
fee. A licensed mortgage broker or mortgage lender shall file with the Commissioner a
notice on a form prescribed by the Commissioner that identifies the address of the
principal office and each branch office and its designated branch manager. Payment of the license fee under subsection (a) of this section shall be deemed
to cover the location license fee for the principal office of each mortgage lender,
mortgage broker, or mortgage servicer without payment of an additional three hundred
dollars ($300.00) under this subsection.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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