You're ready to apply for money transmitter licenses in 15 states, mortgage licenses in 10, or lender licenses across the country. Then you discover that most states require you to file through NMLS—the Nationwide Multistate Licensing System—a secure web portal that seems straightforward until you're actually navigating it.
NMLS is the central platform used by state regulators to manage licensing for money transmitters, mortgage companies, lenders, and other non-depository financial services providers. Many state agencies use NMLS for money transmitter and money services business licensing, and more continue to onboard each year. Check the NMLS State Resource Center for the current list of participating agencies and license types.
This guide walks you through everything you need to know about NMLS: what it is, how to set up your account, how to file license applications, and how to manage ongoing compliance through the platform—plus how Brico can help you navigate the entire process efficiently.
Related: NMLS System Guide for Money Transmitter Applications: MTL Filing Steps
What Is NMLS?
The Basics
The Nationwide Multistate Licensing System and Registry (NMLS) is a secure, web-based platform developed and maintained by the Conference of State Bank Supervisors (CSBS) and operated by the State Regulatory Registry LLC.
NMLS launched in 2008 as the Nationwide Mortgage Licensing System in response to the SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act), which required standardized licensing for mortgage loan originators. Over time, the system expanded to include money transmitters, consumer lenders, debt collectors, and other financial services.
What NMLS Does
Centralizes licensing: Instead of separate applications to 50 different state agencies, you submit one company record through NMLS and then add state-specific information for each jurisdiction.
Assigns unique identifiers: Every company and individual gets an NMLS ID number that follows them across states and throughout their career.
Manages compliance: Track license renewals, submit annual reports, update company information, and manage authorized agents all through one platform.
Provides transparency: NMLS Consumer Access (nmlsconsumeraccess.org) allows consumers to verify licensed companies and individuals.
What NMLS Doesn't Do
NMLS doesn't grant or deny licenses. State regulators make all licensing decisions. NMLS is simply the technology platform they use.
NMLS doesn't replace state requirements. Each state still has its own licensing laws, fees, and specific documentation requirements.
NMLS isn't used by every state for every license type. Some states use their own systems, and even within NMLS states, coverage varies by license type.
Which License Types Use NMLS?
Mortgage Licenses
Nearly universal adoption: Dozens of state and territorial agencies use NMLS as their official system for mortgage company licensing, along with ongoing amendments and renewals. For current coverage by agency and license type, consult the NMLS State Resource Center.
License types managed through NMLS include mortgage lender, mortgage servicer, mortgage broker, and mortgage loan originator (individual licenses).
Money Transmitter Licenses
NMLS States: Many state agencies use NMLS for money transmitter and money services business licensing, including high-volume states like California, New York, Texas, and Florida. More agencies continue to onboard each year.
States NOT using NMLS for MTLs (as of 2025) typically have their own online portals or paper-based systems. Brico tracks which states use NMLS and which require alternative filing methods, ensuring you use the right system for each jurisdiction.
For detailed MTL filing steps, see NMLS Guide for Money Transmitter Applications.
Related: How Much Do MTLs Cost?
Consumer Finance Licenses
Many states use NMLS for various consumer lending licenses, including sales finance, installment loans, consumer lenders, payday lenders, and title lenders.
Coverage varies significantly by state and license type—always verify through the NMLS State Resource Center.
Other License Types
NMLS also manages some debt collector licenses, check casher licenses, debt management licenses, and collection agency licenses in participating states.
Setting Up Your NMLS Account
Step 1: Company Account Request
Before you can file any applications, you need to create your NMLS company account.
Go to: NMLS Resource Center (mortgage.nationwidelicensingsystem.org) → Getting Started
Complete: Company Account Request Form
Provide:
- Legal company name
- Doing Business As (DBA) names if different
- Federal EIN (Tax ID)
- Primary Account Administrator contact (name, email, phone)
- Secondary Account Administrator contact
- Company business address
Timeline: After you submit the Company Account Request Form, NMLS reviews the request and emails login credentials to the Primary Account Administrator once approved. Processing times vary based on review volume—monitor email (including spam/junk folders) for updates.
Step 2: Designate Account Administrators
Primary Account Administrator: Full system access to submit applications, manage user permissions, view all company information, and make changes to company records.
Secondary Account Administrator: Backup access with same permissions as primary.
Additional users: The Primary Administrator can add other users (preparers, reviewers) with varying permission levels.
Step 3: Receive Your NMLS ID
Once your account is approved, NMLS assigns your company a unique NMLS ID number. This number stays with your company forever and appears on all your licenses, regulatory filings, and public records.
Save this number everywhere. You'll reference it constantly.
Account Setup Tips
Use a company email address (not personal) for account administrators to ensure continuity if personnel changes.
Set up multiple administrators. If your Primary Admin leaves the company, the Secondary can maintain access.
Document login credentials in a secure location accessible to appropriate team members.
Enable two-factor authentication if available for enhanced security.
The NMLS Company Record (Form MU1)
What Is Form MU1?
The MU1 (Company Form) is your core company profile in NMLS. It contains all the basic information about your business that states need to evaluate license applications.
Think of the MU1 as your master company file. Once you complete it, you can use the same information to apply in multiple states.
Key Sections of Form MU1
Company Identification:
- Legal name, DBAs, federal EIN
- Type of entity (LLC, corporation, partnership)
- Date of formation, state of formation
- State-issued entity registration numbers
- Contact information (address, phone, email)
Control Persons:
- Officers, directors, members, managers
- Anyone with 10%+ ownership
- Each control person needs their own Individual Form (MU2)
Background Information:
- Criminal history (company and control persons)
- Regulatory actions, investigations
- Civil litigation history
- Bankruptcy filings
Financial Information:
- Audited or unaudited financial statements
- Net worth calculations
- Asset and liability details
Business Activities:
- Products and services offered
- States where you plan to operate
- Estimated transaction volumes
- Agent/branch information
*Exact fields and required supporting documents vary by state and license type. Always review the NMLS checklist and state law for definitive requirements.
Completing Form MU1
Start early. The MU1 requires significant documentation and coordination with control persons who must complete their own forms (MU2).
Be thorough. Incomplete forms delay applications. States will issue deficiency letters requesting missing information.
Update regularly. Any material changes to your company—new officers, address changes, ownership transfers—must be reported through MU1 amendments.
Individual Forms (Form MU2)
Who Needs an MU2?
Every "control person" associated with your company must complete an Individual Form (MU2), including:
- All officers (CEO, CFO, COO, CCO minimum)
- All directors or board members
- All managers (for LLCs)
- Anyone with 10%+ equity ownership
- Anyone with significant decision-making authority
What's In Form MU2?
Personal Information:
- Full legal name, SSN, date of birth
- Home address, contact information
- Employment history (10 years)
- Education background
Identity Verification Process (IDV):
- NMLS partners with identity verification vendors
- Control persons must complete a real-time identity verification quiz
- Involves answering questions based on credit history and public records
Background Disclosures:
- Criminal history
- Regulatory actions
- Civil litigation
- Bankruptcy filings
- Professional license revocations
Credit Authorization:
- Permission for states to pull credit reports
- Required for most license types
*Exact fields and required supporting documents vary by state and license type. Always review the NMLS checklist and state law for definitive requirements.
MU2 Completion Tips
Control persons complete their own MU2s. You can't file these forms on their behalf—they need their own NMLS account.
Plan for the IDV process. Identity verification can fail if the person has a thin credit file or has moved recently. Allow extra time.
Disclose everything. States will discover issues during background checks. Non-disclosure of past problems is often worse than the problems themselves.
Keep MU2s current. Changes in control person status (new officer, resignation) require timely updates.
Filing License Applications Through NMLS
General Application Process
- Complete your company record (MU1) and ensure all control persons have filed MU2s
- Select your target state(s) within NMLS
- Add state-specific information for each jurisdiction
- Upload required documents (financial statements, policies, business plans, etc.)
- Pay application fees through NMLS
- Submit application electronically
- Monitor for deficiency requests from state regulators
- Respond to deficiency requests within stated timelines
- Submit additional documents outside NMLS if required (some states need hard copies)
- Await approval and license issuance
State-Specific Requirements
While NMLS centralizes the application process, each state still has unique requirements. You'll encounter:
- Different document checklists: California's MTL application requires different documents than New York's.
- Varying financial thresholds: Some states require $100K net worth, others require $500K+.
- State-specific forms: Many states require additional forms submitted outside NMLS (mailed or emailed directly to the regulator).
- Different surety bond amounts: Bond requirements vary from $10K to $1M+ depending on state and business volume.
- Pre-filing meetings: Some states (like California) encourage or require pre-filing consultations with regulators.
NMLS Application Checklists
For each license type in each state, NMLS provides detailed checklists showing exactly what's required. Access these through:
NMLS Resource Center → State Resources → [Select State] → [Select License Type] → Requirements Checklist
Use these checklists religiously. They're your roadmap to complete applications.
Documents You'll Need
Standard Documents for Most Applications
Company formation documents:
- Articles of Incorporation/Organization
- Operating Agreement (LLCs) or Bylaws (corporations)
- Certificate of Good Standing from formation state
Financial statements:
- Audited financials (most recent year, sometimes 2 years)
- Unaudited interim financials (if applicable)
- Pro forma financials (projections)
Compliance documentation:
- AML/BSA policy
- Privacy policy (GLBA compliance)
- Information security policy
- Disaster recovery/business continuity plan
- Complaint handling procedures
Business plan:
- Products and services description
- Target markets
- Marketing strategy
- Operational overview
- Management team bios
Surety bonds:
- Uploaded to NMLS AND often mailed directly to state
- Must meet state-specific requirements
Banking references:
- Letters from 2-3 banks verifying relationships
Organizational chart:
- Showing ownership structure and reporting lines
Related: Certificate of Good Standing: What It Is and How to Get One
Document Format Requirements
PDFs preferred: Most documents should be uploaded as PDFs.
File size limits: NMLS has upload size restrictions (typically 10-20 MB per document).
Naming conventions: Use clear, descriptive file names ("ABC_Company_2024_Audited_Financials.pdf").
Secure documents: Remove password protection before uploading—states need to open files without passwords.
Managing Multiple State Applications
The Multi-State Strategy
NMLS shines when applying in multiple states simultaneously. Here's the workflow:
Complete your core company record once (MU1) with all control persons (MU2s).
Select all target states where you want licenses.
Complete state-specific sections for each jurisdiction. Much of the information auto-populates from your MU1.
Upload documents once, reference them multiple times. If 10 states all need your audited financials, upload once and designate it for all 10.
Pay fees individually for each state through NMLS.
Track progress separately for each state. States process applications on different timelines—some may approve in 3 months while others take 12 months.
Multistate MSB Licensing Agreement (MMLA)
If you're applying for money transmitter licenses in 5+ states, consider the MMLA program.
What it is: A coordinated review process where participating states conduct a joint review of your application, share information, and streamline the examination process.
Benefits: Reduced duplicative requests, faster overall timeline, single point of contact for certain documentation.
Eligibility: Available for companies applying in multiple participating MMLA states.
Access through: NMLS Resource Center → MMLA Program information
Paying Fees Through NMLS
Fee Types
Application fees: Charged by each state to process your license application. These vary widely, ranging from $500 to $5,000+ per state.
NMLS processing fees: NMLS charges additional processing fees for system use (typically $100-$300 per state).
Credit report fees: $15–$30 per control person for credit authorization.
Background check fees: Fingerprinting and criminal history checks vary by state.
*Always confirm current fees in the NMLS state checklists and fee schedules.
Payment Methods
Credit/debit cards: Most common payment method.
ACH/electronic check: Available for some transaction types.
Wire transfer: For large payment batches.
Important: Once paid, fees are typically non-refundable even if your application is denied.
Post-Approval: Managing Licenses Through NMLS
Annual Renewals
Most licenses require annual renewal through NMLS. The system will notify you of upcoming renewal deadlines.
Renewal process:
- Update company information (MU1) if anything has changed
- Upload current financial statements
- Confirm surety bonds are current
- Pay renewal fees
- Submit renewal through NMLS
Deadlines vary by state. Some renewals are due December 31, others on anniversary dates, others on calendar quarters.
Set reminders 90 days before renewal deadlines to ensure you gather documents and complete filings on time.
Amendments
Any material changes to your company must be reported through NMLS amendments:
- Change of control persons: New officers, directors, or 10%+ owners require amended MU1/MU2 filings.
- Change of business address: Update your MU1 and notify states.
- Change of business activities: Adding new products or services may require additional approvals.
- Change of ownership: Ownership transfers trigger significant amendment requirements and state approvals.
- Name changes: Requires amended formation documents and state approvals.
Uniform Authorized Agent Reporting (UAAR)
For many money services business and money transmitter licenses, some states require reporting authorized agents or delegates through NMLS's Uniform Authorized Agent/Delegate Reporting (UAAR) functionality when specified by the regulator.
What it is: A system for reporting agents/delegates who conduct business on your behalf.
Requirements: Submit agent information (name, address, NMLS ID if applicable), location information for each agent site, and effective dates.
State variations: UAAR applies only in participating states and for specific license types: some charge per-agent fees. Always check each state's NMLS checklist to confirm UAAR requirements.
NMLS Consumer Access
The Public-Facing Side
Everything you file in NMLS (except confidential financial documents) appears on NMLS Consumer Access (nmlsconsumeraccess.org).
Consumers, regulators, and potential partners can search for:
- Your company name and NMLS ID
- Your current license statuses by state
- Control person names and backgrounds
- Disclosed regulatory actions
- Physical locations and agent information
Managing Your Public Profile
Keep information current. Outdated addresses or incorrect officer listings create confusion.
Monitor your profile. Periodically search for your company in NMLS Consumer Access to see what the public sees.
Address inaccuracies promptly. If something appears incorrect on your public profile, amend your NMLS record.
Common NMLS Pitfalls and How to Avoid Them
Mistake #1: Incomplete MU1/MU2 Forms
The problem: Submitting applications before all control persons complete MU2s, or leaving required fields blank.
The fix: Assign a project manager to track MU1/MU2 completion across all control persons before initiating state applications.
Mistake #2: IDV Failures
The problem: Control persons fail identity verification, stalling the entire application.
The fix: Complete IDV processes early (not at the last minute). If someone fails, they may need to submit alternative verification documents.
Mistake #3: Ignoring State-Specific Requirements
The problem: Assuming NMLS submission is sufficient when states require additional hard-copy documents mailed separately.
The fix: Review each state's checklist carefully. Create a tracking spreadsheet showing NMLS requirements vs. outside-NMLS requirements.
Mistake #4: Missing Renewal Deadlines
The problem: Licenses lapse because renewals weren't filed on time.
The fix: Build a compliance calendar tracking all state renewal deadlines 90 days in advance.
Mistake #5: Not Responding to Deficiencies
The problem: States issue deficiency requests that go unanswered, causing application denials.
The fix: Check NMLS daily for messages from regulators. Assign someone to monitor the NMLS inbox and respond within required timeframes (typically 30-60 days).
NMLS Support and Resources
Getting Help
NMLS Call Center: (855) 665-7123 (NMLS-1-2-3)
- Hours: Monday-Friday, 9 AM - 9 PM Eastern Time
- Support for technical issues, account access, and general questions
NMLS Resource Center: mortgage.nationwidelicensingsystem.org
- Comprehensive knowledge base
- State-specific checklists
- Video tutorials
- User guides and FAQs
State Regulator Contacts: Each state has designated personnel who can answer questions about their specific requirements.
Learning NMLS
Video tutorials: NMLS provides video walkthroughs for common tasks.
Webinars: CSBS and state regulators occasionally offer NMLS training webinars.
Compliance consultants: Many firms specialize in NMLS filing assistance for companies new to the system.
The Future of NMLS
NMLS 2.0 and Beyond
NMLS continues to evolve with improved interfaces, document management, search functionality, and reporting tools. More agencies adopt NMLS for additional license types over time, with future functionality determined by CSBS, State Regulatory Registry LLC, and individual state regulators.
Notable trends:
- More states are bringing additional license types onto NMLS. What isn't managed through NMLS today may be tomorrow.
- Increased automation of routine tasks like renewals and amendments.
- Better integration between NMLS and state examination systems.
Disclaimer: This article is for informational purposes only and does not constitute legal, financial, or regulatory advice. Brico is not a law firm and does not provide legal counsel. Licensing requirements vary by state and depend on your specific business model and circumstances. You should consult with qualified legal counsel before making any licensing decisions or taking action based on this content.
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