The Nationwide Multistate Licensing System & Registry (NMLS) system has a list of each state’s licensing requirements. [1]
You will need to undergo a background check, which includes submitting official fingerprints. If you have fingerprints on file with NLMS that are less than 3 years old, you will not need to be re-fingerprinted. You should know the results of your background check within 48 hours. [1] X Research source Pass the NMLS exams. The licensing exams from the NLMS cover both federal and state regulations. You will have 4. 5 hours to complete both exams, which are typically not taken on the same day. You will need a pencil and calculator to work with, and perhaps other items depending on your state’s requirements. You need a 75% score to pass the exams, and you should receive your results immediately after completing the exam. [2] X Research source
Businesses can request licenses on behalf of their individual licensees. If you are working for another company before starting your own, check with your company to see if they are doing it for you.
Get an Employer Identification Number (EIN) from the IRS. You can apply through the IRS website, or you can fax or mail a completed SS-4 form. Filing online will get you an EIN immediately, while the mailed or faxed form should return a number in about four business days. Filing for an EIN is free. [9] X Trustworthy Source Internal Revenue Service U. S. government agency in charge of managing the Federal Tax Code Go to source When you incorporate as a business, and register in your state, you should receive a state-level tax identification number. Each state has different obligations and requirements, so make sure you know your state’s relevant laws.
There are a number of ways to promote your business beyond basic networking. Make sure you have a strong online presence on sites like LinkedIn and Google Plus, as well as service review sites like Angie’s List. You should also develop your own website, and look for ways to get your name into the community through newspaper articles and public forums. There will always be a market for people who want information on buying a home.
Take a random sampling of your mortgage applications, and check to make sure that they have been filled out appropriately, that the information in them can be properly verified, and that they fulfill requirements for federal and state regulations as well as your business’ best practices. This needs to be a traceable and repeatable process, so you should have clearly defined steps for carrying out quality control. These steps should include written steps that detail what was reviewed and what the reviewer found.
