How does a mortgage company register with the NMLS using Form MU1?
The Nationwide Mortgage Licensing System and Registry (NMLS) is where a mortgage company applies for state licenses: the company creates an account and files the Company Form (MU1), which captures business activities, trade names, formation details, direct owners, indirect owners of 25% or more, and the Qualifying Individual. Company representatives file Individual Forms (MU2) and branch locations file Branch Forms (MU3). Some items, such as fingerprints and state-specific documents, are completed outside the system.
The company files Form MU1 through NMLS for the Alaska Mortgage Broker/Lender license, paying a $120 NMLS initial processing fee, a $1,000 Alaska license fee, and a $500 application fee. Alaska also requires a $75,000 electronic surety bond submitted through NMLS, since bond documents uploaded to MU1 do not satisfy the requirement. The state further requires an unaudited GAAP financial statement, two control persons, an Alaska business license, and a registered agent and office in Alaska.
Sources: Alaska DBS: Mortgage Broker/Lender New Application Checklist (Rev. 05/2025).