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Lenders and Loan Brokers Currently Licensed in Rhode Island

Starting January 2, 2008, all companies and individuals holding Lender and/or Loan Broker License(s) must transition all of their existing license information onto the National Mortgage Licensing System (“NMLS”). This involves creating an account for your company on NMLS, completing a company record (Form MU1), a record for each Control Person, such as an executive officer, qualified individual, and branch manager (Form MU2), and a record for each licensed branch office (Form MU3). The transition will include the Annual Report that is due annually on or before March 31st.

Licensees in Rhode Island have until March 31, 2008 to complete all relevant forms through NMLS and submit them to the Department for acceptance. If your company does not currently have a record in the NMLS getting started is easy. Go to the Getting Started page of the NMLS website and follow the steps outlined.


Be sure to review Rhode Island’s Jurisdiction-Specific Requirements along with the Suggested Workflows and Quick Guides, both found on the NMLS website.

The completion of your record in NMLS will be required for your company to renew your Rhode Island Lender and/or Loan Broker License(s) in 2008. FAILURE TO CREATE A FULL RECORD IN THE NMLS BY MARCY 31, 2008 WILL DELAY YOUR COMPANY'S RENEWAL AND MAY RESULT IN THE NON-RENEWAL OF YOUR LICENSE(S) AND THE POSSIBLE REVOCATION OF THE LICENSE(S).

Effective January 2, 2008, existing Lender and/or Loan Broker Licensee(s) that wish to amend their license information (including but not limited to address changes, branch office closings, branch manager amendments, or changes in ownership or officers) or apply for additional branch office licenses, will be required to first create a record in NMLS with all the original information and transition the license(s) into the NMLS prior to the Department's approval of the license application or amendment approval request. The Department no longer accepts license amendment notification or requests in paper.

You should also review Rhode Island Statute and Regulations, available on the Department’s website by clicking on www.dbr.ri.gov and following the link to “Rules and Regulations” for applicable regulations and the link to General Laws of Rhode Island for Rhode Island Statutes.

When you transition your license information onto NMLS by creating a full record, your company's exact license number(s) must be inputted into the "License Information" section of NMLS. If you fail to provide your main license number on Form MU1, and if relevant, your branch license number(s) on Form MU3, NMLS will assume you are a new applicant and you will be charged the corresponding fees.

Once you are able to access NMLS, you will need to submit the following MU Forms through NMLS to Rhode Island Department of Business Regulation Division of Banking and pay a system-processing fee.

  1. For each Licensed company, a Form MU1 (Company’s headquarter location must hold a Rhode Island license and entered here. If another address is on the current main license for Rhode Island, that location should be entered on a Form MU3).
  2. For each Control Person (such as a principal officer, director, principal owner, executive officer, qualified individual and/or license office or branch office manager), a Form MU2
  3. For each branch office, a Form MU3
  4. For each Loan Officer a Form MU4 in order to register any Loan Officers. Alternatively, each Loan Officer may submit the Form MU4 themselves after having been “sponsored” by the licensed company. The Division of Banking will not accept a Form MU4 until the licensed company that employs the Loan Officer has completed the transmission into the NMLS.

A schedule of processing fees is available on the NMLS website.

In order to assist your company in completing all the tasks necessary to transition your license information onto NMLS, Suggested Workflows and Quick Guides have been developed and posted on the NMLS website.

Please note that NMLS will support Microsoft Internet Explorer 7.0 or greater and Firefox 2.0 or greater, and all browsers must be JavaScript enabled in order to use the Mortgage Licensing System. NMLS also requires a high-speed Internet connection.


If your company pre-registered for NMLS this past fall, the Primary and Secondary Account Administrators should have received their NMLS user names and passwords from NMLS_Notifications@statemortgageregistry.com in late December 2007.


If your company did not pre-register for NMLS, you must complete a Company Account Request Form and identify a Primary Account Administrator and Secondary Account Administrator. This form, along with instructions, is available on the Company Getting Started page of the NMLS website. Upon your submission of a Company Account Request form to the NMLS, within 48 hours you will receive your user name and password emailed from NMLS_Notifications@statemortgageregistry.com, which will enable you to log onto NMLS.

If you have any questions, please call 401-222-2405 or send your questions via email to bankinginquiry@dbr.state.ri.us for additional assistance. Any questions relating to the NMLS should be directed to the NMLS Call Center at (240) 386-4444.