North Dakota Begins Accepting Residential Mortgage Lender, Servicer License Applications

On August 1, 2023, the North Dakota Department of Financial Institutions began accepting applications for Residential Mortgage Lender and Residential Mortgage Loan Servicer licenses and branch registrations on the NMLS.  The Residential Mortgage Lender license replaces the Money Broker license for companies that engage in residential lending, while the Residential Mortgage Loan Servicer license is the state’s first license required for companies that engage in residential mortgage loan servicing.

Companies presently licensed as a Money Broker may request to transition to the Residential Mortgage Lender license until December 31, 2023.  Companies that transition will not be required to renew their licenses until the 2024 renewal period.

Companies that engage in both residential and non-residential (e.g., commercial, non-residential consumer) lending will need to continue holding a Money Broker license in addition to the new Residential Mortgage Lender license.  Companies that engage only in residential lending may surrender their Money Broker license but should not do so until their transition is approved.