ND North Dakota

A license for either a broker or a lender is now known as a Residential Mortgage Lender in North Dakota as of 8/1/2023. You will need to meet a net worth of $25K reflected in an unaudited financial statement. There is a relatively low bond amount of $50K required as part of the licensing process. Similar to several other states, there is a requirement for a Qualified Individual (QI) as part of your application and to maintain your license. This named QI will need to be in a managerial role and have 3 years of experience. ND requires an Anti-Money Laundering (AML) / Bank Secrecy Act (BSA) Policy with the most recent Independent Review and an IT/Cybersecurity Policy to be uploaded into the NMLS.

8/1/2023 – ND Servicer License: Until now, ND has not had the authority to regulate Residential Mortgage Loan Servicers. House Bill 1068 creates and enacts NDCC Chapter 13-13, relating to licensure of Residential Mortgage Loan Servicers. Companies must obtain the Servicer License unless they originated, continue to own the mortgage loan and servicing rights, then you may service the loan as a first-party servicer without obtaining the Servicer License.

StateLicense NameState FeeBond Prem.RA FeeSoS FeeMLG Processing FeeTotal
North DakotaResidential Mortgage Lender$920$375—$221Call for More Information$1,516
North DakotaResidential Mortgage Loan Servicer$920$221—TBDCall for More Information$1,141

License: Residential Mortgage Lender

  • Operating Status: Broker/Lender/Servicer
  • Bond Amount: $50,000
  • Net Worth: $25,000
  • Brick & Mortar: No
  • Financial Type:  Unaudited
This company application is relatively simple. This application requires financial statements to reflect a net worth of least $25,000. Personal financial statements are required for any individual owning 25% or more of the company stock. Any owner owning more than 25% of company stock are also required to complete a FBI criminal background check at the time of company application submission. The bond amount required is low at $50,000. A named QI is required that must be in a managerial role with 3 years or more experience. A Anti-Money Laundering (AML) / Bank Secrecy Act (BSA) Policy and the most recent Independent Review will also be required.

License: Residential Mortgage Loan Servicer

ESB & Net Worth:*Electronic Surety Bond – Limited Applicability (For applicants not subject to NDCC 13-13-07 in lieu of Tangible Net Worth requirement): For a company that is not considered a “large servicer” as defined below and in NDCC 13-13- 01(8), please refer to NDCC 13-13-08. An applicant or licensee with a portfolio of loans not subject to any government-sponsored enterprises requirements must maintain liquidity to include operating reserves of 0.00035 times the unpaid principal balance of the portfolio and maintain a minimum tangible net worth set forth in NDCC 13-13-08 (2)(a). However, a surety bond in the amount of one million dollars may be held in lieu of the tangible net worth*."Large servicer" means a residential mortgage servicer with servicing portfolios of 2,000 or more one-to-four unit residential mortgage loans serviced or subserviced for others, excluding whole loans owned, and loans being "interim" serviced prior to sale as of the most recent calendar year end, reported in the NMLS and registry mortgage call report, and that operates in two or more states, districts, or territories of the United States either currently or as of the prior calendar year end. For entities within a holding company or affiliated group of companies' applicability must be at the large servicer level. This definition excludes servicers solely owning or conducting reverse mortgage servicing, or both, or the reverse mortgage portfolio administered by the large servicer.
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