To obtain a Lender License for a company in Delaware, you need to follow specific steps outlined by the Delaware Office of the State Bank Commissioner. Here’s a general guide on how to obtain this license:

1. Company Formation: Ensure your company is legally formed and registered to conduct business in Delaware. This typically involves registering your business with the Delaware Division of Corporations or another relevant agency.

2. Designated Responsible Individual: Appoint a designated responsible individual for your company. This individual will be responsible for overseeing the lending activities of the company and ensuring compliance with state regulations.

3. Pre-Licensing Education: Ensure that the designated responsible individual and any other key personnel complete the required pre-licensing education. In Delaware, this typically involves completing NMLS-approved pre-licensing education courses specific to mortgage lending.

4. Pass the NMLS Exam: Individuals who will be originating loans or managing loan originators will need to pass the SAFE Mortgage Loan Originator Test administered by the Nationwide Multistate Licensing System & Registry (NMLS).

5. Background Check and Fingerprints: Undergo a criminal background check and provide fingerprints through the NMLS for the designated responsible individual and any other key personnel as required.

6. Surety Bond: Obtain a surety bond for your company as required by the Delaware Office of the State Bank Commissioner. The bond amount may vary based on factors such as loan volume.

7. Net Worth Requirement: Ensure that your company meets the net worth requirement set by the Delaware Office of the State Bank Commissioner. The exact amount varies depending on factors such as loan volume and the type of lending activities.

8. Bank Account: Bank account information must be completed with company’s Letter/Line of Credit, Operating, and/or Trust Primary accounts.

9. Capital Requirement: Minimum $100,000 capital.

10. Qualifying Individual: An on-site manager is required to be appointed for all locations where the licensee conducts business with consumers. This individual may be referred to as the Branch Manager, must be listed as the “Qualifying Individual” on NMLS Company Form, and his/her business address must match the address listed as the “Main Address” on the Company Form.

11. Business Plan: Upload a business plan outlining marketing strategy, products, target markets and operating structure the applicant intends to employ.

12. Certificate of Authority/Good Standing Certificate: Upload a state-issued document (typically by the state’s Secretary of State office) demonstrating that the corporation or limited liability company (LLC) exists or is authorized to do a business in the state.

13. Errors and Omissions Insurance: Obtain Errors and Omissions (E&O) insurance coverage for your company. This insurance protects against liability for errors or omissions in professional services provided to clients.
14. Register with the NMLS: Register your company and its associated individuals (such as the designated responsible individual and loan originators) with the Nationwide Multistate Licensing System & Registry (NMLS).
15. Submit Application: Complete the lender license application through the NMLS. Provide detailed information about your company’s structure, ownership, business activities, and any associated individuals.
16. Pay Fees: Pay the required application and licensing fees to the Delaware Office of the State Bank Commissioner. Fee amounts can vary, so check with the office for the current fee schedule.
17. Maintain Compliance: Ensure ongoing compliance with all state and federal regulations governing lenders in Delaware. This includes maintaining accurate records, adhering to advertising guidelines, and fulfilling any continuing education requirements.