State-By-State Broker Requirements€¦ · • Financial Statements-upload (must be within90 days of the date of application and financial statements for the preceding 2 year period)

State-By-State Broker Requirements

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Table Of ContentsClick on your state to see whether you qualify for a broker license before further action. If you have questions, call (888) 600-8707 to speak with us or to set up an appointment with a Licensing Specialist.

3 Arizona

4 California

5 District of Columbia

6 Georgia

7 Hawaii

8 Illinois

9 Indiana

10 Kentucky

11 Louisiana

12 Maryland

13 Massachusetts

14 Mississippi

15 Montana

16 Nevada

17 New Jersey

18 New York

20 North Carolina

21 Rhode Island

22 South Carolina (DCA)

23 Tennessee

24 Vermont

25 Virginia

*Qualified Individual-a person who is licensed & knowledge able of the mortgage industry who keeps the business in compliance according to state and federal regulations

This content is provided for general informational purposes only and should not be construed as or relied on as legal advice. Quicken Loans does not represent nor warrant that the information presented is accurate, current, or complete. State mortgage broker licensing laws and regulations are subject to change at any time. You are solely responsible for ensuring that applicable state mortgage broker licensing requirements are met. This information does not in any way create an attorney-client relationship between you and Quicken Loans. Consult an attorney for any legal advice on state mortgage broker licensing requirements.

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Arizona

Broker License Name

Broker License Costs (Non-Reimbursable)

MLO Education Required for Unlicensed Brokers?

Net Worth Requirements

Audited Financials?

Licensee Experience?

QI* Required?

Mortgage Broker License

$936.26(Includes Registration Fee, Processing Fee, Application Investigation Fee, Credit Report, & CBC)

Yes None No Unaudited financials are required.

None (QI can cover multiple locations; must be w-2 employee or principle officer and have 3 years of experience)

All General Requirements

• Credit Report• CBC• OTN/DBA (if applicable) listed in MU1• Registered Agent-listed in MU1• Disclosures

All Required Items to Provide to State for Broker License

• Certificate of Trade Name Registration (approved copy)-SOS-upload (All Trade Names must be listed on the AZ License)• Bank Acct info not required• QI- must be listed in the MU2 • Verification of Experience upload (Provide letters, on company letterhead, from current and/or past employers. Must include job description and dates, month/day/year, of employment; Copies of

certificate(s) showing completion of the mortgage broker course of study; Copy of the letter provided by AzDFI documenting the proposed RI passed the mortgage broker test-Upload in NMLS (DO NOT Provide W-2’s, resumes, personal references, or education as this will not be accepted)

• Financial Statements-Unaudited (upload to NMLS)• Certificate of Good Standing (upload to NMLS)• Formation Document (upload to NMLS)• Surety Bond (paper bond-upload to NMLS) $15,000• Record Storage (if you wish to keep your records on a computer or mechanical record keeping system, please contact AzDFI at [email protected]) • Documentation of Citizenship or Alien Status (only for sole proprietors)• Business Plan (marketing strategies, products, target markets, operating structure the applicant intends to employ) upload• Management Chart- Upload (must include the divisions officers, and managers, individual name and title of each one). Must also• Identify compliance reporting and internal audit structure• Org Chart (direct & indirect owners/percentage of ownership)

4

California

Broker License Name




Audited Financials?


QI* Required?

California DBO-Finance Lender Law (CFLL) License

$400 (Includes Registration Fee, Processing Fee, Application Investigation Fee, Credit Report, & CBC)

Yes 50,000 Yes None Yes (QI can cover multiple locations, business address must match “Main Address” listed on Company form)


• Credit Report• CBC • Fingerprints cards (submitted through LiveScan) • OTN/DBA (if applicable)• Registered Agent-listed in MU1• Disclosures


• List DBAs in the other trade section in NMLS (file-stamped copy of the Certificate of Filing from the County Clerk in California)• Qualifying Individual (address must match the address listed as the “Main Address” on the Company Form) • Financial Statements (unaudited within 90 days of application)• Business Plans (Describe in sufficient detail the business to be conducted by the applicant)• Certificate of Authority/Good Standing Certificate (Upload state-issued documents dated no later than 60 days prior to application in NMLS and provide the originals directly to the Department of

Business Oversight)• Formation Documents (upload certified copy) • Management Chart (upload) • Organizational Chart/Description (upload) • Surety Bond and Surety Bond form ($25,000/ upload and mailed/principle insured must match full legal name of applicant/ all signatures must be notarized)• Attestation• Customer Authorization of Disclosure of Financial Record (must be notarized) • Execution section

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District of Columbia

Broker License Name




Audited Financials?


QI* Required?

District of Columbia Mortgage Broker License

$1,215 (Includes Registration Fee, Processing Fee, Application Investigation Fee, Credit Report, & CBC)

Yes 25,000 No Unaudited financials are required for prior 2-year period

None Previous mortgage broker activity / data required.

No


• Credit Report• CBC• OTN/DBA (if applicable) listed in MU1• Registered Agent-listed in MU1• Disclosures


• Financial Statements-upload (must be within90 days of the date of application and financial statements for the preceding 2 year period)• Net Worth requirement of $25,000• Formation Documents- upload a certified copy • Certificate of Registration-upload • Surety Bond (from $12,000 to $50,000 min amt) OTNs must be added to bond• Written explanation of all previous loan activity conducted in DC

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Georgia

Broker License Name




Audited Financials?


QI* Required?

Mortgage Broker/Processor License/Registration

$801.25 (Includes Registration Fee, Processing Fee, Application Investigation Fee, Credit Report, & CBC)

Yes None Upon Request, by the Department

None No


• Establish a new entity• Establish a new bank account• Credit Report• CBC (Criminal Background Check)• Fingerprints-Fieldprint (see checklist for details)• OTN/DBA (if applicable)• Registered Agent-listed in MU1• Disclosures


• Financial Statements (may be required upon request)• Surety Bond (ESB) $150,000• Business Plan-upload in NMLS• Certificate of Authority• Formation Documents including any name changes and amendments. It must be a state certified copy (upload in NMLS)• Management Chart (upload in NMLS)• Organizational Chart (must include percentage of ownership for Direct Owners, Indirect Owners, Subsidiaries, & Affiliates)• Verification of Lawful Presence• Background Check Authorization

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Hawaii

Broker License Name




Audited Financials?


QI* Required?

Mortgage Loan Originator Company License

$1,351.26 (Includes Registration Fee, Processing Fee, Application Investigation Fee, Credit Report, & CBC)

Yes None None None Yes Broker can be QI Or, QI must be W-2




• Must have a physical building location in Hawaii• Certificate of Registration of Trade Name (stamped copy)• Qualified Individual• List any Direct Owners, Executive Officers, Indirect Owners• Certificate of Authority• Certificate of Good Standing • Management Chart• Org Chart

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Illinois

Broker License Name




Audited Financials?


QI* Required?

Illinois Residential Mortgage License


Yes 50,000 (if IL office) 150,000 (if out of state office)

Yes None No


• Credit Report• CBC• Fingerprints-Fieldprint (see checklist for details)• OTN/DBA (if applicable)• Registered Agent-listed in MU1• Disclosures


• List Business Activities• Bank Account-List bank acct information in NMLS under the MU1• Complete 10-yr employment history for all control persons• List all OTNs on the MU1• Surety Bond (ESB) ($50,000-$150,000)• Formation Documents• Certificate of Authority (no more than 60 days prior to the application date)• Fidelity Bond (min $100,000)• Financial Statements (audited)• Net Worth - $50,000 for those with an IL office• Averments Licensee - (email)

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Indiana

Broker License Name




Audited Financials?


QI* Required?

SOS Loan Broker License


Yes None None No Yes The Broker/Agent can be the QI The QI/Principal Manager must be listed on the Qualifying Individual section in NMLS and be associated with each managed location through the relationship function. A Principal Manager/QI can supervise up to 5 locations


• Credit Report• CBC (For all MU2’s)• Fingerprints-Fieldprint (see checklist for details)• OTN/DBA (if applicable)• Registered Agent-listed in MU1


• Surety Bond (ESB) $60,000 • Ultimate Equitable Owner ($100.00) for each ultimate equitable owner-invoiced through NMLS• Principal Manager-must be sponsored by the Loan Broker at the registered location. Principle Manager can supervise up to 5 branch locations and must have a relationship in NMLS with each one• Loan Brokers must have a Principal Manager• Formation Documents (upload)

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Kentucky

Broker License Name




Audited Financials?


QI* Required?



Yes None No Unaudited financials are required. Also, need to provide a personal financial statement.

None Yes (2yrs of experience and QI must have at least 20% ownership in the business. QI can be the same as the Principal Officer)


• Credit Report• CBC (For all MU2’s)• Fingerprints-Fieldprint (see checklist for details)• OTN/DBA (if applicable)• Registered Agent-listed in MU1• Disclosures


• List DBAs in the Other Trade Name section in NMLS• QI-QI’s business address must match that of the registered location• Financial Statements (must be dated within 90 days of the application)• Certificate of Good Standing• Formation Document• Org Chart (upload)• Surety Bond• Pre-Licensing Education-submit proof of completion• Personal Financial Statement (for each 10% owner) submit directly to KY Dept of Financial Institutions

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Louisiana

Broker License Name




Audited Financials?


QI* Required?

Louisiana Residential Mortgage Lending License


Yes None No None No




• Surety Bond ESB $25,000-$60,000 (based on loan volume from the previous year)• Formation Documents• Mortgage Loan Origination Agreement (MLOA)• Promissory Notes (upload)• Org Chart• Line of Credit-verification of the applicant’s warehouse line of credit• Certificate of Corporate Resolution Form• Employer Coverage Affidavit Form

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Maryland

Broker License Name




Audited Financials?


QI* Required?

Mortgage Lender License


Yes 25,000 (include aggregate lending account)

Yes No Yes (Broker or Principal officer can be the QI, if have 3 years of experience)




• Formation Docs• Checklist• List Other Trade Names in NMLS• Trade Name Certificate• Good Standing Certificate from the formation state• QI-3yrs exp• Financial Statements -upload (audited) must be dated within 90 days• Net worth $25,000 (based on loan volume)• Org Chart• Surety Bond (min-$50,000-based on loan volume)• Volume of Mortgage Business-upload (sworn notarized statement) see checklist for all details• Resume• Detailed Explanation of Maryland Business Activity

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Massachusetts

Broker License Name




Audited Financials?


QI* Required?



Yes 25,000 Yes No Yes (QI must be on site for every location where business activity transpires. 3 yrs experience, no exam, no education)




• Financial Statements-upload (must be within 90 days of the fiscal year-end and financial statements for the preceding 2 year period; start-up company only an initial audited or reviewed Balance• Sheet is required. )• Net Worth requirement of $25,000• Other Trade Names listed on the MU1• Certificate of Registration-upload• List Primary Contact Employees (Company Contact & Consumer Complaint Contact)• List Non-Primary Contact Employees • Bank Account-Info not required• QI-3 yrs experience mortgage industry;can be the branch mgr• Books and Records- Indicate the location where your company maintains its Massachusetts books and records (in the business address field of Books & Records)• MCR Reporting• Surety Bond- $75,000 (ESB)• Anti-Money Laundering Policy (upload in NMLS with most recent AML independent audit report)• Business Plan (see checklist for details)• Formation Docs (see checklist for details)• Management Chart• Org Chart• Parent Financials (submit current & 2 yrs financial statements; mail)• Evidence of Experience - 3 yrs (mail)• W-9 form (mail)

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Mississippi

Broker License Name




Audited Financials?


QI* Required?



Yes None None None Yes 2 years of relevant experience in a similar industry




• ESB ($25,000)• Org Chart• Disclosures• Zoning (Provide proof of commercial zoning of company’s location only if the main office and/or a branch of the company are located inside the state of Mississippi)• Business Plan (see checklist for details)• Policies & Procedures (provide a copy of the company’s policies & procedures-upload to NMLS) see checklist for details”

15

Montana

Broker License Name




Audited Financials?


QI* Required?



Yes None None None Yes, One QI for each office (must be licensed with 3 yrs exp. QI does not have to be a W-2 employee & the QI can be the agent/principal officer)




• Certificate of Registration for each DBA (from MT SOS)• Registered Agent• Qualified Individual (3 yrs exp; must list in the MU1 & their business address must match the Main company address)• Business Plan• Certificate of Good Standing• Formation Documents-certified copy (articles of incorporation if a corporation; Articles of Organization and Operating Agreement-LLC; Partnership Agreement (if a partnership of any kind)• Management Chart• Organizational Chart• Surety Bond (Electronic) $25,000 if new business (amt increases based on total loan volume, see checklist for details)• Mortgage Company/Branch Renewal Form (only if new application is submitted between Nov1-Dec 31st. Fees invoiced in NMLS).

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Nevada

Broker License Name




Audited Financials?


QI* Required?



Yes None TBD None Yes, with 2 years of experience (must be on site the majority of the time. There is a form to complete. The QI can be the owner/principal officer)




• List OTNs on the MU1• State Checklist• Trade Name Registration Certificate• Bank Account-list bank account information in NMLS• QI-must have 2yrs exp & be present at the location the majority of the time• Qualified Employee Form-mail• Financial Statements -(upload) - dated not earlier than the last day of the fiscal year• Business Plan Form• Formation Document (certified copy uploaded to NMLS)• Management Chart• Org Chart• Surety Bond (ESB) $50,000-$75,000• State Business License & Secretary of State Filing (found on NV SOS)• Local Business License (upload)• Fully Executed Lease-in the company’s name for the office location to be licensed (mailed)

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New Jersey

Broker License Name




Audited Financials?


QI* Required?

Residential Mortgage Broker License


Yes 50,000 Yes None Yes (QI must be the principal, officer, director, partner, or member)




• OTNs listed under MU1• QI -one member of the company (officer, director, partner, etc. must be a QI and must be listed in the MU2)• Fingerprint Form-IDENTOGO• Financial Statements (audited statement prepared by an CPA and dated within 90 days of your fiscal year end• Net Worth - $50,000• Certificate of Good Standing• Formation Docs• Org Chart• Surety Bond -$150,000• Office of Suitability Form• Trade Name Certificate

18

New York

Broker License Name




Audited Financials?


QI* Required?

Mortgage Broker Registration


Yes None No personal financials required

2 years Yes 2 years of experience, QI must be an owner, general partner, trustee, or officer of the company




• List OTNs on the MU1• Trade Name Registration Certificate (stamped copy)• Bank Account-Not Required• Primary & Non-Primary Contact Employees listed in NMLS• QI- 2 yrs experience (the Dept does not accept verification of experience from the applicant)• IDV Process is required (identity verification)• Business Plan (upload) see checklist for details• Company Staffing and Internal Policies • Compliance Program• Fair Lending Plan• AML/BSA Policy• Formation Docs• Management Chart• Org Chart

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• Surety Bond- $10,000 - OTNs must be added to the bond (original must be mailed. Bond also uploaded in NMLS)• Personal Financial Statement (mailed)• Legal Name/Status Documentation (passport, drivers license, marriage certificate, divorce decree, etc.)• Comprehensive list of Control Persons (mail)• Certificate of Good Standing from NY SOS (mailed)• Word Approval Authorization Certificate (a letter must be written to the Dept for approval. Then they will issue the certificate)• Most Utilized Lender (Submit a list of the three most utilized lenders the applicant is using or intends to use in originating mortgage loans (this needs to be a letter stating that QL is the only lender/

QLMS is the only Broker)• Personal Questionnaire (mailed)• Resume• Litigation Affidavit• Fingerprints (see instructions)• Certification & Affirmation Form (see checklist for details)• Corporate Resolution (original must be mailed) must be signed by the corporate secretary and bear the seal of the corporation• Certificate of Compliance Form (the original signed by an officer of the company) Mailed• Workers Comp-(submit evidence of workers comp and mail to the state)• Leases - Provide copies of leases, subleases, or lease assignments for all locations seeking licensing (see checklist for specific details)• Website Questionnaire Form• Fair Lending Letter• Dual Agency Affidavit Form-IF APPLICABLE (see checklist for details)• Evidence of Authorization to work in the U.S... (only for those not born in the U.S. - permanent resident card, naturalization certificate, U.S. passport, immigration visa or proof of nonresident status)

mailed

New York

20

North Carolina

Broker License Name




Audited Financials? Licensee Experience?

QI* Required?



Yes 10,000 (liquid assets in bank) 25,000 net worth

No. Bank statement or other verifiable statement for $10,000 in demand account. Company balance sheet and income statement - must reflect $25,000 net worth

No Yes. 3 years of experience of residential mortgage lending. The QI can be the branch manager for 1 office in addition to the principal office location. Resume is needed and experience must be reflected in the employment history section in NMLS.




• OTN listed in MU1• Certificate of Assumed Name for OTN• Liquid Asset Requirement - $10,000 provide evidence by submitting most recent company bank statement or other verifiable statement (must be in a demand deposit acct in an FDIC insured financial

institution under the firm’s name• QI- 3 yrs experience (must have completed, within the 3 years immediately preceding the date of application, the

mortgage lending prelicensing education AND have passed the test, within the 5 years immediately preceding the date of application)• Resume• Financial Statements -upload a company balance sheet & income statement • Net worth -$25,000 (most recent fiscal year end)• Business Plan (see checklist for details) upload• Certificate of Authority (for entities not formed in NC)• Certificate of Good Standing for every applicant-get from NC SOS• Formation Documents (upload)• Org Chart (applicant’s divisions, officers, managers, staff positions, number of employees-names and positions of each person)-upload• Ownership Chart/Description - upload an ownership flow chart showing the percentage of ownership• Surety Bond-ESB $75,000• Marketing Agreements-provide copies of fully executed marketing agreements• Books & Records -licensee is required to maintain• Lease agreement-provide a copy of the lease agreement (see checklist for details)• Bank Secrecy/Anti-Money Laundering Program (upload)

21

Rhode Island

Broker License Name




Audited Financials?


QI* Required?

Rhode Island Loan Broker License


Yes TBD No financial statement is required.

No Yes 5 years of experience, on site 51% of time. TBD whether a separate QI is needed for each location, or for each brokerage. The owner or principal officer can be the QI. The Branch Manager must also have a MLO license if conducting loan activity.




• OTNs listed in NMLS• Bank Account info is not required• QI-5 yrs experience (business address must match the location where they are working as the QI. Must be present 51% of the time)• Financial Statement (including income statement & balance sheet) upload• Articles of Incorporation/Organization Docs (upload in NMLS)• Authority to conduct business (for out-of-state applicants. File at the SOS)• Surety Bond (ESB) $20,000 (increase by $10,000 per additional location)• Shared Office Space (see check list for details)• Financial Statement of legal entities that directly own applicant (such as a parent company) other submit a balance sheet representing the direct owner’s financial position within the 90 day period

immediately preceding the filing) Required of entities holding a 10% or more direct equity interest

22

South Carolina (DCA)

Broker License Name




Audited Financials?

Licensee Experience? QI* Required?



Yes None None Yes 3 yrs but if licensee has been employed with a federally insured depository institution (a bank) for 3 yrs, then they will meet the required experience

Yes (Must have 3 years experience. Must be licensed. Agent can serve as QI)




• Business plan (detailing marketing strategy, products,target markets and operating structure)• Management Chart • Qualifying Individual (3 years experience/MLO licensed/biographical information)• Document examples (upload copies documents used in regular course of business) • Organizational chart• Formation document (Articles of Incorporation if a corporation; Articles of Organization AND Operating Agreement for an LLC; the Partnership Agreement if partnership of any form)• Financial Statements (dated within 90 days of fiscal year end; Start up company ONLY initial Statement of Condition required) • Certificate of Good Standing South Carolina • Surety bond (upload and mail) – $25,000• Surety bond form (name of principle insured must match full legal name of applicant)• Books and Records (Maintain at a designated location within state unless receive authorization to store outside of state or electronically)

23

Tennessee

Broker License Name




Audited Financials?

Licensee Experience? QI* Required?

Tennessee Mortgage License


Yes 25,000 No must have a financial statement

3 years and a resume Yes 3 yrs of experience is needed and a resume. Broker/Agent can server as QI




• Financial Statements (prepared by a CPA and dated within 90 days of your fiscal year end. Must include balance sheet, Income Statement & Statement of Cash Flows. If applicant is a start-up, only a balance sheet prepared by a CPA is required, plus a projected income statement demonstrating that the applicant will have adequate capital after payment of start-up costs)

• Net worth- $25,000 and additional $25,000 net worth for each additional branch• OTN- list OTNs in the MU1• List primary contact employees (primary contact and consumer complaints)• Non-primary contacts (not required to be listed)• Bank Account-Info not required to be listed• QI (no length of required experience)• Fingerprint Appt (if existing prints cannot be used)• Surety Bond (ESB) $90,000• AML/BSA Policy (upload the most recent version of a Anti-Money Laundering policy)• Business Plan (upload-must include marketing strategies, products, target markets, fee schedule, operating structure the applicant intends to employ)• Certificate of Authority/Good Standing (upload. Certificate cannot be more than 60 days from date of application)• Formation Docs-upload in NMLS (see checklist for details)• Management Chart (upload)• Org Chart (upload)• Verification of Experience (provide a license specific resume, 3 yrs of experience-upload to NMLS) see checklist for additional details

24

Vermont

Broker License Name




Audited Financials?


QI* Required?



Yes None Yes. The parent corporation must provide 2 years of financial statements.

None Yes. An on site manager is required for the corporate location. The principal officer or branch manager could be the QI but they could only be the QI for the 1 location, and each location must have an on site QI: must live max of 50 miles from location.




• Financial Statements (dated within 90 days of your fiscal year end)• Additional Audited Financial Statements for two years prior• Parent company financial statements (if applicable)• Certificate of Trade Name Registration (if you have a trade name)• In NMLS list the Primary Contact and Primary Consumer Complaint Contact• List a non-primary contact for Exam Delivery• Complete Bank Acct section in NMLS• List all Direct Owners/Indirect Owners in the MU1• QI is required (CBC/employment history/must live maximum 50 miles from home office)• Surety Bond-$25,000• Business Plan (marketing strategies, products & services, fee schedule, target markets-upload)• Certificate of Good Standing• Company Staffing and Internal Policies (include Financial Privacy Policy)• Document Samples of the following (Gramm-Leach Bliley Privacy Notice; Mortgage Broker/Prospective Borrower Agreement-Upload in NMLS)• Formation Documents (upload in NMLS)• Management Chart• Org Chart• Trust Acct Authorization (upload in NMLS)• Provide Proof of Licensing with the firm’s home state or proof of why the licensee is not licensed there

25

Virginia

Broker License Name




Audited Financials?


QI* Required?

Virginia Mortgage Broker License


Yes None No No No




• Financial Statements (less than 90 days old-should include balance sheet & income statement. For start-ups only a beginning balance sheet & pro forma balance sheet & income statement for the first year is needed) upload

• OTN-List OTN on the MU1• List Primary Contact (Primary Company contact and the Consumer Complaint contact)• Non-Primary Contacts- not required• Bank Account- Info not required• Business Plan (see checklist for details)• Certificate of Good Standing (for VA-upload)• Assumed Name Certificate -upload• Management Chart• Org Chart• Formation Docs (see checklist for details)• Surety Bond- $25,000) upload in NMLS (not required if already licensed as a Mortgage Lender)-mail & upload• Fingerprint Form & Fingerprint Card (obtain from VA and email request for cards to corporate [email protected] or call (804) 371-9690)-mail• Personal Financial Statement (less than 90 days old) mail• Principal Financial Statements (less than 90 days old & must include a balance sheet & income statement- audited if available) (mail)• Business References (submit 3 business reference letters preferably from someone in the mortgage industry)-mail• Bank Reference (submit a Depository Institution Authorization Form)- mail