Phase One
1. Getting Started
Establish your entity
Apply for a tax I.D.
Open a business bank account
- Operate as a sole proprietor, LLC or corporation, depending on your state-specific requirements
- Doing business, aka DBA’s, are acceptable in most states
- Make sure your company name appears the same on the SS-4 form and on your articles
2. Create Your MU1 Profile
This is the process to set up your company profile in the NMLS
- This will not trigger any NMLS notifications
- Once profile is completed, you will receive an email with your Company NMLS#
- The company is not active in the NMLS until your MU1 checklist of items have been approved
3. Review Your State Licensing Requirements For Licensing Approval
- Locate your state license type (i.e. Mortgage Broker License, Mortgage Company Registration, Real Estate Corporation Endorsement (CA-DRE), etc.)
- Download your checklist of licensing requirements from the NMLS, by selecting “New Application” in NMLS
- Get an initial quote here, find a local bond insurance agent, or get a discount on comprehensive commercial insurance, (including surety bonds) when you sign up with UWM
- Net worth and surety bond requirements vary by state; please contact your state agency with any questions regarding eligibility
- Surety bonds or “Google” Local Bond Insurance Agent
- Check this out: Sample Business Plan
Turbo Insurance Group
877.885.0300
[email protected]
www.turboinsurance.com
Lance Surety Bond Associates, Inc.
877.514.5146
[email protected]
www.suretybonds.org/online-application
- Determine if your state has a brick-and-mortar requirement for office locations
- Determine if your state has a qualifying individual requirement. Please be advised that any named qualifying individual on a MU1 application may trigger a NMLS notification to any existing sponsoring entities.
4. File Your MU1 Application
- Email your Director the MU1 confirmation - if you do not know who your Director is click here.
5. State Licensing Submission
- Most states average 30 days from the day you submit your application to approval
[check specific turn times with your state] - Email your state approval to your director – if you do not know who your Director is click here.
6. Compliance
- Setting up company compliance: Prepare for state audit
- Highly recommend outsourcing this for the first year of business
- Preparing your quarterly mortgage call reports
- Will you have employees? Additional state and federal requirements apply
- Determine if your state allows for MLO’s to be W2 or 1099
- Setup 3rd party multi authentication system
- Mandatory background checks for new employees
- AML/BSA, Clean Desk, password protection training
Compliance resources that can handle full-compliance, licensing and mortgage call reports
Ease Compliance Advisors
877.780.3273
[email protected]
Licensing Store
877.809.1212
www.licensingstore.com/Home
MSource Training & Consulting
248.230.9717
[email protected]
www.msource24.com
Strategic Compliance Partners
301.578.6015
[email protected]
www.StrategicCompliancePartners.com
MB Compliance, LLC
360.259.3388
[email protected]
www.mb-compliance.com
Schedule a 15 minute Consultation
7. You Must File Quarterly Mcr To NMLS
- All or most consumer applications taken under your license must be tracked and reflected on your MCR<
- This includes applications that did not result in a loan funding
- This is a company level requirement, not an individual MLO requirement
8. Setting Up Your Origination Tools & Technology
Loan Operating System (LOS) resources:
BLINK+ is your Point of Sale (POS) + Loan Origination System (LOS) + Customer Relationship Manager (CRM) all-in-one package
LENDING PAD, CALYX POINT, ENCOMPASS, LODASOFT, SPHERE (free until feb 2027)
Mortgage Tech Assist
888-682-8961
[email protected]
www.mortgagetechassist.com/
Phase Two
Setting Up Your Origination Vendors
Ask your UWM Director about no cost credit reports
You can use any credit company of your choice
Mortgage Loan Processing
Loan Processing: Nationwide list of 3rd party contract processors available upon request
PA+: Reach out to your director for a nationwide list of 3rd party processors and other details.
Choose Your Lender Partners Wisely
Ensure they have fair business practices when working with brokers. Suggested lenders include:
- Conventional/VA: United Wholesale Mortgage
- FHA/Renovation: United Wholesale Mortgage (no Renovation), Flagstar Bank, Plaza Home Mortgage
- Low Credit: Nations Direct, Carrington Mortgage, Deephaven Mortgage
- New Construction: Flagstar Bank, AFR
- Non-Agency/Non-QM: United Wholesale Mortgage (Jumbo), Angel Oak Mortgage Solutions, Corevest, Change
- Reverse Mortgage: Finance of America, Longbridge Financial
Signing Up With United Wholesale Mortgage
This Process Can Begin When Your Mu1 Has Been State Approved
Broker application and agreement will be e-signed and completed online at time of application
- Fast 4 business day turn around
- SIGNED W9
- Resumes for all principles and owners
- Send a copy of your MU1 form to your director - 100% ownership will be verified
Register For:
- Freddie Mac — Loan Prospector
- FHA – will be sponsored by UWM
- VA Form
Additional Partner Perks Available When You Sign Up With UWM:
- Mortgage Tech Assist:
Mortgage Tech Assist handles all your IT needs so you can focus on what matters, growing your business - UWM Success Track:
Training courses at UWM headquarters and led by our award-winning training team, all at no cost to you - Continuing Education:
Make sure to let them know you are UWM client for a discount - Health Insurance:
Available for groups of two or more - Website:
50% discount - Payroll Company:
Gusto - Loan Processing:
Nationwide list of 3rd party contract processors available upon request - Turbo Insurance Group:
Get The Best Commercial Insurance Quote | Brolly
Remember, We’re Here To Help
If you have any questions along the way, contact our Director Hotline - 248.833.4602.
Interested In Our Correspondent Platform?
If you’re considering setting up your independent business as a non-delegated correspondent, ask how our Correspondent Team can help you become an emerging banker.
The material set forth is provided for informational purposes only and does not constitute legal or other professional advice. Links to third-party websites are provided for convenience only; UWM does not endorse and is not responsible for the content of these third-party sites. Information on potential lender partners is provided for information purposes only; UWM is not affiliated with and does not endorse these lenders.
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