Playbook To Starting An Independent Mortgage Brokerage

Phase One

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1. Getting Started

• 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]
https://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

7. You Must File Quarterly Mcr To NMLS

- QC/compliance best practices

- 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)

New To Wholesale Lending?

AIME is the only association exclusively for the independent mortgage broker community. Empowering members with the tools, resources & support necessary to successfully advise consumers nationwide with their mortgage needs.   

Remember, We’re Here To Help

If you have any questions along the way, contact our Director Hotline - 248.833.4602.

Phase Two

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Setting Up Your Origination Vendors

Ask your UWM Director about no cost credit reports

You can use any credit company of your choice

Advantage Credit
CoreLogic Credco
Equifax

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

QC Policy Certification

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.

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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.