Ok, now that I have completed the process I can report back on how it went.
1) Its expensive, it costs $575 as an individual and $500 as a company. Here is a summary of the Fees:
- $300 for the DRE to transition your license over to the NMLS
- $39 for finger printing and FBI background check
- $60 NMLS processing fee
- $99 for national test
- $69 for CA state test
- $15 for the CA DRE to certify to the NMLS that you have completed your 20 hours of pre-licensure education as part of obtaining your DRE license
For Corps the fees are:
- $300 to transition license from the CA department of Real Estate to the NMLS
- $200 for NMLS processing fees
2) Outline of what you need to do
- go to: http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx
- for individuals: complete MU4, sign up for finger printing and test dates, add your company affiliation
- for corporations: complete MU1, (MU3 if you have any branches) & the broker of record needs to complete the MU2
3) Thats pretty much it… When completing the MU4 it may be easier if you have a copy of your most recent resume and credit report because you are asked to complete a 10 year residence and work history.