Unlicensed DSCR origination, state by state.

In 34 states and DC, no individual license is needed. In Michigan, New Jersey, New York and Pennsylvania, your company must hold the state license. In every other state, the loan officer must be licensed in the state.

Who qualifies.

• Your company and your loan officer are approved with JMAC and hold an active NMLS license.
• The loan is a business-purpose DSCR loan on an investment property. It isn’t available for owner-occupied homes, second homes or consumer-purpose loans.
• The property is in a state on the list below where unlicensed origination is available.

State by state.

As of the September 30, 2026 guidelines, for wholesale loans:

• No individual MLO license needed (34 states and DC): Alabama, Alaska, Arkansas, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Mexico, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Washington, West Virginia, Wisconsin and Wyoming.
• Your company must hold the state license; the loan officer doesn’t need one: Michigan, New Jersey, New York and Pennsylvania. This applies to a licensed real estate broker or mortgage broker company.
• If the loan officer isn’t licensed in the state, the loan must close in an LLC or corporation: Georgia.
• License required: Arizona, California, Idaho, Minnesota, Nevada, Oregon, South Dakota, Utah and Virginia, and any state not listed above. The loan officer must be licensed in the state.

Each DSCR program’s guidelines still set where that program is available.

How to submit.

Submit it the same way you submit any DSCR loan. At submission, we confirm your company’s and loan officer’s NMLS status and the property’s state. Not approved with JMAC yet? Start with a partner application.