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 Arizona, California, Idaho, Minnesota, Nevada, Oregon, South Dakota, Utah and Virginia, your company and the loan officer must both hold the state license. JMAC doesn’t offer DSCR loans in North Carolina, North Dakota and Vermont.

Who qualifies.

• Your company and your loan officer are approved with JMAC. You don’t need an NMLS ID: brokers who originate only business-purpose loans can be approved through a separate application.
• 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.

For wholesale loans, as of October 26, 2026:

• 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. Your company and the loan officer must both hold the state license.
• JMAC doesn’t offer DSCR loans: North Carolina, North Dakota and Vermont.

Each DSCR program’s guidelines still set where that program is available. Newport DSCR Plus isn’t available in Minnesota, Nevada, Oregon, South Dakota and Vermont.

How to submit.

Submit it the same way you submit any DSCR loan. At submission, we confirm your company’s and loan officer’s approval and the property’s state. Not approved with JMAC yet? Start with a partner application, or talk with the JMAC team if you don’t have an NMLS ID.