Broker update
Originate DSCR in 38 states and DC without a loan officer license.
Under our September 30, 2026 DSCR guidelines, approved brokers can originate business-purpose DSCR loans in states where the loan officer doesn’t hold an individual MLO license.
JMAC-approved brokers can now originate business-purpose DSCR loans in 38 states and the District of Columbia, including states where the loan officer doesn’t hold an individual MLO license. In 34 of those 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.
If your investor client is buying a rental outside the states where you’re licensed, you can keep the deal instead of referring it out. Submit it the same way you submit any DSCR loan.
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 where unlicensed origination is available.
State by state.
The state-by-state list, with what applies in each state, is on the Unlicensed DSCR origination page under Licensing. It shows the current list, so check it before you submit. Each DSCR program’s guidelines still set where that program is available.
How to submit.
At submission, we confirm your company’s and loan officer’s approval and the property’s state. Have a property in mind? Send the address to your account executive and we’ll confirm it qualifies. Not approved with JMAC yet? Start with a partner application, or talk with the JMAC team if you don’t have an NMLS ID.
Questions brokers ask.
Do I need an MLO license in the property’s state?
Not in the 34 states and DC on the no-license list, as long as your company and loan officer are approved with JMAC and the loan is business-purpose. In Michigan, New Jersey, New York and Pennsylvania, your company must hold the state license.
Do I need an NMLS ID?
Not for the 34 states and DC where no license is needed. Brokers who originate only business-purpose loans and don’t have an NMLS ID can be approved with JMAC through a separate application. Talk with the JMAC team to get started.
Does this cover owner-occupied or second-home loans?
No. It covers business-purpose DSCR loans on investment properties only.
What does closing in an LLC or corporation mean?
The borrower takes title through a business entity instead of in their own name. It is required in Georgia when the loan officer isn’t licensed in the state.
What if the property is in a state marked License required?
A loan officer licensed in that state can submit the loan as usual. Each DSCR program’s guidelines still set where that program is available.
Is this available on the correspondent channel?
This list is for wholesale. Non-delegated correspondent loans use a separate list of states where JMAC is approved. Your account executive can share it.
Where is the current state list?
On the Unlicensed DSCR origination page under Licensing. It shows every state and is updated when the list changes.
Based on JMAC’s September 30, 2026 DSCR guidelines, wholesale channel. For mortgage professionals. JMAC Lending, Inc. NMLS #53112. Equal Housing Opportunity. Business-purpose loans only. States, eligibility and guidelines can change and are subject to underwriting approval. This is not a commitment to lend or legal advice; brokers are responsible for their own licensing requirements.