Short answer
Most consumer and commercial lenders need a state lending license in each state where they make loans, and the exact license depends on the loan type, the borrower, and the rate. Many states also require a surety bond and, for mortgage lending, registration through the NMLS. The requirement is set by where your borrowers are and what you lend.
Lending is licensed at the state level, and the category depends on what you do: consumer installment lending, commercial lending, mortgage lending, payday or small-dollar lending, and motor vehicle finance each have their own license types. States look at the loan size, the interest rate, and whether the borrower is a consumer or a business.
Mortgage lenders and originators register and maintain licenses through the NMLS, and many lending licenses require a surety bond. Because the trigger is usually the borrower's location, lenders operating in several states hold a license in each.
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