Mortgage Broker Licensing Requirements
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Mortgage Broker Licensing Requirements: SAFE / NMLS Licensing Requirements
The SAFE Act of 2008 established requirements for the licensing and registration of all Mortgage Loan Originators except those individuals who work for an insured depository or its owned or controlled subsidiary.
Essentially, Loan Officers need to be licensed by the state in which they do business, which means you must complete the pre-licensing education requirements, pass the state and national SAFE / NMLS exam with a score of 75% or better, then take eight hours of annual continuing education courses to continue your license.
What Is Mortgage Broker License? Why Is It Needed?A mortgage broker license is a required credential that permits an individual or entity to act as an intermediary between borrowers and lenders in mortgage transactions.
How Do I Earn A Mortgage Broker License?You earn a mortgage license by completing your pre-licensing course, passing your mortgage licensing exam, then applying for your license through the NMLS.
Mortgage Broker Licensing: State Requirements
To determine the mortgage broker license requirements for your state, simply click your state name from the table below.
How To Get Your NMLS License: Recommended SAFE / NMLS License Training Courses
Want to determine how to get your NMLS license? We can help you with how to get your NMLS license with our convenient, cost-effective, state and NMLS certification courses.
The Mortgage Training Center offers both online and in-person NMLS licensing and NMLS training courses. Simply choose your preferred option from the recommended courses listed on this page, or you can choose "NMLS" and your resident state from the "Licensing" section of the search box herein, or simply click your state name above.
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How To Become A Mortgage Broker: About The National Mortgage Licensing System And Mortgage Broker Licensing Requirements
NMLS stands for National Mortgage Licensing System. The goal of the Nationwide Mortgage Licensing System is to improve mortgage industry supervision, heighten communication across states, increase consistency in licensing requirements, and automate processes to the greatest degree possible.
NMLS is a secured, web-based system that will allow state licensees, companies, branches and loan originators, to apply for, amend, update, or renew licenses online. Each licensed company will have a single record in the NMLS, regardless of the number of licenses they hold or the number of states in which they operate.
Become A Mortgage Broker: About The SAFE / NMLS Licensing Exam And NMLS CertificationAfter students complete the minimum 20 hours of prelicensing education, they can register for the SAFE Exam. The SAFE Mortgage Loan Originator Exam is divided into two sections: the national component and the state-specific component.
The national component of the SAFE Mortgage Loan Originator Exam consists of 125 test questions: 115 scored and 10 not scored, with a test time of 190 minutes.
Each state-specific component of the SAFE Mortgage Loan Originator Exam consists of 45 to 55 operational questions (scored) with an additional 10 pre-test (not scored) questions. The exact number of scored test questions for each state exam is listed in the state's test content outline. The exam time is 90 minutes with an additional 30 minutes available for completion of an optional candidate survey and tutorial.
A new component to the SAFE Exam is the Uniform State Test (UST). This portion includes 25 questions, which brings the length of the National Test Component with Uniform State Content to 125 questions. Of these, 115 are scored, and 10 unscored. The UST replaces the state-specific test components for ONLY the states that adopt it.
NMLS Certification: Mortgage Licensing and Continuing Education Requirements:
In order to meet the pre- and post-licensing education requirements, state-licensed Mortgage Loan Originators (MLOs) must complete 20 hours of NMLS approved pre-licensing education and eight hours of post-licensing continuing education requirements.
Mortgage Licensing Pre-Licensing Requirements:
For your state-specific Mortgage Licensing requirements, visit the NMLS Website at
http://mortgage.nationwidelicensingsystem.org/slr/Pages/default.aspxTo find state-specific Mortgage pre-licensing courses, either click on your desired state name from the table above, or go to
https://themortgagetrainingcenter.fastclass.comMortgage Licensing Post-Licensing (Continuing Education) Requirements:
For your state-specific Mortgage CE requirements, visit the NMLS Website at
http://mortgage.nationwidelicensingsystem.org/SLR/COMMON/RENEWALS/Pages/default.aspxTo find state-specific Mortgage CE courses, go to
https://themortgagetrainingcenter.fastclass.comMLO ExceptionsWhile MLOs who work for an insured depository or its owned or controlled subsidiary are not required to take the education or exams, all other MLOs need to be licensed by the state, complete the education requirements, and pass the state and national SAFE / NMLS exams.
Steps To Become A Loan OfficerFor information on how to become a Loan Officer, go to
http://www.themortgagetrainingcenter.com/HowToBecomeALoanOfficer.asp
