How To Get Your NMLS License
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NMLS Certification And SAFE / NMLS Requirements
What Is The NMLS License? What Are The NMLS License Requirements?The SAFE Mortgage Licensing Act of 2008 established requirements for the licensing and registration of all Mortgage Loan Originators (MLOs). While 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.
NMLS Registration - And What The SAFE Mortgage Licensing Act DoesSAFE requires states to establish minimum rules and standards for the licensing and registration of mortgage loan originators. This allows easy access to a Loan Officer and Mortgage Broker's credentials and allows the public to know what kind of mortgage history these providers have.
How Do I Earn A Mortgage License And Get An NMLS Certification?Essentially, you earn your mortgage license by completing your pre-licensing course, passing your mortgage licensing exam, then applying for your license through the NMLS. Get started by selecting a mortgage pre-licensing course from the list below.
Find SAFE / NMLS Licensing And NMLS Exam Prep Training Courses
Individuals searching for how to get their NMLS license and NMLS exam prep materials need look no further. The Mortgage Training Center offers both online and in-person NMLS licensing and NMLS exam prep training courses. Simply choose your preferred option from the recommended courses listed below, or you can choose "NMLS" and your resident state from the "Licensing" section of the search box below.
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Top FAQs
The SAFE Mortgage Licensing Act established federal registration requirements for individual who act as a residential mortgage loan originator (MLO) and is employed by an institution that is regulated by agency-regulated institutions such as the FDIC or Federal Reserve System. Essentially, it is the licensing course for MLOs.
The SAFE Act was designed to protect consumers from predatory mortgage lenders by enhancing consumer protection and reduce fraud through the setting of minimum standards
The SAFE Act cover refinancing, reverse mortgages, home equity lines of credit, and other first and additional lien loans.
The SAFE course consists of 20 hours of mortgage-related terms, definitions, laws, regulations, and other lending information.
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.
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About The SAFE Mortgage Licensing Act, The National Mortgage Licensing System, And How To Get An NMLS License
The NMLS License RequirementsNMLS 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.
What Is The Purpose Of The The SAFE Mortgage Licensing Act, NMLS Registration, And Other NMLS License Requirements? The objectives of the SAFE Mortgage Licensing Act and NMLS license requirements include:
- Aggregating and improving the flow of information to and between regulators
- Providing increased accountability and tracking of MLOs
- Enhancing customer protection
- Supporting anti-fraud measures
- Proving consumers with easily accessible information regarding the employment history and enforcement actions against MLOs at no charge
Who Does The SAFE Mortgage Licensing Act Apply To? What Are The NMLS License Requirements?The SAFE Mortgage Licensing Act established federal registration requirements for an individual who acts as a residential mortgage loan originator (MLO) and is employed by an institution that is regulated by agency-regulated institutions such as the FDIC or Federal Reserve System.
Are There Any Exemptions To The SAFE Mortgage Licensing Act? Yes. Any employee of a covered financial institution who has never been registered or licensed through the NMLS as an MLO if, during the past 12 months, acted as an MLO for 5 or fewer residential mortgage loans.
NMLS Requirements: NMLA Classes, The SAFE / NMLS Licensing Exam, And How To Get An NMLS LicenseAfter 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.
About Mortgage Licensing, NMLS Certification And Continuing Education Requirements, And How To Get An NMLS LicenseIn order to meet the NMLS pre-licensing course and the 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.
