Getting A Mortgage Loan Originator License

If you want a lucrative career in the mortgage industry as an MLO (mortgage loan originator), your first step should be to get a mortgage loan originator license before setting up practice in a state. This post will take you through the finer points of how to go about getting one.

Click here to learn more about getting a mortgage loan originator license.

First, ensure that you are at least 18 years old and a citizen of the USA. Now, visit the National Mortgage Licensing System (NMLS) portal and open an account. The ID allotted to you will remain valid throughout your career as an MLO.

Go through the 22 hours of the mortgage pre-licensing course. This is a critical step to getting a mortgage loan originator license. The course consists of 20 hours of national section and 2 hours of state-specific section that deals with the laws and regulations prevailing in the state only.

Make sure that the course provider is on the NMLS-approved list to be counted as fulfilling an educational criterion to appear for the SAFE licensing test. Further, preferably choose an online course over a classroom setting as you can download course materials on any Internet-enabled device and study on the go.

Check out the online MLO course from RealEstateU. Apart from its high quality, it is very affordable too.

Submit fingerprints electronically for verification of past criminal records. 

Next, visit the NMLS portal and schedule the SAFE test. On exam day, score at least 75% to crack the test. On the same website, apply now for an MLO license paying the required fee.

Find a lender to sponsor you. Once your employment status is verified by NMLS, an active mortgage loan originator license will be issued to you.