Frequently Asked Questions (FAQ's) - Mortgage Loan Originator (MLO) Pre-Licensing Education

Important Information:

Regulatory Compliance: The NMLS (Nationwide Multistate Licensing System) mandates MLOs to adhere to the requirements of the SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act). This involves meeting national Pre-License education standards for obtaining a mortgage license.

Steps to Become a Mortgage Loan Originator (MLO):

Obtain NMLS Account and Number: Set up your NMLS account and obtain your unique NMLS number to obtain account go to NMLS.org.

Complete 20 Hours Pre-Licensing Education: Fulfill the required 20 hours of pre-licensing education. Check NMLS.org for state-specific education requirements.

Take the SAFE MLO Exam: Pass the SAFE MLO Exam with a score of 75% or higher.

Background Check and Fees: After passing the exam, undergo a background check and pay associated fees.

Complete MU-4: Once the exam is passed, complete the MU-4 form.

Final Step - Sponsorship: Secure sponsorship to finalize the licensing process

Cost Breakdown:

National Test: $110.00

NMLS Processing Fee: $130.00

Credit Report: $15.00

Criminal Background Check: $36.25

State License Fee: Varies for each stat

NMLS 20 Hour Pre-Licensing Syllabus:

Three hours (3) - Federal and Regulations