Education From NMLS Mortgage School
- 3 hours of Federal law and regulations
- 3 hours of ethics, including instruction on fraud, consumer protection, and fair lending issues
- 2 hours of training related to lending standards for the nontraditional mortgage product marketplace
- The remaining 12 hours can be relevant electives.
Pass the NMLS National 125 Questions Exam
Take and pass the NMLS National Test. This exam tests the competency of candidates to operate as a mortgage loan originator. It includes both national and state components. If you fail, you must wait 30 days before retaking it. If you fail three times, you must wait 180 days.
Submit a criminal background check. This includes fingerprinting so your information can be run through FBI criminal databases.
Undergo a credit check. A history of unpaid debts or bankruptcy might not prevent you from becoming an MLO, but you must demonstrate fiscal responsibility.
While not always required, some states may require some mortgage-related work experience.
Maintain Your License
|State||Branch $:||MLO$:||Distance Requirement:||Pre-Licensing Hours|
|Arizona||$500||$350||Reasonable distance. Can work from home, but can’t meet customers at home unless licensed as a branch.||4|
|California-DBO||$20||$330||Case by case basis.||2|
|Connecticut||$520||$330||Case by case basis.||1|
|District of Columbia||$1,320||$330||None||3|
|Georgia||ONLY IN STATE REQ $350||$130||None. But can’t advertise a home address|
|Illinois||ONLY IN STATE REQ $250||$230||Must be supervised a few times a week. If home is licensed as a branch, business cards can’t have the address.|
|Kansas||$320||$130||90 miles. Can’t work from home.|
|Kentucky||$420||$80||No more than a hour.|
|Maine||$140||$50||Must work from a supervised location|
|Maryland||$1,120||$409||75 mile distance requirement, CAN’T WORK FROM HOME!||5|
|Minnesota||ONLY IN STATE REQ $20||$120||None||TEST|
|Nebraska||$20||$180||Reasonable distance. Can work from home, but must license it as a branch.||2|
|Nevada||$520||$240||50 miles, must contact NMLS if working from home.||4|
|New Jersey||$1,020||$180||90 miles. To work from home, must license the home as a branch.||4|
|New Mexico||$520||$430||No distance requirement, but if working from home, must license the home as a branch.||3|
|North Carolina||$320||$330||90 miles||4|
|Ohio||$520||$180||90 miles. To work from home, must license the home as a branch.||4|
|Oregon||$350||$110||50 miles, or to work from home, must license the home as a branch||4|
|South Carolina||$170||$80||75 miles||TEST|
|Washington||$604.46||$155||TBA||TEST and 4 hours|
|West Virginia||$1,350||$80||75 miles||2|