What to Do After Passing the NMLS Exam
Congratulations on successfully completing your Pre-Licensing education and acing your National Exam! You’ve achieved a significant milestone in your journey to becoming a licensed Mortgage Loan Originator (MLO). Now you might be wondering what to do after passing the NMLS exam. “What’s next?” Well, you’re in the right place. We’re going to walk you through the steps you need to take after passing the NMLS exam to become a licensed MLO.
You may also review the information in video format if you prefer by clicking here.
Apply for Your Mortgage Loan Originator License
Once you’ve passed your national exam, the next crucial step is to apply for your Mortgage Loan Originator license through the NMLS website. Make sure to gather all the necessary State Licensing Requirements documents for your specific state before starting your application. Some employers may cover or reimburse your application fees, so it’s worth checking with them beforehand.
Complete the Application Process
Head over to the NMLS website and apply within your account. Depending on your state or employer, you may need to fill out and submit an Individual Form (MU4) after completing your coursework and SAFE MLO Test. Specify the jurisdictions where you wish to be licensed, pay the required fees, and submit your application to the relevant regulators. Keep track of your application status through your NMLS account—you can’t practice as an MLO until your license is approved.
Understand the Regulatory Requirements
The SAFE Mortgage Licensing Act of 2008 established national standards for MLO licensure to regulate the mortgage industry and protect consumers. As part of this process, you’ll need to submit fingerprints for a criminal background check and authorize the NMLS to obtain an independent credit report. Be prepared to pay the necessary fees for these checks.
Pay State and NMLS Fees
In addition to the processing fees, you’ll also need to pay your state’s required licensing fee and the NMLS processing fee. State fees vary, so be sure to check your state’s application checklist for the specific costs. You can also find this information on our website under the state licensing tab.
In addition to the above fees you’ll need to complete a criminal background check, submit your fingerprints, as well as authorize a credit report check.
For more details on these processes and fees be sure to watch the videos linked at after this post.
Obtain Sponsorship from a State-Licensed Employer
To complete your journey to becoming a licensed MLO, you’ll need sponsorship from a state-licensed employer, confirming that your activities are supervised. Ensure that your employer has access to your NMLS record to initiate the sponsorship process. The first sponsorship request is free, but subsequent requests may incur fees for the company.
Seek Guidance and Support
Navigating the process of becoming a licensed Mortgage Loan Originator can be complex, but you don’t have to do it alone. If you have any questions or need assistance along the way, don’t hesitate to reach out to us. We’re here to provide clarification on licensing requirements, connect you with potential employers, and offer guidance to help you thrive in this dynamic field.
Conclusion
Becoming a licensed Mortgage Loan Originator is a significant accomplishment that opens doors to a rewarding career. By following these steps and seeking support when needed, you’ll be well on your way to launching a successful career in the mortgage industry. Remember, we’re here to support you every step of the way. Reach out today, and let’s continue on this exciting journey together!
Don’t forget to explore the helpful informative videos provided below for more insights into the steps to becoming a licensed MLO.