Mortgage Requirements 2019-11-04T23:36:54+00:00

MORTGAGE LICENSE REQUIREMENTS

Complete Your 20 Hour S.A.F.E. Education Course by Your Choice: LIVE or ONLINE!

HOW TO BECOME A MORTGAGE LOAN ORIGINATOR:

Mortgage Education Requirements

In 2008 the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) placed a requirement that mortgage loan originators (MLOs) complete a pre-license education course. In order to meet this requirement, all state-licensed MLOs must complete  20 hours of NMLS-approved education which includes the following:

  • Three hours on Federal law and regulations
  • Three hours of ethics
  • Two hours of treaining related to lending standards for the nontraditional mortgage market
  • Twelve hours of undefined instruction on mortgage origination

While the SAFE Act requires NMLS to approve pre-licensure and continuing education courses, it is individual state law that compels mortgage loan originators to take the pre-licensure and continuing education as a requirement for state licensure.

Many state agencies require that pre-licensure education be complete prior to submitting an application through NMLS. The NMLS provides information concerning education requirements and administers the process for completing it, but state-licensed MLO’s should refer to their state agencies regarding the specific details associated with meeting the education requirements.

Mortgage Exam Requirements

In addition to completing the required education, all applicants for a state-approved mortgage license will need to take and pass the SAFE MLO national test including the Uniform State Test (UST) or state component.

The exam consists of 125 multiple-choice items and covers a variety of topics related to the mortgage industry.

Of course, while completing your education requirements with Donaldson you can expect to cover and learn much of what is covered on the exam! The course and content on the exa, by in large, go hand-in-hand.

For more on the testing requirements you can visit the NMLS resource center on the testing requirements by clicking here.

 
DONALDSON’S MORTGAGE PRE-LICENSE PROGRAM MEETS ALL REQUIREMENTS!  
 

THE LICENSING PROCESS: A STEP-BY-STEP GUIDE

Step 1: Complete your 20-Hour SAFE Comprehensive Education Course. For information on upcoming Donaldson classes click here for schedules.  If you have any questions about upcoming classes or online courses, you may also call one of our Customer Service Representatives at 504-456-1785 who will be happy to walk you through the process!

Step 2: If not completed already, register for and complete the online process to obtain an NMLS ID number. For information on how to do so, click here for a guide from NMLS.

Step 3: Register for the SAFE Mortgage Originator exam and record a passing score.

Step 4: Complete a license application and meet additional requirements as set forth in your state. For a complete list of specific application requirements in your state CLICK HERE for the NMLS state-by-state guide on licensing.