Steps to Get Your NMLS License
1) Create an account on the NMLS Website: Learn how to make an account on the NMLS website and receive a unique identifying number which becomes your actual license number.
2) Register for NMLS Approved 20 Hour National Course
~Live Classroom (Info packed video sessions)
~Classroom Equivalent (CEQ) – LIVE Webinar
Online Instructor Led (OIL) – Video Instruction/electronic interaction with instructor
3) Register for State Specific Class
- Only 1 test for ALL states (National Exam with UST Component) Review the state test requirements
- loan officer license, you will need to take the NMLS National test component. This National test is made up of 125 questions, with just 115 that are scored. The testing fee is $110 and you will have a little more than 3 hours to finish the test.
- 1 Hour Arizona Class included when you purchase 20 Hour National class with an accredited school
- Additional state specific courses are offered through other companies
4) Pay for National Exam with Uniform State Test Component (UST) $110 paid to NMLS
5) Schedule National Exam on NMLS Website (Testing Center)
7) Pass National Exam (75%)
8) MU4 Form: Application (Complete and Submit on NMLS website)
9) Submit licensing fees (state specific and NMLS fees) on the NMLS website
10) Signed Credit Authorization and pay appropriate fees for a Credit Check and Background check on NMLS Website
11) Schedule and pay for electronic fingerprints through the NMLS website (Vendor is Fieldprint)
12) Wait roughly 2-3 weeks for the state to respond to the application with decision or requirements for additional information
On November 24, 2020 granted the mortgage loan originator temporary authority to operate (Temporary Authority) provisions of the Federal Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) went into effect. The primary goal of Temporary Authority is to streamline MLO licensing and minimize friction in lending nationwide by permitting qualified MLOs to apply to be temporarily authorized to work in the capacity as an MLO in states while in they are in the process of completing state-specific licensing requirements (for example, testing and education).
The following are the top ten things that you need to understand regarding Temporary Authority:
Temporary Authority is available in all states.
Temporary Authority is available to MLOs that are federally registered, but are changing employment from a depository institution to a state-licensed mortgage company, and to MLOs that are currently state licensed, but are looking to be licensed in additional states.
Temporary Authority only authorizes an individual to “act as a loan originator” in an application state. The Temporary Authority does not extend to authorize an MLO to do additional activities that a licensed MLO does.
To be eligible for Temporary Authority, the MLO’s company must be licensed in the application state, along with recognizing the MLO as a W-2 employee and sponsor the MLO in the NMLS. Temporary Authority is terminated once the mortgage company cancels or withdrawals its sponsorship of the MLO.
To be eligible for Temporary Authority, the MLO must be (1) federally registered as an MLO continuously during the one-year period preceding the date of application, or (2) state licensed as an MLO continuously during the 30-day period preceding the date of application.
With respect to the time frames above, a break in service is permitted, but it cannot be greater than 14 calendar days.
To be eligible for Temporary Authority, the MLO cannot have any disqualifying criminal or regulatory history (example, revoked license). Mortgage companies ought to thoroughly check individuals before sponsoring them as MLOs.
An eligible MLO can begin loan originator tasks under Temporary Authority starting on the date that he or she sends a complete license application or until one of the following occurs:
- The MLO withdraws the application
- The state denies or issues a notice of intent to deny the application
- The state grants the license
The application remains in an “incomplete” status 120 days following submission. After 120 days of your completed application and the state agency still has not made a decision on the application, Temporary Authority will continue in effect until the state agency makes a determination on the application.