How do you get a national mortgage license?


Quick Answer

To obtain a mortgage license, first find out the state requirements for the state in which the license is desired, explains the Nationwide Mortgage Licensing System. The exact requirements for a license vary by state. Print the correct checklist, and collect the required documents. Next, collaborate with your company to determine if the company is submitting the first application form on your behalf. The company or person who completes the first application is responsible for submitting the application payment.

Continue Reading

Full Answer

The next step in obtaining a mortgage license is to create an online account in the Nationwide Mortgage Licensing System, or NMLS. To learn how to use the NMLS, use the available resources such as the professional standards and quick guides, reports the NMLS.

If your company is submitting the first application on your behalf, log into the NMLS once the form is submitted to verify the form's accuracy, notes the NMLS. If you are submitting the first application, log in to the NMLS and choose the desired jurisdictions for which you wish to be licensed. Complete the application, and submit it with the necessary fees to the appropriate regulator. Keep your user identification and password to access your account. Mortgage licensees can enroll in tests, change companies, update personal records, and renew a license through an online account.

In 2013, the NMLS introduced the Uniform State Test. This is a new component of the required national test, explains the NMLS. When a state chooses to adopt this new component, mortgage license applicants are required to pass this component along with the national test. To receive a license in a state that has not adopted this component, the applicant must pass the national test along with the state-specific test components.

Learn more about Credit & Lending

Related Questions