A good Mortgage Loan Originator tends to have an outgoing personality and a desire to be helpful. Mortgage Loan Originator must also be able to explain financial concepts and provide clients with information on how a mortgage works and what clients can do to improve their credit and become eligible for better mortgage rates. Mortgage Loan Originator don’t just want to change lives — they want to change the world!
Complete all the required courses to earn your SAFE Mortgage Loan Originator License with live instruction at a cost that can’t be beat!
To learn more about the personal and professional benefits a career as a Mortgage Loan Originator contact at (888) 512-CORE.
When you choose The College of Real Estate as your Mortgage Loan Originator school, you choose a team of individuals invested in your success at becoming a Mortgage Broker. Our expertise in the licensing requirements and our dedication to your success will provide you with all of the tools you need to be successful in your new career.
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) requires that state-licensed mortgage loan originators (MLOs) complete pre-licensure education. In order to meet pre-licensure education requirements state-licensed MLOs must complete 20 hours of NMLS approved education which include the following:
For annual pre-licensure education, the SAFE Act requires state-licensed MLOs to complete:
a. Three hours of Federal law and regulations;
b. Three hours of ethics that shall include instruction on fraud, consumer protection, and fair lending issues;
c. Two hours of training related to lending standards for the nontraditional mortgage product market; and
d. 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. 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.
The SAFE Act requires that California Mortgage Loan Originators complete 20 hours of NMLS approved basic education before receiving an NMLS endorsement. This course satisfies that requirement.
This course covers:
- 3 hours of Federal Lending Legislation
- 3 hours of Ethics
- 2 hours of Non-Traditional Mortgage Products
- 12 hours of General Elective Topics on key concepts including: Federal Regulations, Privacy Protection, Consumer ID, and Predatory Lending Protection Laws, Government Loan Programs, the SAFE Act, and Financial Calculations
An NMLS MLO license endorsement will carry a nationwide identification number known as a “unique identifier” which will be assigned by the NMLS. The term and license identification number of the “base” real estate license will not change.
Every MLO Applicant must take the 125 question National Exam. The exam is relatively standard. It includes 125 computer-generated, multiple-choice questions that must be answered within three hours and originators must achieve a passing score of 75 percent or better.
According to the NMLS, between July 30, 2009, and this past December 2016, the pass rate for first-time national-component test- takers was 69 percent. If you fail, you must wait 30 days after each of your first four attempts to retake the test and six months after that.
For more information about the exam and state application click here.
STARS & STRIPES TUTION
Active Duty Military Personnel, Veterans, any member of Law Enforcement & Firefighters, receive special tuition fees.