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 NMLS Requirements

Pre-Licensing: Min 20 Hours
Continuing Ed: Min 8 Hours



Frequently Asked Questions
MLO SAFE Compliant Requirements – Updated: 01/06/2014

Nationwide Mortgage Licensing System and Registry

OVERVIEW

The Housing and Economic Recovery Act of 2008 (H.R. 3221) was signed into law by President Bush on July 30, 2008. Title V of the Act, the Secure and Fair Enforcement (S.A.F.E) for Mortgage Licensing Act of 2008 outlines the registration and education nationally for mortgage loan originators. The S.A.F.E Act mandates that all loan originators be licensed through the Nationwide Mortgage Licensing System and Registry (NMLS) which establishes uniform minimum national standards for testing, pre-licensing and continuing education. The NMLS streamlines the licensing process for both regulatory agencies and the mortgage industry by providing a centralized and standardized system for mortgage licensing and all requirements. While the S.A.F.E. Act requires NMLS to fulfill certain responsibilities associated with providing educational services or ensuring background checks are completed, it is individual state law that determines when a state-licensed (Mortgage Loan Originator) MLO is required to take the SAFE Mortgage Test, complete pre-licensure or continuing education training, and when state-licensed MLOs are required to complete their background checks.

State-licensed MLOs should refer to the State Licensing Resource Page regarding schedules for completing each of the professional requirements.

S.A.F.E. ACT EDUCATION REQUIREMENTS

 

Pre-Licensing

In order to meet pre-licensure continuing education requirements, state-licensed MLOs must complete a minimum of 20 hours of NMLS approved education that includes the following topics:

  • Three (3) hours of federal law and regulations
  • Three (3) hours of ethics, this shall include instruction on fraud, consumer protection, and fair lending issues
  • Two (2) hours of training related to lending standards for the nontraditional mortgage product marketplace; and
  • Twelve (12) hours of undefined instruction on mortgage origination
  • Warning: Your state may have additional state specific PE requirements

Continuing Education

For annual CE, the SAFE Act requires state licensed MLOs to complete a min. of 8 hours of NMLS-approved education that includes the following topics:

  • Three (3) hours of federal law and regulations
  • Two (2) hours of ethics that shall include instruction on fraud, consumer protection, and fair lending issues
  • Two (2) hours of training related to lending standards for the nontraditional mortgage product market
  • One (1) hour of undefined instruction on mortgage origination
  • Warning: Your state may have additional state specific CE requirements

TESTING

The S.A.F.E. Act requires state-licensed MLOs to pass a written qualified test developed by the NMLS and administered by an approved test provider. The SAFE Test includes two components: a National Component with UST content and a Unique State Component for states that have not addopted the Uniformed State Test content. A Mortgage Loan Originator (MLO) wishing to satisfy the SAFE test requirements for licensing in any given state or jurisdiction, must pass each component with a test score of not less than 75 percent correct answers to questions. MLOs wishing to seek licensing in more than one state or jurisdiction must pass the Unique State Component test for any state that has not adopted the Uniformed State Test content.

Please contact Prometric for exam scheduling.

Prometric: www.prometric.com/nmls 1-877-671-6657

 

Exam Re-takes

The candidate has 3 attempts to pass the exam with 30 days between each failed attempt. If the candidate fails the 3rd attempt they must wait 6 month prior to taking the exam again.

The following test administration fees are in effect for the SAFE Act Mortgage Loan Originator Test:

  • National Component with UST content - $110.00
  • Each Unique State Component - $69.00

NMLS APPROVED DELIVERY METHODS

Pre-Licensing

  • Classroom
  • Classroom Equivalent (Webinar)
  • Online Instructor Led

Continuing Education

  • Classroom
  • Classroom Equivalent
  • Online Instructor Led
  • Online Self Paced
 
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