NMLS FAQ
- What is required to apply for the Mortgage Loan Originator (MLO) License?
- How does the Mortgage Loan Originator Pre-Licensing Classroom Course differ from the Pre-Licensing Online Course?
- What happens if I do not pass my SAFE National test?
- What disqualifies you from getting a Mortgage Loan Originator License?
- When I submit my Mortgage Loan Originator (MLO) license application MU4 Form to NMLS, what are they looking for on my credit report?
- I want to submit my Mortgage Loan Originator (MLO) application. Where do I start?
What is required to apply for the Mortgage Loan Originator (MLO) License?
Requirements vary state-by-state, but minimum requirements include:
- Completion of a 20 Hour MLO Pre-Licensing Course.
- Passing of the National MLO Test
- NOTE: You must be licensed in each state in which you will be conducting business.
- Submission of an application through the Nationwide Mortgage Licensing System (NMLS), which will include payment of application fees, a credit report and criminal background check.
Larson Educational Services specializes in Mortgage Loan Originator licensing in the state of Florida.
How does the Mortgage Loan Originator Pre-Licensing Classroom Course differ from the Pre-Licensing Online Course?
The difference between classroom education and online education is quite significant.
Classroom Courses
With our classroom courses you will be taught by professionally trained instructors who are not only experts in the mortgage industry, but they also understand how to prepare you for success on the exam. In a classroom setting you are able to ask questions, get clarification on subject matter that you may not understand, network with other professionals and HAVE FUN!
We understand that "going back to school" is not at the top of your to-do list, so we make sure you have a comfortable learning environment that is geared toward your comfort, and our interactive and energetic instructors make sure you have an enjoyable experience. Our reputation for high-quality classroom experiences is the reason why we are the market leader in Florida mortgage education.
Online Courses
The online courses are geared toward those individuals who have previous mortgage experience, have been licensed in another state or are very comfortable in an online learning environment. Online learning is not right for everyone, but it can be a very convenient way to complete the required education.
Please call us at (239) 344-7510 if you have further questions about the difference between classroom and online education or need guidance in making a selection.
What happens if I do not pass my SAFE National test?
In the event you do not successfully pass a SAFE test, you are required to wait a certain period of time before being allowed to re-test. The NMLS re-testing policy is such:
- 1st fail = 30 day wait period
- 2nd fail = 30 day wait period
- 3rd fail = 180 day wait period (6 months)
If you fail a 4th time, you would fall into a new re-test cycle beginning with a 30 day wait period.
What disqualifies you from getting a Mortgage Loan Originator License?
Licensure is barred during “disqualifying periods” due to prior criminal convictions of, or guilty or nolo contendere pleas by, any control persons, regardless of adjudication.
- Disqualifying period provides that an applicant is not eligible for licensure until the expiration of the disqualifying period
- The disqualifying periods established do not give an applicant a right to licensure after any set period of time.
- Class A Crime: Permanent bars for felonies involving fraud, dishonesty, breach of trust, or money laundering involving moral turpitude;
- Class B Crime: A 15-year disqualifying period for felonies involving moral turpitude (mitigating factors may allow dropping a maximum of 3 years = 12 year disqualifying period)
- Murder in all degrees.
- Arson.
- Sale, importation, or distribution of controlled substances (drugs); or possession for sale, importation or distribution.
- Aggravated Assault (e.g., as with a deadly weapon).
- Aggravated Battery (e.g., as with a deadly weapon).
- Rape.
- Sexually molesting any minor.
- Sexual battery.
- Battery of or threatening a law enforcement office or public official in the performance of his/her duties.
- Kidnapping.
- Video Voyeurism.
- Class C Crime: A 7-year disqualifying period for all other felonies; and
- Class D Crime: A 5-year disqualifying period for misdemeanors involving fraud, dishonesty, or any other act of moral turpitude.
- Multiple Class B, Class C or Class D crimes wait 5 years longer per crime
When I submit my Mortgage Loan Originator (MLO) license application MU4 Form to NMLS, what are they looking for on my credit report?
NMLS will perform a cursory review of the credit report and flag the applicant based on the following items:
- bankruptcies filed within the last 10 years
- current outstanding judgements (except judgements solely as a result of medical expenses)
- current outstanding tax liens or other governmental liens and filings
- has current Collection Accounts or a history of Collection Accounts
- foreclosures within the past 3 years
- three or more accounts currently more than 90 days past due
- multiple Social Security Numbers attached to the individual's name
- no credit history
- currently in the appealing any credit items
- delinquent child support payments