Mortgage Loan Originator’s License – required for an individual who, directly or indirectly solicits or offers to solicit a mortgage loan, accepts or offers to accept an application for a mortgage loan, negotiates or offers to negotiates the terms or conditions of a new or existing mortgage loan on behalf of a borrower or lender, processes a mortgage loan application, or negotiates or offers to negotiate the sale of an existing mortgage loan to a non-institutional investor for compensation or gain.
The most visible changes to the mortgage industry are the stringent licensing requirements today’s loan originators are held to and the SAFE Act which is designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for loan originators.
Pre-Licensure Education Requirements
Information about Getting Started from the NMLS Resource Center
New state-licensed MLOs are required to complete 20 hours of NMLS-approved education. This course covers topics required by the SAFE Act: Federal lending legislation (3 hrs), ethics (3 hrs), and nontraditional mortgage products (2 hrs). Also included are 10 hours of electives on key concepts, including financial disclosure, privacy protection, consumer I.D., and predatory lending protection laws; government loan programs; the SAFE Act; financial calculations; conventional loans and financing; loan processes, products, and finance instruments. This course concludes with Florida state-specific topics (2 hrs), including state licensing and business requirements, business requirements, prohibited activities, and potential disciplinary actions.
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