Get Your Mortgage Loan Originator License in 2024!
Arkansas Pre-Licensing Education
Starting at: $349 Now Only $239!
Use Promo Code: 20PEDEAL
Obtaining a mortgage license and becoming a mortgage loan originator involves a simple process in which you will need to complete your state-specific education requirements and take and pass a National exam. Once these two steps have been completed, you're well on your way to becoming a licensed Loan Originator!
How to Get an NMLS Mortgage License in Arkansas
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Step 1 |
Step 2 |
Step 3 |
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Sign Up on NMLS Online |
Take Required Classes |
Pass the NMLS License Exam |
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Getting an Arkansas mortgage license starts with signing up for an NMLS account online and being assigned your ID number. Click here to go to NMLS Website. |
To get your Arkansas MLO (mortgage loan originator) license, you’ll need to take 20 hours of NMLS-approved mortgage originator classes. |
Once you successfully complete your classes, schedule a time and date to take your National Test Component exam. See how. |
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Step 4 |
Step 5 |
Step 6 |
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Order a Criminal Background Check and Fingerprinting |
Complete an Arkansas Mortgage License Application |
Connect Your NMLS Account and Employer |
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When you pass your Arkansas mortgage loan officer license exam, you’ll also need to get the required background checks, a simple process explained here. |
With the above steps complete, you will fill out and turn in the final application, explained here. |
Your mortgage officer license will start in a “Pending” status. You must show that an employer is supervising you. Connect your NMLS account with your employer through these steps. |
The Benefits of an NMLS License in AR
When you start working as a licensed Arkansas mortgage officer, you’ll gain instant status in your community. People will come to you during major transitions in their lives, such as buying a new home, a vacation home, or an investment property. Plus, these are usually responsible, successful, interesting people to work with.
You’ll constantly be learning as an MLO. There are several steps to getting your license, but Mortgage Educators is committed to helping you complete your classes and get through the process fast. Get an AR education bundle, and you’ll be close to a successful, well-paying career.
Arkansas Frequently Asked Questions
In an effort to curb the predatory lending practices that led to the demise of the housing and residential mortgage industry in 2008, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) was enacted. This opened up a world of opportunity to those driven to attain an MLO license and then work hard to match people with loan products.
| Topic | Hours Required |
|---|---|
| Fair Lending, Ethics, Fraud, and Consumer Protection | 3 Hours |
| Federal Laws and Regulations | 3 Hours |
| Non-Standard Lending | 2 Hours |
| Undefined Electives | 12 Hours |
| Total 20 Hours | |
Although it hasn't been enacted, be on the look out for the PE expiration policy coming soon. It states - If you complete the required 20 hours of education but do not obtain your license for a 3-year period, you'll need to repeat the coursework. The same applies if you let your license lapse for 3+ years before you want to get back into the industry.
A “mortgage broker” refers to an individual or an organization that connects consumers with mortgage loans from a variety of companies. Mortgage brokers frequently employ loan officers. In contrast, a loan officer is an employee who regularly works with borrowers and provides loans that are originated by their employer. Brokers and loan officers need different types of licenses.
Earning your mortgage broker license in Arkansas should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in Arkansas:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| Arkansas Application Fee | $50 |
| Total License Cost | $131.25 |
On an annual basis, Arkansas MLO license holders must complete 8 total hours of Comprehensive Continuing Education that must cover:
| Topic | Required Hours |
|---|---|
| Federal Regulations and Law | 3 Hours |
| Ethics, including consumer protection, fair lending | 2 Hours |
| Non-Traditional mortgage lending | 2 Hours |
| Arkansas Specific Education | 1 Hour |
Remember to take into account the “successive years” rule, which prohibits loan officers from taking the same CE course two years in a row.
Mortgage Educators changes its continuing education course annually to ensure there are no issues with the successive years rule.
The deadline to complete CE in Arkansas is December 31st. MLO's in Arkansas are actually prevented from applying for license renewal until they have completed their CE.
Also, you'll have to pay a renewal fee of $50.
Mortgage Educators and Compliance is here to answer any additional questions you may have regarding your Arkansas mortgage license. For additional questions, feel free to call us at 801-676-2520 or email us at [email protected].
