Get Your Mortgage Loan Originator License in 2024!
Pennsylvania Bundle
Starting at: $399 Now Only $269!
Use Promo Code: PAPEDEAL
Licensed in another state and want to add Pennsylvania?
Now Only $74.98!
Use Promo Code: PAPE75
How to Get an NMLS Mortgage License in Pennsylvania
Are you wondering how to become a loan officer in Pennsylvania? Here’s a step by step guide to help obtain your NMLS license in Pennsylvania.
|
Step 1 |
Step 2 |
Step 3 |
||||||||
Get an NMLS Online Account and ID Number |
Complete Required PA MLO License Classes |
Take and Pass Your NMLS Mortgage Licensing Exam |
||||||||
To start the process of getting your NMLS license in PA, sign up for an online NMLS account, getting an ID number. |
To obtain a PA NMLS license, you must take 20 hours of NMLS-approved classes on general mortgage originator topics, which includes 3 hours of classes focused on Pennsylvania. |
When your classes are completed satisfactorily, set up an appointment to take your National Test Component exam. Explore the process here. Also take a look at the NMLS MLO testing handbook. |
||||||||
Step 4 |
Step 5 |
Step 6 |
||||||||
Submit to Criminal Background Checks and Fingerprints |
Complete a Pennsylvania Mortgage License Application |
Coordinate Your NMLS Account With Your Employer |
||||||||
If you have passed your PA loan officer license exam, the next step is to complete background checks. See how here. |
After receiving a passing score on your NMLS mortgage exam, you need to apply for your PA NMLS license. You can find more information on this step here. |
To get your mortgage license out of the pending status, you must connect your online NMLS account with your employer sponsorship. Learn to complete this process here. |
The Benefits of an NMLS License in PA
Working under a PA loan officer license will connect you with fascinating and successful individuals who live in your community. You will be the one helping them in a major turning point in life: buying a home or other property. Be prepared for a career of constant learning and serving a variety of people.
It may seem like there are many hurdles to getting your PA NMLS license. But we are experienced in making it simple for motivated individuals like you. You can get an education bundle from us that takes you through your 20 hours of required education systematically. You can also take a practice test to know that you’re truly prepared. Mortgage Educators is committed to helping you enter an exciting, lucrative career.
Pennsylvania 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 | 9 Hours |
| Pennsylvania Specific Education | 3 Hours |
| Total 20 Hours | |
Although it hasn't been enacted yet, look out for the PE Expiration Policy that's 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 Pennsylvania should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in Pennsylvania:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| Pennsylvania License/Registration Fee | $200 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| Total License Cost | $275.25 |
On an annual basis, Pennsylvania 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 |
| Pennsylvania 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 Pennsylvania is December 31st. MLO's in Pennsylvania are actually prevented from applying for license renewal until they have completed their CE.
Mortgage Educators and Compliance is here to answer any additional questions you may have regarding your Pennsylvania mortgage license. For additional questions, feel free to call us at 801-676-2520 or email us at [email protected].
