Get Your Mortgage Loan Originator License in 2024!
Delaware Pre-Licensing Education
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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 Delaware
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Step 1 |
Step 2 |
Step 3 |
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Set Up an NMLS Account and ID Number |
Take NMLS Pre-License Education Courses |
Get a Passing Score on the NMLS Mortgage Licensing Exam |
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Getting a Delaware mortgage license starts by applying for an account and ID number with the Nationwide Multistate Licensing System & Registry (NMLS). You can do this by going to their website. |
The NMLS requires new state-licensed MLOs in Delaware to complete 20 hours of NMLS-approved education first. The instruction includes 12 hours of undefined education (electives), 3 hours of federal law, 3 hours of ethics, and 2 hours of non-traditional mortgage lending. |
Once you complete your education, you must schedule and pass your National Test Component exam. Here’s a guide on how to sign up for the SAFE NMLS test. |
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Step 4 |
Step 5 |
Step 6 |
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Pay Fees and Pass Background Checks |
Submit Your Application for the Delaware Mortgage License |
Connect Your Employer with Your NMLS Account |
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If you pass your exam, you can now get federally registered with the NMLS. The application process involves a background check and fingerprinting appointment, which you can learn more about here. |
After you pass the background check and finish the fingerprinting, you can apply for a Delaware NMLS license. The NMLS has a checklist of what you need to get licensed in the state of Delaware. |
Until you get an employer sponsorship, your Delaware mortgage license will remain pending. The government does this to ensure that your employer is supervising the license. You can use this guide on how to grant your company access to your NMLS account. |
Getting a Delaware Mortgage License
Getting a mortgage loan officer license in Delaware offers many benefits, such as a high earning potential—especially if you successfully make plenty of loans. You’ll also get to grow your personal and business network as you work with other people and meet more clients. It’s an excellent choice for social people who work diligently and are willing to learn more.
Becoming a licensed MLO in Delaware means complying with Delaware’s education requirements and passing the licensure exam. Our mortgage license courses meet the required credits and include test prep sessions so you can pass your exam with confidence.
Delaware 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 Delaware should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in Delaware:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| Delaware License Fee | $250 |
| Delaware Application Fee | $250 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| Total License Cost | $581.25 |
On an annual basis, Delaware 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 |
| Delaware 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 Delaware is December 1st. MLO's in Delaware 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 Delaware mortgage license. For additional questions, feel free to call us at 801-676-2520 or email us at [email protected].
Sign Up for Your Course Today
You can count on Mortgage Educators to give you the education you need to obtain your Delaware mortgage license! Get started today by purchasing your online bundle course or continuing education course.
