Michigan Mortgage Loan Officer License Requirements
As a result of the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) of 2008, mortgage loan originators are required to complete a set list of requirements of both education and application in order to obtain a license to operate in their state. Below is a list of the requirements set forth by the SAFE Act and the state of Michigan for new loan officers applying for mortgage licenses:
Michigan New Mortgage License Education Requirements
New state-licensed Mortgage Loan Originators are required to complete 20 hours of SAFE pre-license education that includes:
- 3 hours of Federal law and regulations
- 3 hours of ethics, fraud, consumer protection, and fair lending issues
- 2 hours of non-traditional mortgage lending
- 10 hours of undefined instruction (electives)
- 2 hours of Michigan state-specific instruction
New Mortgage License Education does not count towards annual CE credits. MLOs are also advised to not retake any 20 hour new license education course unless otherwise directed by a state regulator.
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Michigan Continuing Education Requirements
Every Michigan state-licensed Mortgage Loan Originator is required to complete:
- 8 hour Continuing Education course
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 no issues with the "successive years" rule.
Additional questions?
Mortgage Educators and Compliance is here to answer any additional questions that you may have in regards to your Michigan mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at 20hour@MortgageEducators.com.
Get Your Mortgage Loan Originator License in 2024!
Maine 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 Maine
Follow these six steps to get your mortgage license in Maine:
|
Step 1 |
Step 2 |
Step 3 |
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Obtain Your NMLS Account and ID Number |
Take Required Pre-License Classes |
Pass Your NMLS Licensing Exam |
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Your NMLS online account is your hub for your entire licensing process. Set it up on the NMLS website. |
You’ll need 20 hours of NMLS-approved instruction before you can apply for your Maine mortgage license and take your exam. |
You’ve passed your classes. You understand mortgage lending now. Schedule your NMLS exam. and get ready to ace it. |
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Step 4 |
Step 5 |
Step 6 |
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Pay for Background Screening |
Apply for a Maine MLO License |
Link Your Office to Your NMLS Account |
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Pay for your fingerprinting and background checks. We explain more about the screening process here. |
You’ve passed your exam? Of course you have! Compile all your documentation from the steps above, and apply for your license. |
As soon as you have a job, add your employer sponsorship to your NMLS online account. That will bump your license out of “pending” status to “active.” |
Getting Your Mortgage License in Maine
The requirements for earning your license can be daunting, so you need to be determined. Assume you are going to succeed, find your sources of motivation, and hold onto the vision of serving home buyers in your community.
Your mortgage license in Maine will open a dynamic career for you. One day you’ll be helping a young couple buy their first modest home, another you’ll be financing a mansion. You’ll serve fast-food workers, politicians, pastors, and many others.
Plus, Mortgage Educators is experienced in helping people like you become an MLO in Maine. We’ll take you through each section of the license education materials until you have your dream career.
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.
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. Although this hasn't yet been enacted in Maine, be on the look out for when it does.
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 Maine should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in Maine:
On an annual basis, Maine MLO license holders must complete 8 total hours of Comprehensive Continuing Education that must cover:
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.
Mortgage Educators and Compliance is here to answer any additional questions you may have regarding your Maine mortgage license.
For additional questions, feel free to call us at 801-676-2520 or email us at 20hour@mortgageeducators.com.
Maine Frequently Asked Questions
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
NMLS Fees
NMLS Initial Processing Fee
$30
Credit Report
$15
FBI Criminal Background Check
$36.25
Maine Application Fee
$20
Total License Cost
$101.25
Topic
Required Hours
Federal Regulations and Law
3 Hours
Ethics, including consumer protection, fair lending
2 Hours
Non-Traditional mortgage lending
2 Hours
Maine Specific Education
1 Hour
The deadline to complete CE in Maine is December 31st. MLO's in Maine are actually prevented from applying for license renewal until they have completed their CE.
Also, you'll have to pay a renewal fee of $20.
Get Your Mortgage Loan Originator License in 2020!
Alabama 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 Alabama
1. Fulfill all state and federal education requirements as designated by your state agency. (20 Hr SAFE Course)
2. Schedule, study for and pass your national mortgage exam.
3. Apply for the MLO License: Complete and submit your MU4 through the NMLS including, paying the licensing fee, completing a criminal background check and an authorized credit report.
Mortgage Broker vs. Mortgage Loan Officer in Alabama – What’s the difference?
Mortgage brokers and mortgage loan officers are often confused with each other. Because of this, most people looking to get a mortgage broker’s license are actually looking for a mortgage loan officer’s license. So what is the difference?
Generally speaking, a mortgage broker is a company that employs mortgage loan officers. The loan officers are employed by the broker to originate loans for home buyers when they are looking for a loan for their mortgage.
So what kind of courses do I need to do to get started on my Alabama Mortgage license?
Alabama requires 20 hours of NMLS approved mortgage education. Mortgage Educators & Compliance offers the National course with a National SAFE test prep in a low price bundle of $239 that includes a comprehensive test prep to help you score well on the NMLS National Test with UST component.
New mortgage license education, or "pre-license education" must be completed in either a live classroom or online instructor-led format.Mortgage Educators & Compliance provides these courses weekly in an Online Instructor-Led (OIL) format. These courses are presented by instructors via pre-recorded video with slideshow presentations. Courses are broken up into chapters comprised of 5 minute sections and quizzes that make up the overall education course. At the end of the course, students should expect a short test to check for comprehension. All hours are reported to the NMLS upon completion by Mortgage Educators & Compliance.
Additional Questions?
Mortgage Educators and Compliance is here to answer any additional questions that you may have in regards to your Alabama mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at 20hour@MortgageEducators.com.
Get Your Loan Officer License for Illinois With Mortgage Educators
As a result of the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) of 2008, mortgage loan originators are required to complete a set list of requirements of both education and application in order to obtain a license to operate in their state. Below is a list of the requirements set forth by the SAFE Act and the state of Illinois for new loan officers applying for mortgage licenses:
Illinois New Mortgage License Education Requirements
New state-licensed Mortgage Loan Originators are required to complete a 20 hour SAFE pre-licensure education course that includes:
- 3 hours of Federal law and regulations
- 3 hours of ethics, fraud, consumer protection, and fair lending issues
- 2 hours of non-traditional mortgage lending
- 12 hours of undefined instruction (electives)
New Mortgage License Education does not count towards annual CE credits. MLO's are also advised to not retake any 20 hour new license education course unless otherwise directed by a state regulator.
The NMLS-approved All-In-One bundle for new loan officers!
This bundle is now available at discounted rate of $349 $239
Use Coupon Discount Code: "20PEDEAL"
For questions about ordering or other information, call (801) 676-2520
Illinois Continuing Education Requirements
Every state-licensed Mortgage Loan Originator is required to complete:
- 8-hour Continuing Education course
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 no issues with the "successive years" rule.
Additional questions?
Mortgage Educators and Compliance is here to answer any additional questions that you may have in regards to your Illinois mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at 20hour@MortgageEducators.com.
Get Your Mortgage Loan Originator License in 2024!
Rhode Island Bundle
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Obtaining a mortgage license and becoming a Rhode Island loan officer is very simple, but it’s not for everyone. It takes a willingness to learn the basic ins and outs of the industry as well as a desire to work hard. The mortgage industry is a great one to get into and it provides a lot of flexibility. If you like to work hard, you are a people person, and you have a desire to learn, becoming a mortgage loan officer is the perfect choice for you.
How to Get an NMLS Mortgage License in Rhode Islandd
1. Fulfill all state and federal education requirements as designated by your state agency. (17+3 Hr RI)
2. Schedule, study for and pass your national mortgage exam.
3. Apply for the MLO License: Complete and submit your MU4 through the NMLS including, paying the licensing fee, completing a criminal background check and an authorized credit report.
Rhode Island 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 |
| Rhode Island Specific Education | 3 Hours |
| Total 20 Hours | |
Although it hasn't been enacted yet, be on the lookout for the PE expiration policy that's coming in Rhode Island. 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 Rhode Island should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in Rhode Island:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| Rhode Island License Fee | $600 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| Total License Cost | $681.25 |
On an annual basis, Rhode Island 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 |
| Rhode Island 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 Rhode Island is December 31st. MLO's in Rhode Island 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 Rhode Island mortgage license. For additional questions, feel free to call us at 801-676-2520 or email us at 20hour@mortgageeducators.com.
