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Kentucky Pre-Licensing Education
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How to Get an NMLS Mortgage License in Kentucky
Getting your license to become a mortgage loan originator is a smart career move. You will play a pivotal role in a key sector of the economy. You can also enjoy a lot of work freedom. These steps will help you through the process of obtaining your Kentucky MLO license.
1. Apply to Get an NMLS Account and ID Number
To start the process of getting your Kentucky MLO license, you first need to apply for an NMLS account and associated ID number. To do so, go to the NMLS website.
2. Complete the Required NMLS Licensure Education
You will need to complete the 20 hours of pre-licensure education required in Kentucky.
3. Need to Pass Your NMLS Exam for Kentucky
Once you have your pre-licensure education complete, you need to pass the NMLS exam. Learn more about this requirement here.
4. Get a Background Check and Pay Your Licensing Fees
After the work of passing your licensing test is done, you will need to pay the necessary fees and pass a background check. The steps for doing so can be found here.
5. Apply to Get Your Kentucky Mortgage License
At this point, you will apply for your mortgage license in Kentucky. You can find the steps for this here.
6. Get Your NMLS Number Associated with Your Employer
You will then need to associate your NMLS number with your new employer. Until then, your account is in a pending state. Find out how to do that here.
Why Getting Your Kentucky Mortgage License Is a Good Move
It takes dedication to get your mortgage license in Kentucky, but you will be glad you did. A career as a mortgage loan originator is a rewarding one. You play a key role in a major part of our economy and in the lives of homebuyers.
Working as a mortgage loan originator offers you a great career path with plenty of benefits. You enjoy financial freedom as well as flexibility in your work. The financial independence of an MLO career is just a license away.
Mortgage Educators can help you prepare for your license exam with our pre-license education course bundles. We make the process as straightforward as possible.
Kentucky 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 Kentucky should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in Kentucky:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| Kentucky Application Fee | $50 |
| Total License Cost | $131.25 |
On an annual basis, Kentucky 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 |
| Kentucky 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 Kentucky is November 30th. MLO's in Kentucky 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 Kentucky mortgage license. For additional questions, feel free to call us at 801-676-2520 or email us at [email protected].
