Get Your Mortgage Loan Originator License in 2024!
North Dakota 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 North Dakota
Are you interested in becoming a mortgage loan originator (MLO)? The process is straightforward and easy to complete, as long as you follow all the steps outlined in this article. Here’s an overview of the process of obtaining your mortgage license in North Dakota.
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Step 1 |
Step 2 |
Step 3 |
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Apply for an NMLS Account and ID |
Finish Your Pre-Licensure Education |
Take the Mortgage Licensing Exam |
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Obtaining your North Dakota mortgage license starts by registering an NMLS account and ID number at the NMLS website. |
New state-licensed MLOs in North Dakota must complete 20 hours of NMLS-approved education courses. |
Once you’ve completed your education, you’ll need to pass the National Test Component exam. Here’s how you can take the NMLS exam. |
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Step 4 |
Step 5 |
Step 6 |
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Complete the Background Check and Pay the Licensing Fees |
Register for a North Dakota Mortgage License |
Link Your NMLS Account with Your Employer |
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After you pass your NMLS exam, you’ll need to undergo a background check and pay your licensing fees. We’ve provided a guide on how to get your NMLS background checks done. |
You can now finish signing up for your license. Use the NMLS checklist to ensure you include all of the mortgage license requirements in North Dakota. |
Your North Dakota MLO license will remain pending until you get an employer sponsorship. A sponsorship informs the state that an employer is overseeing your license. However, you’ll first need to give your company access to your NMLS account. |
Getting a Mortgage License in North Dakota
Becoming a mortgage loan originator or MLO in North Dakota could be the key to a successful, exciting career with opportunities to build connections and have a secure future. But getting a license takes time, hard work, and commitment.
We aim to make your journey as convenient as possible. We have MLO education course bundles that comply with North Dakota’s licensure credit requirements. The package also includes comprehensive prep tests to gauge further your knowledge and better help you pass your NMLS exam.
North Dakota 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 North Dakota should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in North Dakota:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| North Dakota Application Fee | $25 |
| North Dakota Registration Fee | $50 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| Total License Cost | $156.25 |
On an annual basis, North Dakota 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 |
| Undefined Elective | 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 North Dakota is December 31st. MLO's in North Dakota 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 North Dakota mortgage license. For additional questions, feel free to call us at 801-676-2520 or email us at [email protected].
Get Started with Your Course Today!
Mortgage Educators & Compliance is here to help you reach your goal of becoming a licensed MLO in North Dakota. Begin your education today by purchasing your online course on our website!
