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Obtaining a mortgage license and becoming a Ohio 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.
Additional General Electives
Ohio requires 20 hours of general elective that cannot be fulfilled using any other state specific electives. For your convenience, MEC offers both a 2 hour and 4 hour general elective course to fulfill the required education.
How to Get an NMLS Mortgage License in Ohio
1. Apply for your NMLS Account and ID Number
The first step to getting your Ohio mortgage license is applying for an NMLS account and ID number. To do so, go to the NMLS website.
2. Complete your NMLS Pre-License Education
Ohio requires new state-licensed MLOs to complete 24 hours of NMLS-approved education. This includes 3 hours of Federal law, 3 hours of ethics, 2 hours of non-traditional mortgage lending, 12 hours of electives, and 4 hours of Ohio specific law.
3. Need to Pass the NMLS Mortgage Licensing Exam
With your education complete, you need to schedule an appointment for the National test with UST content. Find out more on how to take your NMLS test here.
4. Complete Background Checks and Pay All Fees
To finalize your application and receive your license, you’ll need to pay several non-refundable fees and get a background check. Find out more about how to complete your background check and fingerprints here.
5. Apply for your Ohio Mortgage License
After receiving a passing score on your NMLS mortgage exam, you need to apply for your NMLS license. You can learn more about this step here.
6. Associate your NMLS Account with your Employer
You won’t be fully licensed in Ohio until you have an employer sponsorship, which lets the government know that an employer is supervising your individual license. Learn how to associate your NMLS account with your employer here.
Ohio 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 |
| Ohio Specific Education | 4 Hours |
| Total 24 Hours | |
Although it's not currently being enforced, be on the lookout for the PE Expiration policy coming to Ohio. 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 Ohio should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in Ohio:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| Ohio Application Fee | $200 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| Total License Cost | $281.25 |
On an annual basis, Ohio 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 Ohio is December 31st. MLO's in Ohio 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 Ohio mortgage license. For additional questions, feel free to call us at 801-676-2520 or email us at [email protected].
