How Much Does a Mortgage License Cost?
A mortgage license is key to a fulfilling career in the mortgage industry. However, when following a mortgage career path, one of the most common questions is, “How much does it cost to get your mortgage license?” Here’s what you need to know.
Fees and Other Expected Costs
Licensing and registration standards for mortgage loan originators fall under the SAFE act. Just as there are different NMLS-approved classes for each state, there are also different licensing expenses you’ll face, depending on where you apply. However, here’s the breakdown for the most common fees when you apply for a mortgage license:
- MLO National Test: $110
- NMLS Processing Fee: $30
- Criminal Background Check: $36.25
- Credit Report: $15
You might be wondering, how much does it cost to get your mortgage license if you already hold a license in another state? In general, the NMLS structured the processing fees on a “per license, per state” basis. This means that individuals or companies maintaining more licenses have to pay more than those with fewer licenses. Moreover, mortgage loan originators who change licenses or move between employers pay more for processing fees than those who don’t.
The NMLS uses the fees for their operations and development, such as maintenance of system functionality, retention of records, and assurance of system data security. Despite continuous improvements and expansion of system functionality, the NMLS hasn’t increased the basic processing fees.
License Costs in Several States
So, exactly how much does it cost to get your mortgage license?
Keep in mind that each state has its unique mortgage licensing requirements. The following are examples of costs associated with getting licensed in some states, in addition to required education costs:
California
- NMLS Initial Processing Fee:$30.00
- Credit Report:$15.00
- FBI Criminal Background Check:$36.25
- CA-DFPI (California Department of Financial Protection and Innovation) Application Fee:$300.00
- Total: $381.25
Take note that this list doesn’t include fees associated with reporting course hours to the NMLS.
Nevada
- $145: Nevada application fee
- $30: NMLS processing fee
- $36.25: Federal criminal background check
- $15: Credit Report fee
- Total: $226.25
Texas
- NMLS Initial Processing Fee: $30.00
- Credit Report: $15.00
- Background Check: $36.25
- Licensing/Registration Fee: $190.00
- National Exam: $110.00
- Total: $381.25
New York
- Initial Processing Fee: $30
- Credit Report: $15
- Criminal Background Check: $36.25
- FBI Fingerprint Fee: $99.00
- NY Application Fee: $379 (which includes a $125 Investigation Fee and $254 License Fee)
- Total: $559.25
You can find out more about each state’s educational requirements, including mortgage license fees here. Although it’s not part of the requirements, you should think about checking out NMLS exam prep materials and taking exam prep courses to help you pass the SAFE MLO National Test.
Getting your mortgage license isn’t complicated, providing you prepare for the process and costs involved. By focusing on your goal of becoming a mortgage loan officer and putting in the necessary effort, you can fulfill your license requirements in just a few months.
Mortgage Educators can tell you more about how much it cost to get your mortgage license in your state. Get your test prep materials and resources for the NMLS exam and all the training you need. Contact Mortgage Educators today!