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Get Your Mortgage Loan Originator License in 2020!

 

 

Pennsylvania Bundle

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Starting at: $399 Now Only $269!

Use Promo Code: PAPEDEAL

 

 

Add Pennsylvania Elective

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Now Only $59!

Use Promo Code: PAPE59

 

 

 

Obtaining a mortgage license and becoming a Pennsylvania 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.

Fortunately, Mortgage Educators is here to help. All of our curriculums are created and taught by industry experts with years of experience resulting in rewarding content to help you prepare to get your license and excel in your career as a Mortgage Loan Originator.

 

How to Get Your MLO Mortgage License in Pennsylvania

 

1. Apply for your NMLS Account and ID Number

The first step to getting your Pennsylvania 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

Pennsylvania requires new state-licensed MLOs to complete 20 hours of NMLS-approved education. This includes 3 hours of Federal law, 3 hours of ethics, 2 hours of non-traditional mortgage lending, 9 hours of electives, and 3 hours of Pennsylvania specific law.

 

3. Pass the NMLS Mortgage Licensing Exam with 75% or Better

With your education complete, you need to schedule an appointment for the National Test Component exam. Find out more on how to take your NMLS exam here.

 

4. Apply for your Pennsylvania Mortgage License

After receiving a passing score on your NMLS mortgage exam, you need to apply for your NMLS license. You can find more information on this step here.

 

5. 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.

 

6. Associate your NMLS Account with your Employer

You won’t be fully licensed in Pennsylvania 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.

 

Frequently Asked Questions

 

Pennsylvania Mortgage Licensing Requirements

Pennsylvania requires 20 hours of NMLS approved mortgage education, including a 3 hour Pennsylvania state law and rules course. Mortgage Educators & Compliance offers the both of these courses in a low price bundle of $269 that includes both education required courses and a comprehensive test prep to help you score well on the NMLS National Test with UST component.

 

Pre-license mortgage education requirements can be fulfilled in one of three ways; with an online instructor-led course, via a live webinar, or in a live classroom. Mortgage Educators provides these courses in all three available formats. We find that the majority of new loan officers elect for the flexible Online Instructor-Led (OIL) format, which consists of pre-recorded video lectures supported by slideshow presentations, and quizzes that ensure content retention. As you complete your mortgage education, we will report all completed hours of education to the NMLS.

 

Pennsylvania Mortgage Broker License VS. Pennsylvania Loan Officer License

Mortgage broker licenses are commonly confused with the more common loan officer license. While the terms mortgage broker, loan officer, and mortgage loan originator are similar, they aren’t synonymous. So what’s 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.

 

PE Expiration Policy in Pensylvania

PE Expiration is a policy that was created by the NMLS Policy Committee that addresses situations in which an individual is required to retake 20 hours of pre-licensure education if they fail to acquire a valid mortgage license within three years from the last date of licensure as a mortgage loan originator. Pennsylvania is currently pending enactment for the PE Expiration policy, which means the policy is not currently enforced, but will be rolled out soon.

 

Cost of Getting Your License in Pennsylvania

When you’re ready to get your NMLS license in Pennsylvania, be prepared to pay the following fees:

 

$230 - Licensing/Registration Fee

$15 - Credit Report

$36.25 - Background Check

 

Continuing Education Requirements in Pennsylvania

In order to continue to be licensed in Pennsylvania, an MLO is required to complete 8 hours of NMLS approved Continuing Education annually, beginning the year they are licensed (unless Pre-Licensing Education has been completed in the same year). This annual education must include 3 hours of federal law, 2 hours of ethics, 2 hours of non-traditional mortgage lending, 4 hours of electives, and 1 hour of Pennsylvania specific law. You can learn more and purchase Pennsylvania's Continuing Education courses here.

 

 

 

 

Additional Questions?

Mortgage Educators and Compliance is here to answer any additional questions that you may have in regards to your Pennsylvania mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at 20hour@MortgageEducators.com.

 

 

 

 

Pennsylvania Mortgage Education Pre-LicensingPennsylvania MLO NMLS Approved Education