How to Become a Licensed Loan Originator in Pennsylvania
- 1). Visit the NMLS website and complete Form MU4. You will need to review specific requirements for the state of Pennsylvania (see "Resources"). If you already have a job offer from a mortgage company, ask your employer about sponsorship, as your employer may pay registration fees and complete your initial NMLS registration.
- 2). Obtain 20 hours of pre-licensing coursework. Complete NMLS-approved courses, such as "Nontraditional Mortgage Lending Standards," "Ethics" and "Federal Laws and Regulations." You will need to pass a test based on national and Pennsylvania state-specific laws. To remain SAFE Act compliant, you will need to obtain a score of 75 percent or greater on each section of the test. Contact NMLS-approved course providers to register for online pre-licensing courses (see "Resources").
- 3). Submit a completed authorization form and a $15 service fee to allow the NMLS to obtain your credit report. Send a completed fingerprint form and a $39 processing fee for your criminal background check.
- 4). Pay $230 for your Pennsylvania licensing fees and NMLS processing fees.
- 5). Complete the Pennsylvania New Application Checklist for a mortgage originator's license within five days of your electronically submitted NMLS application.
- 6). Seek employment with licensed Pennsylvania mortgage companies, if you have not received a job offer.
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