Are you interested in becoming a licensed Mortgage Loan Originator (MLO) in Massachusetts? In this blog post, we’ll guide you through the necessary steps to help you achieve your goal.
From creating an NMLS account to passing the required exams, this comprehensive guide covers everything you need to know.
Step 1: Apply for Your NMLS Account and ID Number
The Nationwide Mortgage Licensing System (NMLS) processes MLO licensing requests for all 50 states, including Massachusetts. Creating an NMLS account is a simple process that only takes a few minutes:
- Visit the NMLS online registration portal to request an account.
- Select the Individual option.
- If prompted, complete the security captcha and click next.
- Provide the required information and submit your application.
Step 2: Complete Your Massachusetts NMLS Pre-License Education
To become a licensed MLO in Massachusetts, you’ll need to complete the required 20-hour NMLS S.A.F.E pre-licensing course from an NMLS-approved mortgage school. Additionally, you may need to complete state-specific education requirements for Massachusetts.
Find Massachusetts New License Courses
Step 3: Pass the NMLS Mortgage Licensing Exam
After completing your pre-license education, schedule an appointment to take the National Test Component with Uniform State Content through your NMLS account.
The SAFE MLO exam covers federal mortgage-related laws, ethics, mortgage loan originator activities, and general mortgage knowledge. The exam details are as follows:
- 120 questions (115 scored)
- 190 minutes
- Cost $110
For Massachusetts, you’ll also need to pass the state-specific test component.
Step 4: Apply for Your Massachusetts MLO License
Once you’ve completed the required pre-licensing courses and achieved passing scores on the National and state-required tests, apply for your mortgage loan originator license on the NMLS website.
To apply for your Massachusetts MLO license:
- Log in to your NMLS account.
- Select the Filing tab at the top of the screen.
- Choose Individual if you’re applying as an individual.
- Click Request New/Update.
- Follow the instructions to apply for your MA license.
- Verify that the information is correct and click Next.
- Read the final page carefully before proceeding. If the information is correct, click Finish.
Step 5: Background Checks, Credit Check, and Fees
In order to receive your Massachusetts MLO certification, you’ll need to pay all the associated fees and provide the following information:
Fingerprints
Create a Fieldprint account and register for an appointment.
Criminal Background Check
Initiate a criminal background check through your NMLS account.
Credit Report
Authorize a credit report via your NMLS account.
Step 6: Get Hired
To complete the final step in becoming a fully licensed Massachusetts MLO, your NMLS ID needs to be sponsored by a state-licensed employer. This sponsorship tells the governing agencies that your employer will be supervising your individual license.
Submit your sponsorship through your NMLS ID. Once your employer sponsorship is associated with your NMLS ID, you’ll be ready to do business as an MLO in the state of Massachusetts.
By following these steps, you’ll be well on your way to launching a successful career as a Mortgage Loan Originator in Massachusetts. Good luck!