Getting A Mortgage Loan Originator License in Virginia
To work as a mortgage loan originator in Virginia, your first task is to get a license. This post will elaborate on how you can get an MLO license in Virginia.
Click here to
learn more about obtaining an MLO license in Virginia.
To start your journey, ensure that you are
at least 18 years old and a citizen of the USA. Visit the portal of the
National Multistate Licensing System and create an account. The ID number
issued will be valid throughout your career as an MLO.
Complete 20 hours of pre-licensing course that imparts knowledge of the fundamentals and regulations of the mortgage lending sector. This aspect is mandated to get to get an MLO license in Virginia. The coursework can be completed either in a classroom setting or online. The typical choice for aspiring MLOs is online courses because they offer the convenience of studying anytime without upsetting normal routines.
Check out the online MLO course in
Virginia from RealEstateU, they are the leaders in this niche.
Now schedule the Secure and Fair
Enforcement (SAFE) test on the portal of NMLS by paying a fee of $110. The exam
consists of 115 questions in multiple-choice format to be completed in 190
minutes. The pass grade is 75%.
After you pass the SAFE test, submit your
fingerprints for verification of any past criminal records. An adverse finding
will make you ineligible for an MLO license in Virginia.
Now visit the NMLS website and apply for
an MLO license. You have to pay an application fee of $254 and an investigation
fee of $125.
Find a broker to sponsor you. After NMLS
verifies your employment status, you will be issued an active MLO license in
Virginia.
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