how to apply for a loan originator license
DESCRIPTION
Instructions on how to fill out the MU4 forms online at the NMLS site.TRANSCRIPT
HOW TO APPLY FOR AN
OREGON LOAN
ORIGINATOR LICENSE
Division of Finance and Corporate
Securities
Cautions about this
Presentation
The screen shots in this presentation are taken from the NMLS training environment, not the real NMLS. They may vary slightly in the real NMLS.
This presentation follows a fictitious person making a filing for a loan originator application in the NMLS. None of the person’s information is real or intended to reflect any real person.
The circles and arrows seen on the screen shots in this presentation are NOT actually in the NMLS. They are simply to draw your attention to the correct portion of the screen.
Loan Originator Licensing
Requirements
Complete 20 hours of pre-licensure education;
Pass an NMLS-approved S.A.F.E. national test;
Pass an Oregon test;
Submit fingerprints for an FBI background check;
Not have a conviction for a felony within the past 7 years or have ever been convicted of a felony that involved an act of fraud, dishonesty, a breach of trust, or money laundering;
Authorize the NMLS to obtain a credit report;
Demonstrate financial responsibility;
Submit an application through NMLS (MU4 Form);
Have, or be covered by, a surety bond as required by DFCS; and
Have not had a mortgage license revoked in any state.
Education Requirements
Certification in NMLS by the state
OR
20 hours of NMLS-approved pre-licensure
education
Qualifications for Education
Certification by Oregon
Completed 20 hours of MLEB-approved
education at any time prior to December 31,
2009
Name on Education Certification List
AND
Apply for Oregon loan originator license
through the NMLS by May 31, 2010
Finding the certification list
Mortgage Lending Home Page
Education Certification
Check the education certification
list…
Education Certification List
If name is on the list, then nothing more needed
now.
Certification list will be finalized and sent in early July
You will be contacted by NMLS to attest to certification
and pay fee, then it’s final and will be posted on
NMLS
If name is NOT on the list, you need it to be on the
list and you qualify or if it is not your legal name
on the list, send certificate(s) or corrections to
Kirsten Anderson
Via e-mail to [email protected]
Via fax to (503) 947-7862 (include a cover sheet) or
Via mail to PO Box 14480, Salem OR 97309
NMLS Education
NMLS Education
NMLS Course Catalog
NMLS Education Quick Guide
State Test
Only the Applied Measurement Professionals
(AMP) test qualifies
No “grandfather”
No CompUSA/Cerebra
Qualifications for Testing
Certification
Pass AMP test at any time while it is offered
Name on Test Certification List
AND
Apply for Oregon loan originator license
through the NMLS by June 30, 2010
Mortgage Lending Home Page
Testing Certification
Check the test certification list…
Testing Certification List
If name is on the list, then nothing more needed now.
Certification list will be finalized and sent in mid-to-late July
You will be contacted by NMLS to attest to certification and pay fee, then it’s final and will be posted on NMLS
If name is NOT on the list, send certificate to Kirsten Anderson
Via e-mail to [email protected]
Via fax to (503) 947-7862 or
Via mail to PO Box 14480, Salem OR 97309
State Test
Register for AMP Test
Register for AMP Test
Follow the on-screen wizard
NMLS Exam
NMLS Testing Home Page
Further down the page…
Test Enrollment Quick Guide
NMLS Home Page
Step-by-step process
More steps…
State information…
Create an account or login
To create an account…
Complete the page…
Confirm information…
Account created…
NMLS notification….
Log In to the NMLS
Individual Home Page
Tab
sWork barVertical
list
Where to file a MU4
File a MU4
Pick the states that you want to be
licensed in…
Check the license(s) you
selected…
Confirm the license…
Do not add
anything
here
Finalize the license selected…
Moving to the rest of the MU4
Personal Information
Other Names?
The Loop Process…
Ending the loop…
Residential History – Another
loop
Complete the residential
history…
The loop
Finishing the loop…
Moving on…
Employment History – Another
loop
Completing employment history
Employment History (con’t.)
Other Business? Another
loop…
Disclosure Questions
Disclosure Questions (con’t.)
Jurisdiction Participation
Criminal Background Check…
Completeness Check
Completeness Check (con’t.)
Attestation
Pick your payment form…
Application is submitted…
Confirmation of Filing
Fingerprints
Fingerprints (con’t.)
Fingerprints (con’t)
Fingerprints (con’t.)
Filings page
Before Now
Historical Filings
Before Now
NMLS Notifications
Company Access
Company Access (con’t.)
Company Access (con’t.)
Company Access Finished
NMLS Notifies Company that
Access Has Been Granted
Once you have submitted your application and granted the company access, you have completed what you are required to complete in NMLS to apply for your Oregon license.