how to apply for a loan originator license
DESCRIPTION
Instructions on how to fill out the MU4 forms online at the NMLS site.TRANSCRIPT
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HOW TO APPLY FOR AN
OREGON LOAN
ORIGINATOR LICENSE
Division of Finance and Corporate
Securities
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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.
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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.
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Education Requirements
Certification in NMLS by the state
OR
20 hours of NMLS-approved pre-licensure
education
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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
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Finding the certification list
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Mortgage Lending Home Page
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Education Certification
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Check the education certification
list…
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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
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NMLS Education
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NMLS Education
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NMLS Course Catalog
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NMLS Education Quick Guide
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State Test
Only the Applied Measurement Professionals
(AMP) test qualifies
No “grandfather”
No CompUSA/Cerebra
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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
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Mortgage Lending Home Page
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Testing Certification
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Check the test certification list…
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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
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State Test
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Register for AMP Test
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Register for AMP Test
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Follow the on-screen wizard
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NMLS Exam
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NMLS Testing Home Page
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Further down the page…
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Test Enrollment Quick Guide
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NMLS Home Page
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Step-by-step process
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More steps…
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State information…
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Create an account or login
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To create an account…
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Complete the page…
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Confirm information…
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Account created…
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NMLS notification….
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Log In to the NMLS
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Individual Home Page
Tab
sWork barVertical
list
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Where to file a MU4
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File a MU4
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Pick the states that you want to be
licensed in…
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Check the license(s) you
selected…
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Confirm the license…
Do not add
anything
here
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Finalize the license selected…
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Moving to the rest of the MU4
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Personal Information
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Other Names?
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The Loop Process…
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Ending the loop…
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Residential History – Another
loop
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Complete the residential
history…
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The loop
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Finishing the loop…
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Moving on…
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Employment History – Another
loop
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Completing employment history
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Employment History (con’t.)
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Other Business? Another
loop…
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Disclosure Questions
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Disclosure Questions (con’t.)
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Jurisdiction Participation
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Criminal Background Check…
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Completeness Check
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Completeness Check (con’t.)
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Attestation
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Pick your payment form…
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Application is submitted…
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Confirmation of Filing
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Fingerprints
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Fingerprints (con’t.)
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Fingerprints (con’t)
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Fingerprints (con’t.)
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Filings page
Before Now
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Historical Filings
Before Now
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NMLS Notifications
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Company Access
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Company Access (con’t.)
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Company Access (con’t.)
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Company Access Finished
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NMLS Notifies Company that
Access Has Been Granted
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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.