Mortgage Loan Officers (MLOs) in Texas have a crucial role to play in the real estate industry. They act as a link between potential home loan applicants and lenders, processing financial documents taken from borrowers and presenting them to lenders for sanction of mortgage loans. MLOs are therefore instrumental in ensuring that sellers can dispose of their houses quickly and buyers can get the property of their dreams.
However, to work in this field, it is essential that you first get a mortgage license in Texas. This post will go through the process of getting an MLO license in Texas and what are the points to focus on.
Click here to learn more about getting a mortgage license in Texas.
Step 1
It is mandatory to be at least 18 years old before you can apply for a mortgage license in Texas. Once this limit is achieved, visit the National Mortgage Licensing System (NMLS) website to create an account. You will be issued an NMLS ID number that will be valid throughout your career as a mortgage loan officer in Texas. This number must be quoted on all official correspondence by you in the future.
Step 2
Go through the national and state-specific sections of the pre-licensing coursework. The national section is of 20 hours and consists of fundamentals of the mortgage industry, financial regulations, ethics, and others, relevant to all the states in the USA. You must also complete 3 hours of coursework that covers the laws and regulations pertaining to Texas only. This is required by the Texas Department of Savings and Mortgage Lending.
To get a mortgage license in Texas, you can complete the coursework either online or from a classroom-based real estate school. Online courses offer the flexibility of studying on the go with RealEstateU being the leading online course provider in this niche.
Step 3
To get a mortgage license in Texas, you must pass the Secure and Fair Enforcement (SAFE) exam (which is the licensing test), and is to be scheduled on the NMLS website. The test fee to be paid to NMLS is $110.
Step 4
Visit the NMLS portal and pay a fee of $36.25 for a background check for any past criminal record. MLOs must maintain high standards of ethics and morality and an adverse background check report might disqualify you from getting a mortgage license in Texas.
Step 5
After passing the SAFE test, visit the NMLS website and apply for a license. Upload documentary proof of completing the pre-licensing courses and background clearance certificate. The license application fee is $30, $195 state application fee, and $15 for a credit report fee.
Step 6
Find a licensed mortgage broker or a lending company to sponsor you and guide you during the initial stages of your career. Inform about your employment status to NMLS.
Once all these steps have been completed by you, an active mortgage license in Texas will be issued.
