Get Your Mortgage Loan Originator License in 2022!
Ohio Pre-Licensing Bundle
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Obtaining a mortgage license and becoming a Ohio loan officer is very simple, but it’s not for everyone. It takes a willingness to learn the basic ins and outs of the industry as well as a desire to work hard. The mortgage industry is a great one to get into and it provides a lot of flexibility. If you like to work hard, you are a people person, and you have a desire to learn, becoming a mortgage loan officer is the perfect choice for you.
Additional General Electives
Ohio requires 20 hours of general elective that cannot be fulfilled using any other state specific electives. For your convenience, MEC offers both a 2 hour and 4 hour general elective course to fulfill the required education.
How to Get Your MLO Mortgage License in Ohio
1. Apply for your NMLS Account and ID Number
The first step to getting your Ohio mortgage license is applying for an NMLS account and ID number. To do so, go to the NMLS website.
2. Complete your NMLS Pre-License Education
Ohio requires new state-licensed MLOs to complete 24 hours of NMLS-approved education. This includes 3 hours of Federal law, 3 hours of ethics, 2 hours of non-traditional mortgage lending, 12 hours of electives, and 4 hours of Ohio specific law.
3. Need to Pass the NMLS Mortgage Licensing Exam
With your education complete, you need to schedule an appointment for the National test with UST content. Find out more on how to take your NMLS test here.
4. Complete Background Checks and Pay All Fees
To finalize your application and receive your license, you’ll need to pay several non-refundable fees and get a background check. Find out more about how to complete your background check and fingerprints here.
5. Apply for your Ohio Mortgage License
After receiving a passing score on your NMLS mortgage exam, you need to apply for your NMLS license. You can learn more about this step here.
6. Associate your NMLS Account with your Employer
You won’t be fully licensed in Ohio until you have an employer sponsorship, which lets the government know that an employer is supervising your individual license. Learn how to associate your NMLS account with your employer here.
Frequently Asked Questions
Ohio Mortgage Licensing Requirements
Each state has its own unique requirements when it comes to mortgage licensing. To obtain your mortgage license in Ohio, you’ll need to complete 20 hours of nationally required mortgage education, and an additional 4 hours of Ohio specific education. After securing your Ohio loan originator license, you will need to complete regular continuing education courses to keep your license valid. We are your one-stop source for mortgage education resources, offering all of the new license and continuing education courses necessary.
Pre-license mortgage education requirements can be fulfilled in one of three ways; with an online instructor-led course, via a live webinar, or in a live classroom. We find that the majority of new loan officers elect for the flexible online course bundle, which consists of pre-recorded video lectures supported by slideshow presentations, and quizzes that ensure content retention. As you complete your mortgage education, we will report all completed hours of education to the NMLS.
Ohio Mortgage Broker License VS. Ohio Loan Officer License
Mortgage broker licenses are commonly confused with the more common loan officer license. While the terms mortgage broker, loan officer, and mortgage loan originator are similar, they aren’t synonymous. So what’s the difference?
Generally speaking, a mortgage broker is a company that employs mortgage loan officers. The loan officers are employed by the broker to originate loans for home-buyers when they are looking for a loan for their mortgage.
PE Expiration Policy in Ohio
PE Expiration is a policy that was created by the NMLS Policy Committee that addresses situations in which an individual is required to retake 20 hours of pre-licensure education if they fail to acquire a valid mortgage license within three years from the last date of licensure as a mortgage loan originator. Ohio is currently in pending enactment for the PE Expiration policy which means the policy is currently not enforced, but it will be rolled out soon.
Cost of Getting Your Mortgage License in Ohio
When you’re ready to get your NMLS license in Ohio, be prepared to pay the following fees:
$150 - Application Fee
$30 - NMLS Processing Fee
$15 - Credit Report
$36.25 - Background Check
Additional Questions?
Mortgage Educators and Compliance is here to answer any additional questions that you may have in regards to your Ohio mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at 20hour@MortgageEducators.com.
