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Obtaining a mortgage license and becoming a Rhode Island 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.
How to Get Your MLO Mortgage License in Rhode Island
1. Fulfill all state and federal education requirements as designated by your state agency. (17+3 Hr RI)
2. Schedule, study for and pass your national mortgage exam.
3. Apply for the MLO License: Complete and submit your MU4 through the NMLS including, paying the licensing fee, completing a criminal background check and an authorized credit report.
Mortgage Broker vs. Mortgage Loan Officer: What's the Difference?
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 homebuyers when they are looking for a loan for their mortgage.
So what kind of courses do I need to do to get started on my Rhode Island mortgage license?
Rhode Island requires 20 hours of mortgage education, and a 3 hour Rhode Island state law course. Mortgage Educators & Compliance offers the 20 hour, the 3 hour, and test prep all in a low price bundle of $269. The test prep course is given to help you score well on the NMLS national test.
New mortgage license education, or "pre-license education" must be completed in either a live classroom or online instructor-led format. Mortgage Educators & Compliance provides these courses weekly in an Online Instructor-Led (OIL) format. These courses are presented by instructors via pre-recorded video with slideshow presentations. Courses are broken up into chapters comprised of 5 minute sections and quizzes that make up the overall content. At the end of the course, students should expect a short test to check for comprehension. All hours are reported to the NMLS upon completion by Mortgage Educators & Compliance.
Additional Questions?
Mortgage Educators and Compliance is here to answer any additional questions that you may have in regards to your Rhode Island mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at 20hour@MortgageEducators.com.
