Become a Mortgage Loan Originator
With A KY MLO License

An MLO license is a Mortgage Loan Originator license. The license is issued by the Kentucky Department of Financial Institutions. It authorizes a compensated individual to take residential mortgage loan applications and negotiate the terms of residential mortgage loans secured by properties located within the state of Kentucky.

Several Kentucky MLO license requirements must be met before obtaining a license. 

• Complete 20 hours of NMLS approved pre-licensing coursework (the 20 Hour SAFE Comprehensive course).
• Sit for the National Mortgage Loan Originator test and pass the exam.
• Pay the required license fees through the Nationwide Multistate Licensing Service (NMLS). Attach the application with details of residency and employment history. 
• Complete fingerprinting to clear criminal background checks by the state and federal agencies.
• Submit a credit report that proves you can take financial responsibility.
• Be covered under an employer’s lending bond or obtain an individual surety bond.

The Kentucky Department of Financial Institutions issues an MLO license in Kentucky after these conditions are met.

The Kentucky DFI charges a license application fee of $50.

Additional fees of $36.25 are for an FBI criminal background check, an NMLS processing fee of $30, and a $15 credit report charge.

There is also the cost of completing an MLO license course in Kentucky. The 20-hour MLO pre-licensing course is offered by RealEstateU for $199.

After completing the NMLS MLO pre-licensing course, you must pay $110 to take the National MLO SAFE test.

The total Kentucky MLO license cost works out to $440.25.

Several factors determine the time it takes to get an MLO license in Kentucky.

• It takes about two weeks to obtain a unique identification number from NMLS. This period includes time taken for documentation and background checks. 
• The pre-license coursework is 20 hours and this will take 14 days to complete, even if you study at your preferred pace. 
• Schedule and pass the SAFE ACT MLO test.
• Go through the checklist of requirements for new applications located here!
• Next, the Kentucky DFI will review your application and the time for it depends on the number of pending new applications. Typically, the time taken at this stage is thirty to sixty days.

Hence, get an MLO license in Kentucky in 2 to 4 months after all the variables given above are considered.

The Kentucky MLO license education requirement only includes the National 20-hour SAFE Comprehensive course. 

Check out the RealEstateU MLO license course in Kentucky by scrolling up to the course packages on this page.

If you act as a mortgage loan originator for pay or other compensation on behalf of a non-depository lender offering residential mortgage loans secured by real estate located in the state of Kentucky, you are required to obtain a Kentucky Mortgage Loan Originator (MLO) license. Acting as a mortgage loan originator means taking residential mortgage loan applications and/or negotiating the terms of residential mortgage loans.

Independent Contractor mortgage loan processors and mortgage loan underwriters are also required to obtain this license.

Yes. The National 20-hour SAFE Comprehensive course can be taken online as an instructor-led course that is taken over a 14-day period.  

After completing the RealEstateU 20-hour coursework, you can apply online for an MLO license through the NMLS. However, you must go to an in-person center to submit your fingerprints and sit for the MLO SAFE ACT test.

An individual who has a Kentucky Mortgage Loan Originator license can negotiate residential mortgage loan terms and take residential mortgage loan applications that have as security or collateral residential real estate located in Kentucky. In addition to “Mortgage Loan Originator”, some companies have titles such as “Loan Consultant,” “Mortgage Loan Officer,” or simply “Loan Officer" that apply to individuals filing these roles.

Generally, Mortgage Loan Originators work in Kentucky on commission. This might be a straight commission, some sort of draw against future commissions arrangement, or perhaps as salary plus commission.

Kentucky MLO employers who hire entry level mortgage loan originators understand that training and building a “pipeline” of business takes some time, so they may pay an initial salary.

Some jurisdictions in KY require general licenses for any business operating there. To get a license, register your business with the Kentucky Secretary of State.

Starting an independent mortgage brokerage business in Kentucky will require that you complete the process of obtaining a KY Mortgage Broker License for your company or yourself as a broker, and a Mortgage Loan Originator License which authorizes you to engage in mortgage loan origination activities.

Kentucky is a large, diverse, growing, highly populated state, and business conditions vary greatly between cities and counties.

Kentucky is the 26th most populous US state with a population of over 4.5 million. Hence, there will always be a high demand for housing, leading to a need for residential mortgage loans. The sheer size of the residential housing market makes Kentucky a great place for the mortgage business.

First, think about your career goals before searching for a company in Kentucky to join as a Mortgage Loan Originator. 

Do you want to be a neighborhood lender, developing your source of business within a community or network? Or do you prefer the pace of a volume-driven phone bank where numerous leads crop up every day? 

After deciding on this aspect, search for and find MLO employers that fit your MLO career goals.

The NMLS approves online MLO courses for consumption on desktop and laptop computers. The NMLS has not approved MLO courses for use on small hand-held electronic devices such as the iPad, iPhone, tablets, phablets, smart phones, etc.
Students should only take MLO courses on a desktop or laptop.