How do I become a mortgage advisor?

Mortgage advisor is a job title, not a separate license; some institutions call their loan officers advisors or specialists. The path is the standard mortgage loan originator route: register with NMLS, complete 20 hours of NMLS-approved pre-licensing education, pass the SAFE MLO Test with a score of at least 75%, clear fingerprint and credit checks, and obtain a state license sponsored by a licensed employer.

In Alaska, anyone who, for compensation or gain, takes a residential mortgage loan application or offers or negotiates the terms of a residential mortgage loan for an Alaska dwelling must hold the mortgage loan originator license. To qualify, complete 20 hours of NMLS-approved pre-licensure education, pass the National Test Component with Uniform State Content, and file Form MU4 through NMLS with a sponsorship request from an Alaska-licensed Mortgage Broker/Lender.

Arizona does not license a separate mortgage advisor role. If you advise clients for compensation by taking residential mortgage loan applications, offering or negotiating loan terms, or negotiating loan modifications, you must be licensed as a loan originator. That requires 20 hours of approved pre-licensing education, passing the exam, and filing Form MU4 through the Nationwide Multistate Licensing System (NMLS).

Florida does not license a role called mortgage advisor. If you advise borrowers, solicit mortgage loans, or negotiate loan terms for compensation, you must be licensed as a loan originator under Chapter 494, Florida Statutes. To qualify you must be at least 18, hold a high school diploma or its equivalent, complete 20 hours of approved prelicensing education, pass the SAFE test, and clear state and federal background checks plus a credit review.

In Illinois, a mortgage advisor who takes residential loan applications or negotiates loan terms for compensation needs a mortgage loan originator license from the Illinois Department of Financial and Professional Regulation. You complete 20 hours of NMLS-approved pre-licensing education, pass the National SAFE MLO Test with Uniform State Content, and file an MU4 in NMLS with a background check and credit report. You must also be sponsored by an Illinois residential mortgage licensee before originating.

Indiana does not issue a separate mortgage advisor credential. Anyone who, for compensation, offers or negotiates the terms of a residential mortgage loan is performing loan-origination activity and must be licensed as a mortgage loan originator. That means completing 20 hours of Nationwide Multistate Licensing System (NMLS)-approved education, passing the SAFE test, clearing the background check and credit report, and obtaining W-2 sponsorship from a licensed mortgage company.

Michigan does not issue a separate mortgage advisor license. If you advise on or negotiate residential mortgage terms for compensation, you must be licensed as a mortgage loan originator: complete 20 hours of NMLS-approved pre-licensure education (including 2 hours of Michigan law), pass the SAFE MLO Test, and apply through NMLS with sponsorship from a Michigan-licensed mortgage company, plus fingerprint and credit checks.

Nevada does not license mortgage advisors under that title. A person who takes residential mortgage loan applications or negotiates loan terms for compensation must hold the Mortgage Loan Originator license issued by the Nevada Division of Mortgage Lending. To qualify, you must complete 30 hours of pre-licensing education, pass the SAFE national test with a score of 75% or higher, hold employment or an offer from a sponsoring mortgage company, and pass a credit, criminal, and background investigation.

New Jersey has no separate mortgage advisor license. Advisors who take residential mortgage loan applications or negotiate loan terms for compensation need the mortgage loan originator (MLO) license from the New Jersey Department of Banking and Insurance. That requires 20 hours of pre-licensure education including 4 hours on New Jersey law, a passing SAFE Test score, state and federal background checks, a credit report, and sponsorship by a licensed employer.

New York has no separate mortgage advisor license. If you take residential mortgage loan applications or offer or negotiate loan terms for compensation, you must hold a Mortgage Loan Originator license from the Department of Financial Services. That path requires 20 hours of NMLS-approved pre-licensing education including 3 hours of New York law, a passing score on the SAFE MLO Test, background and credit checks, and sponsorship by a New York-licensed mortgage banker or registered mortgage broker.

North Carolina does not license a separate mortgage advisor role. If you take residential mortgage loan applications, or offer or negotiate loan terms, for compensation, you must be licensed as a mortgage loan originator under the NC SAFE Act. If you only refer consumers to lenders or take basic pre-application contact information, you fall outside the mortgage loan originator definition and no license is required.

Pennsylvania has no separate license for the mortgage advisor role. If you take residential mortgage loan applications or offer or negotiate loan terms for compensation, you must hold the individual Mortgage Originator License issued by the Department of Banking and Securities. That requires 20 hours of pre-licensing education including 3 hours of Pennsylvania law, a passing SAFE test score of at least 75%, criminal background and credit checks, and sponsorship by a licensed mortgage company.

If you advise clients on mortgage loans for compensation, South Dakota law treats you as a mortgage loan originator, which means you must obtain a license before taking applications or offering or negotiating loan terms. You apply through the Nationwide Multistate Licensing System (NMLS), complete the required pre-licensing education and testing, and meet the surety bond requirement. Attorneys are exempt when these activities are part of the authorized practice of law within an attorney-client relationship.

Tennessee does not license a separate mortgage advisor role. What triggers licensing is the activity: if you take a residential mortgage loan application or offer or negotiate loan terms for compensation or gain, you must hold a Tennessee mortgage loan originator license from the Tennessee Department of Financial Institutions. Advisory work that does not include taking applications or negotiating terms is not covered by the licensing law.

Texas does not issue a separate mortgage advisor license. If you take residential mortgage loan applications or negotiate loan terms for compensation, you must be licensed as a Residential Mortgage Loan Originator (RMLO) through the Texas Department of Savings and Mortgage Lending or the Office of Consumer Credit Commissioner. That path requires 23 hours of pre-licensing education on the SML track, a passing score on the national test, and sponsorship by a licensed company.

Vermont does not license mortgage advisors as a separate credential. Anyone who takes residential mortgage loan applications or offers or negotiates loan terms for compensation must hold a mortgage loan originator (MLO) license from the Department of Financial Regulation. That requires 20 hours of approved prelicensing education, including 2 hours of Vermont law, a passing SAFE test score, and employment and sponsorship by a licensed Vermont lender or mortgage broker.

If you want to advise clients on residential mortgage loans in Virginia, you need the mortgage loan originator license: taking applications for, or offering or negotiating terms of, residential mortgage loans is licensed activity. That means completing 20 hours of pre-licensing education, passing the SAFE exam, and applying through NMLS.

Washington treats anyone who holds themselves out to the public as able to take mortgage applications or negotiate loan terms as a mortgage loan originator, so an advisor performing those activities needs the MLO license. The path is the standard one: 22 hours of pre-licensing education including 4 hours of Washington law, a passing test score, and an application through NMLS with fingerprints and a credit report. The license becomes active once a sponsoring employer submits the sponsorship request.

Wyoming does not license a separate mortgage advisor role. Anyone who takes a residential mortgage loan application or offers or negotiates loan terms for compensation must hold the state's Mortgage Loan Originator License. To get it, you must complete 20 hours of NMLS-approved education, pass the SAFE MLO National Test with Uniform State Content, file the MU4 form through NMLS with fingerprints and a credit report authorization, pay the $150 fee, and be sponsored by a licensed company.