How do I become a mortgage consultant?

A mortgage consultant is an industry title for a mortgage loan originator, and the licensing path is the same in every state. You must create an NMLS account, complete at least 20 hours of NMLS-approved pre-licensing education, pass the SAFE Mortgage Loan Originator Test with a score of 75% or higher, submit fingerprints for an FBI criminal background check, authorize a credit report, file the Individual (MU4) form, and be sponsored by a state-licensed employer.

Alaska has no separate license category for mortgage consultants. Anyone who takes residential mortgage loan applications or offers or negotiates loan terms for compensation on Alaska dwellings must hold the Mortgage Loan Originator license. To get it, complete 20 hours of pre-licensure education approved by the Nationwide Multistate Licensing System (NMLS), pass the National Test Component with Uniform State Content, and file an MU4 through NMLS with employer sponsorship, an FBI background check, and a credit report.

A mortgage consultant in California needs the same credential as any mortgage loan originator. If you already hold a real estate license and work under a licensed broker, you add the MLO endorsement through the Department of Real Estate (DRE); if you work for a DFPI-licensed lender or broker, you apply for the DFPI MLO license. Either way you complete 20 hours of NMLS-approved education, pass the SAFE MLO Test with a score of 75% or higher, and file the MU4 through NMLS with company sponsorship.

In Florida, the license for this work is the loan originator license. You must be at least 18 with a high school diploma or equivalent, complete 20 hours of NMLS-approved pre-licensing education including 2 hours of Florida law, pass the SAFE MLO test, and file the MU4 application through NMLS with fingerprint-based state and FBI background checks and a credit report. Florida also requires you to be employed by or contract with a single mortgage broker or mortgage lender, which sponsors your license in NMLS.

Montana licenses this role as a mortgage loan originator (MLO). Complete 20 hours of prelicensing education approved by the Nationwide Multistate Licensing System (NMLS), including 2 hours of Montana-specific law, then pass the national test with at least 75%. Apply through NMLS with the $400 nonrefundable fee, fingerprints for an FBI background check, and credit report authorization. The Division of Banking and Financial Institutions usually decides within one week to 10 days on a complete application.

New Mexico has no separate mortgage consultant license. Anyone who takes residential mortgage loan applications or negotiates loan terms for compensation must be licensed as a mortgage loan originator, which requires 20 hours of NMLS-approved education including 3 hours of state law, a passing SAFE test score, an MU4 filing, and a background check and credit report.

In New York, a mortgage consultant who takes residential mortgage applications or negotiates loan terms for compensation must be licensed as a mortgage loan originator. The path is the same: an NMLS account, 20 hours of pre-licensing education including 3 hours of New York law, the SAFE MLO test, criminal background and credit checks, and sponsorship by a DFS-licensed banker or registered broker.

In West Virginia, anyone who takes residential mortgage loan applications or negotiates loan terms for compensation must hold the Mortgage Loan Originator License, regardless of title. The path requires at least 24 hours of prelicensing education (3 hours federal law, 3 hours ethics, 2 hours nontraditional lending, 4 hours West Virginia law) and a passing score of at least 75% on the NMLS test. You then file an MU4 application with the $200 state fee, fingerprints, a credit report authorization, and your employer's sponsorship request.