What is an ''MLO license?''
An "MLO license" refers to a Mortgage Loan Originator License, which is a state-issued license that authorizes the holder to accept mortgage loan applications and negotiate mortgage loan terms as an employee of a non-depository lender that is also licensed by the same state. Obtaining an MLO license requires completion of NMLS pre-licensing education courses and passing an exam, a process that is completed through the Nationwide Multistate Licensing System and Registry (NMLS). The requirement of an MLO license is a consumer protection aimed to ensure that mortgage loan originators know about federal and state laws related to mortgage lending, ethical practices in the industry, and best practices for working with borrowers.
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