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MLO License Information

Table of Contents

 

How to Become an SML MLO in TX

  1. Read and follow the TX SML Loan Originator License New Application Checklist (Individual)
  2. Complete 23 hours of NMLS Approved Pre-License Education including 3 hours of Texas-specific content.
  3. Take and pass the Licensing Exam
    1. Schedule your exam (Cost: $110)
      1. Exam Scheduling Quick Guide 
      2. The Exam is pass / fail and the candidate must get at least 75% of the multiple-choice questions correctly in order to pass.
        1. Either in person or online proctored
        2. Must wait 6 months to take if failed 3 consecutive times
        3. Review the MLO Testing Handbook for more information
  4. Apply for your License on the NMLS (Quick Guide)
  5. Pass a Background check (How to request a background check) (Cost: $36.25)
  6. Complete the Credit Report Authorization process (Quick Guide) (Cost: $15)
  7. Request to transfer NMLS Sponsorship status to Equity Smart

Useful Resources

Questions? Please email us at licensing@equitysmartloans.com! 

 

How to Become a DIFI MLO in AZ

  1. Review our Arizona MLO Pre-Hire/License Checklist
  2. Read and follow the AZ Loan Originator License New Application Checklist (Individual)
  3. Complete 20 hours of DIFI Arizona Pre-License Education including:
    1. 3 hours of Federal Law; 3 hours of Ethics (including fraud, consumer protection, and fair lending issues); 2 hours of non-traditional lending; 8 hours of electives; and 4 hours of AZ law.
  4. Take and pass the Licensing Exam
    1. Schedule your exam
      1. Exam Scheduling Quick Guide 
      2. The Exam is pass / fail and the candidate must get at least 75% of the multiple-choice questions correctly in order to pass.
        1. Either in person or online proctored
        2. Cost is $110
        3. Must wait 6 months to take if failed 3 consecutive times
        4. Review the MLO Testing Handbook for more information
  5. Apply for your License on the NMLS (Quick Guide)
  6. Pass a Background check (How to request a background check)
    1. Cost is $36.25
  7. Complete the Credit Report Authorization process (Quick Guide)
    1. Cost is $15
  8. Request to transfer NMLS and DRE Sponsorship status to Equity Smart
    1. Our NMLS is: 856170 

Note: MLO’s can work as a 1099 Contractor under this license type as per AZ DIFI’s Policy Statement regarding Loan Originator Employment and Compensation. For more information, visit the AZ DIFI’s website.

Useful Resources

Questions? Please email us at licensing@equitysmartloans.com!

 

How to Become a DFI MLO in UT

  1. Review our Arizona MLO Pre-Hire/License Checklist
  2. Read and follow the UT DFI Loan Originator License New Application Checklist (Individual)
  3. Complete 20 hours of Utah DFI Pre-License Education including:
    1. 3 hours of Federal Law; 3 hours of Ethics (including fraud, consumer protection, and fair lending issues); 2 hours of non-traditional lending; and 12 hours of electives.
  4. Take and pass the Licensing Exam
    1. Schedule your exam (Cost: $110)
      1. Exam Scheduling Quick Guide 
      2. The Exam is pass / fail and the candidate must get at least 75% of the multiple-choice questions correctly in order to pass.
        1. Either in person or online proctored
        2. Must wait 6 months to take if failed 3 consecutive times
        3. Review the MLO Testing Handbook for more information
  5. Apply for your License on the NMLS (Quick Guide)
  6. Pass a Background check (How to request a background check) (Cost: $36.25)
  7. Complete the Credit Report Authorization process (Quick Guide) (Cost: $15)
  8. Request to transfer NMLS Sponsorship status to Equity Smart
    1. Our NMLS # is: 856170 
    2. Equity Smart’s Utah Surety Bond satisfies the state’s Surety Bond requirement for its MLOs.

Useful Resources

Questions? Please email us at licensing@equitysmartloans.com!

 

How to Become a DORA MLO in CO

  1. Read and follow the CO Loan Originator License New Application Checklist (Individual)
  2. Complete 20 hours of NMLS Approved Pre-License Education including:
    1. 3 hours of Federal Law; 3 hours of Ethics (including fraud, consumer protection, and fair lending issues); 2 hours of non-traditional lending; 2 hours of Colorado state-specific defined electives; and 10 hours of general electives.
  3. Take and pass the Licensing Exam
    1. Schedule your exam (Cost: $110)
      1. Exam Scheduling Quick Guide 
      2. The Exam is pass / fail and the candidate must get at least 75% of the multiple-choice questions correctly in order to pass.
        1. Either in person or online proctored
        2. Must wait 6 months to take if failed 3 consecutive times
        3. Review the MLO Testing Handbook for more information
  4. Pass a State Criminal Background check (How to) (Cost: $39.50)
  5. Pass a FBI Criminal Background check (How to) (Cost: $36.25)
  6. Complete the Credit Report Authorization process (Quick Guide) (Cost: $15)
  7. Apply for your License on the NMLS (Quick Guide)
  8. Request to transfer NMLS Sponsorship status to Equity Smart
    1. Our NMLS # is: 856170 
  9. Complete the Colorado Division of Real Estate eLicense Application (Here) 24 hours after submitting the NMLS application. (Cost: $48)

Useful Resources

Questions? Please email us at licensing@equitysmartloans.com!

 

How to Become an OFR MLO in FL

  1. Read and follow the FL Loan Originator License New Application Checklist (Individual)
  2. Complete 20 hours of NMLS Approved Pre-License Education including:
    1. 3 hours of Federal Law; 3 hours of Ethics (including fraud, consumer protection, and fair lending issues); 2 hours of non-traditional lending; 2 hours of Florida Law and Rules; and 10 hours of electives.
  3. Take and pass the Licensing Exam
    1. Schedule your exam (Cost: $110)
      1. Exam Scheduling Quick Guide 
      2. The Exam is pass / fail and the candidate must get at least 75% of the multiple-choice questions correctly in order to pass.
        1. Either in person or online proctored
        2. Must wait 6 months to take if failed 3 consecutive times
        3. Review the MLO Testing Handbook for more information
  4. Apply for your License on the NMLS (Quick Guide)
  5. Pass a Background check (How to request a background check) (Cost: $36.25)
  6. Pass an additional, State-only Background check (Service Providers Found Here)
  7. Complete the Credit Report Authorization process (Quick Guide) (Cost: $15)
  8. Request to transfer NMLS Sponsorship status to Equity Smart

Useful Resources

Questions? Please email us at licensing@equitysmartloans.com!

 

How to Become an FID MLO in NM

  1. Read and follow the  NM Loan Originator License New Application Checklist (Individual)
  2. Complete 20 hours of NMLS Approved Pre-License Education including 3 hours of New Mexico content.
  3. Take and pass the Licensing Exam
    1. Schedule your exam (Cost: $110)
      1. Exam Scheduling Quick Guide 
      2. The Exam is pass / fail and the candidate must get at least 75% of the multiple-choice questions correctly in order to pass.
        1. Either in person or online proctored
        2. Must wait 6 months to take if failed 3 consecutive times
        3. Review the MLO Testing Handbook for more information
  4. Apply for your License on the NMLS (Quick Guide)
  5. Pass a Background check (How to request a background check) (Cost: $36.25)
  6. Complete the Credit Report Authorization process (Quick Guide) (Cost: $15)
  7. Request to transfer NMLS Sponsorship status to Equity Smart

Useful Resources

Questions? Please email us at licensing@equitysmartloans.com!

 

How to Become a DFI MLO in WA

  1. Read and follow the WA DFI Loan Originator License New Application Checklist (Individual)
  2. Complete 22 hours of NMLS Approved Pre-License Education including 4 hours in Washington law.
  3. Take and pass the Licensing Exam
    1. Schedule your exam (Cost: $110)
      1. Exam Scheduling Quick Guide 
      2. The Exam is pass / fail and the candidate must get at least 75% of the multiple-choice questions correctly in order to pass.
        1. Either in person or online proctored
        2. Must wait 6 months to take if failed 3 consecutive times
        3. Review the MLO Testing Handbook for more information
  4. Apply for your License on the NMLS (Quick Guide)
  5. Pass a Background check (How to request a background check) (Cost: $36.25)
  6. Complete the Credit Report Authorization process (Quick Guide) (Cost: $15)
  7. Request to transfer NMLS Sponsorship status to Equity Smart

Useful Resources

Questions? Please email us at licensing@equitysmartloans.com!