If you’d like to become a loan officer in New Jersey, there is a clear path to follow to first get your license and then start your career as a MLO. The term mortgage loan originator (MLO) and licensed mortgage loan officer are frequently used interchangeably and both reflect the important job of helping home buyers find and secure the right home loan for them. Many of the steps to become licensed MLO are the same in all states, but there are few state specific tasks that must be completed to get your New Jersey loan officer license.
To become a successful loan officer you’ll need both a comprehensive understanding of the mortgage industry as well as good interpersonal and communication skills. You’ll need to learn the national and New Jersey state-level guidelines and will be required to pass an exam to show your mortgage knowledge and expertise. Let’s dive into our step-by-step guide of how to become a loan officer in NJ and fulfill all of the mortgage license requirements.
- Step 1: Request your NMLS account
- Step 2: Receive your personal NMLS ID number
- Step 3: Review all the state-specific licensing requirements for New Jersey
- Step 4: Complete both the national and New Jersey pre-licensing mortgage coursework
- Step 5: Prepare for the national SAFE Test
- Step 6: Pass the national SAFE exam to become a licensed loan officer
- Step 7: Complete a background check and get fingerprinted
- Step 8: Complete and Submit your Individual Form, known as the MU4, to NMLS
- Step 9: Get sponsored by a mortgage company, the final step to become a licensed loan officer in New Jersey!
- Learn about joining the Morty platform as a loan officer.
Step 1: Request your NMLS account
All prospective loan officers must request an NMLS account through Nationwide Multistate Licensing System & Registry, also know as NMLS.
Step 2: Receive your personal NMLS ID number
Once you’ve registered with the NMLS, you’ll receive an individual NMLS ID number to use throughout your career as a mortgage loan originator. The same NMLS ID is used for your license in New Jersey and any other states you might consider getting licensed in like Pennsylvania, New York and Delaware.
Step 3: Review all the state-specific licensing requirements for New Jersey
Next, check the New Jersey MLO license requirements on NMLS’s Resource Center. Here you can see the other milestones you need to complete to get licensed as a MLO in New Jersey.
Step 4: Complete both the national and New Jersey pre-licensing mortgage coursework
Complete the required 20 hours of pre-licensing coursework. Pre-licensing classes for becoming a mortgage loan officer cover a range of topics from mortgage industry fundamentals to ethics and professional conduct. In New Jersey, 4 additional hours of work must be completed that are dedicated to state-specific laws and regulations. Morty recommends Oncourse Learning as a pre-licensing coursework provider. If you’d like other recommendations, reach out through our Platform Loan Officer program.
Step 5: Prepare for the national SAFE Test
Purchase your SAFE exam prep materials and practice tests to begin studying and getting ready for the Secure and Fair Enforcement (SAFE) exam. This exam was instituted by Congress as part of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008. For loan officers joining the Morty platform, Morty covers the costs of test prep materials which costs about $100.
Step 6: Pass the national SAFE exam to become a licensed loan officer
To obtain your mortgage loan originator license in New Jersey, or any state in the U.S., you’ll need to pass the NMLS’s SAFE Mortgage Loan Originator Test with a score of 75% or higher. This test is designed to assess your understanding of crucial concepts in mortgage lending. The SAFE exam is 190 minutes long, allowing you ample time to demonstrate your knowledge and skills in various areas of mortgage loan origination. The cost of taking the SAFE exam is $110.
Schedule your SAFE test at your convenience and when you feel prepared. If you do not pass the SAFE exam, you’ll have to wait 30 days to take it again.
Step 7: Complete a background check and get fingerprinted
Before you officially have your loan officer license in New Jersey, you must complete a Criminal Background Check via your NMLS account. You must also make an appointment to have your fingerprints taken, which can also be arranged through the NMLS portal. The current cost of your background check and fingerprinting for your mortgage license is $36.25.
Step 8: Complete and Submit your Individual Form, known as the MU4, to NMLS
Once you’ve passed your test and done your background checks, you’re ready to file your Individual (MU4) Form. Head to your NMLS portal to file your Individual (MU4) Form and pay your NMLS fees. The cost to file your mortgage loan officer license in New Jersey is: $30 NMLS application fee, $150 state license fee and a $15 credit report fee.
Step 9: Get sponsored by a mortgage company, the final step to become a licensed loan officer in New Jersey!
After finding and being hired by a mortgage originator (like Morty), you can initiate the sponsorship process by submitting the company’s credentials to the NMLS for verification. Upon receiving approval — congrats, you’ll officially be a licensed mortgage loan officer in New Jersey!
Are you looking for mortgage loan originator sponsorship?
If you’ve completed the pre-licensing work and passed the SAFE exam to become a loan officer in New Jersey, the next thing to consider is what mortgage company will to sponsor your license.
We’d love for you to be sponsored by Morty! Morty is a technology-enabled online mortgage broker. We make it quick and easy to for MLOs to get sponsored and work off our platform. Morty also offers loan officers, and their clients, a better, more seamless mortgage experience through our lender marketplace, competitive pricing, affordability tools, underwriting technology, along with the built-in support from our processing and fulfillment teams. We’re so confident that new MLOs will love working with Morty, we’ll even reimburse you for the fees associated with pre-licensing, exams and applications after you’ve been sponsored and fully onboarded onto the Morty’s platform.
Interested in how to get your MLO license in multiple states?
Are you interested in getting your loan officer license in multiple states? To become licensed in states other than New Jersey, you’ll need to fulfill the additional education requirements for each state and file your Individual (MU4) Form for each state through NMLS.
Morty is licensed in 45 states and can help you quickly get sponsored in multiple states. To get started, we put together mortgage licensing guides for many states including: Georgia, North Carolina, Florida and Ohio.