Each state has a different set of requirements to become a mortgage loan officer (or originator).
This alone can make the process confusing.
But don’t fret – if you’re from Nevada, we have all the specific requirements for you.
Here, we’ll walk you through how to become a mortgage loan officer (MLO) in Nevada.
We don’t skip anything.
This way, you have a step-by-step guide to follow.
So shall we begin?
How to Become an MLO in Nevada – The 7 Steps
Here are the 7 steps to becoming a mortgage loan officer in Nevada:
- Meet the eligibility requirements
- Get your ID number
- Complete pre-licensure education
- Pass the SAFE MLO test
- Submit your MLO application
- Authorize a background check
- Get hired
Let’s go through these steps in detail.
Step #1: Meet the Eligibility Requirements
Nevada is one of the only states that includes a list of eligibility requirements.
This means you’ll have to meet these requirements in order to get an MLO license.
Here are the mortgage loan officer eligibility requirements:
- You will only take part in residential mortgages.
- You have not been convicted of a felony in court for the past 7 years.
- You have not been convicted of a felony involving fraud, dishonesty, money laundering, or breach of trust.
- You have not had an MLO license or registration revoked in the state or any other jurisdiction.
- You have not had a financial service license revoked or suspended in the past 10 years.
- You have not given false information of material fact on an application.
- You have not violated any regulation of the Commissioner.
- You have demonstrated financial responsibility, good character, and general fitness.
- You have not failed to remit any monies owed to the Division and the State of Nevada.
- You have complied with all the Nevada MLO application requirements.
- You are not sponsored.
If you can check everything, then let’s proceed to the next step.
Step #2: Get Your ID Number
First things first, you need to get your unique ID number.
This will be the number you use to enroll for a pre-licensure education, take the licensing test, apply for your MLO license, conduct business transactions, renew your MLO license, etc.
Now, to get this, you’ll have to create an account with the Nationwide Mortgage Licensing System (NMLS).
The NMLS keeps track of all MLO applicants and license holders nationwide.
To create an NMLS account and receive your ID number, you can request an account here.
It’s like signing up to any platform — so it should be pretty straightforward.
Step #3: Complete Pre-Licensure Education
Now it’s time to enroll in an NMLS-approved pre-licensure education (PE).
You can click here for a list of all approved providers.
Now, the SAFE Act — which sets the minimum standards for licensing and registration for mortgage loan originators — requires MLO applicants to complete at least 20 hours of pre-licensure education.
To go with that, the Nevada Division of Mortgage Lending added 10 extra hours, with a specific 4 hours of Nevada content.
In total, you’ll have to complete 30 hours of education – this is more than any other state.
The program should also include:
- 3 hours of Federal Law
- 3 hours of Ethics
- 2 hours of Non-Traditional Mortgage Lending
- 12 hours of electives
- 6 hours of state-specific electives
- 4 hours of Nevada content
Don’t know where to enroll?
Here are our top recommendations:
Step #4: Pass the SAFE MLO Test
It’s test time!
The NMLS issues the SAFE MLO test.
So you’ll have to register and schedule it in your account.
Here are the steps:
- On your NMLS account, you’ll need to create a test enrollment window in the MLO Testing & Education tab.
- Add the SAFE Mortgage Loan Originator Test – National and State Uniform Component to your cart.
- Follow the online prompts – mostly to accept the Candidate Agreements.
- Go to the invoice section and pay the testing window for $110.
- Go back to the MLO Testing & Education tab and select Manage Test Appointment to schedule it.
- You can also go to Prometric and schedule the SAFE MLO test there – this is usually if you want to take the test at a facility.
Now, to pass the test, you’ll need to answer 120 questions in around 3 hours.
Mind you, only 115 questions are graded. The other 5 are test questions.
The passing score is 75%.
For more information about the SAFE MLO test, you can check the MLO Test Handbook.
Step #5: Submit Your MLO Application
Once again, this will be done in your NMLS account.
To apply, you’ll need to fill up and submit Individual Form (MU4).
Here’s how to do that:
- On your NMLS account, go to the ‘Filing’ tab, select ‘Individual’, then ‘Request New/Update’.
- Add any existing licenses that you have.
- Select which state(s) you want to work in.
- Choose your license type — Nevada Mortgage Loan Originator License.
- Enter your ID number.
- Check the information and confirm it.
- Follow the online prompts – mostly to fill up personal information.
- Answer all the disclosure questions. For any ‘yes’ answer, you’ll have to provide an explanation in the next section.
- Confirm that you are going to request a Federal Criminal Background Check (steps below). You must also complete the demographic information.
- Request a new credit report by turning on the Completeness Check icon.
- Go to the Identification Verification (IDV) link and verify and complete it.
- Upload documents regarding veteran status and/or sexual orientation and gender identification (SOGI). These are only required if applicable.
- Attest and submit your MLO application.
- Pay the necessary fees:
- NMLS initial processing fee – $30
- NV application fee – $75
- Credit report fee – $15
- FBI criminal background check fee – $36.25
- TOTAL FEE – $156.25
Step #6: Authorize a Background Check
As we saw, you already confirmed that you’re going to request or authorize a federal criminal background check.
Well, here’s how to do it:
- Go over to Fieldprint and create an account.
- From there, schedule a fingerprinting appointment.
- Once you get your fingerprints, Fieldprint will submit them to the NMLS.
That’s all there is to it.
Step #7: Get Hired
Even though you submitted your MLO application already, an MLO license won’t be issued until you can find an employment sponsorship.
This is when you have to go out and get hired.
How do you stand out to potential employers?
A bachelor’s degree in a related field is one way.
Some real estate experience is also something that employers look for.
So you can first work on this, then look for employment.
Once you get hired, you should ask your employer to request sponsorship for you.
The Nevada Division of Mortgage Lending will review the request and accept or decline it.
If accepted, then you will be issued an MLO license — although, take note that paper licenses are not issued.
If declined, you can call the Division at (775) 684-7060 or email them at firstname.lastname@example.org.
And you’re done!
You’re now officially a mortgage loan officer in Nevada.
Frequently Asked Questions About Mortgage Loan Officers in Nevada
Do I Need Work Experience to Get My MLO License in Nevada?
Applicants for an MLO license in Nevada are not required to have any specific amount of experience to be eligible for licensure.
However, job experience related to duties typically performed by an MLO may help an applicant demonstrate that he or she has the necessary skills and knowledge to be hired at a banking institute or whatnot.
How Many Questions Are on the Nevada MLO Test?
The SAFE MLO test has 120 multiple-choice questions.
Topics covered generally include:
- Federal mortgage-related laws (24%)
- Uniform state content (11%)
- General mortgage knowledge (20%)
- Mortgage loan origination activities (27%)
- Ethics (18%)
What Happens if I Fail the SAFE MLO Test?
If you fail, you’ll be given 2 more tries that you need to take within 180 days of registering for the test.
If you fail the other 2 tries, or pass 180 days, you’ll have to create a new test enrollment window and repay the test fee.
How Much Do MLOs Make in Nevada?
According to Indeed, mortgage loan officers in their first to second years earn an average of $63,991
For those that have been in the industry for six to nine years earn an average of $100,294.
As for those that have 10+ years of experience, their average salary can go all the way to $110,159+.
And that’s everything you need to know about how to become a mortgage loan officer (MLO) in Nevada.
As you can see, the process is very straightforward.
You just need to take your time – especially when looking for employment.
If so, then you’ll soon be a mortgage loan officer or originator in the state.
Best of luck!