Mortgage loan officers (or originators) have it good.
It has many benefits — flexible work schedule, high earning potential, work-life balance, and satisfaction from helping others.
They also get to build a network of clients and industry peers.
But before all that, you’ll need to get your MLO license.
And if you’re from New Hampshire, then you’re in luck.
We are going to give you a complete guide on how to become a mortgage loan officer (MLO) in New Hampshire.
We’ll list down all the requirements and steps.
Plus, we’ll answer some frequently asked questions like:
- How much do MLOs earn in New Hampshire?
- What do I need an MLO license for in New Hampshire?
- How long does it take to become an MLO in New Hampshire?
So let’s begin!
How to Become an MLO in New Hampshire – The 5 Steps to Licensure
Here are the 5 steps to becoming a mortgage loan officer in New Hampshire:
- Get an NMLS unique identifier
- Take the MLO pre-licensure education requirement
- Pass the MLO licensing exam
- Complete the MLO license application
- Get hired as an MLO
Let’s go through the details.
Step #1: Get an NMLS Unique Identifier
To begin, you need your unique identifier — you’ll be using this number for your whole MLO application and career.
You simply need to request an account with NMLS or the Nationwide Mortgage Licensing System to get that.
Don’t worry – it’s just like creating any other account, so it will be very straightforward.
Just make sure that you enter all your information correctly.
Once the NMLS processes your request, you will receive email notifications for your password and username and your unique identifier number.
Step #2: Take the MLO Pre-Licensure Education Requirement
In New Hampshire, the education requirement is at least 20 hours of pre-licensure education (PE).
Here is what you’re required to study:
- 3 hours of Federal Law
- 3 hours of Ethics
- 2 hours of Non-Traditional Mortgage Lending
- 2 hours of New Hampshire content
- 10 hours of general electives
And here are some approved online providers that you can check out:
Once you complete the PE requirements, you can log in to NMLS and follow the course completion instructions to confirm if your PE Total has a ‘Compliant’ status.
Step #3: Pass the MLO Licensing Exam
Exam time!
To enroll for the MLO licensing exam, follow these steps:
- Log in to your NMLS account and go to the MLO Testing and Education tab.
- Select Create New Test Window in the submenu, then choose National Test with UST (Uniform State Test).
- Follow the instructions on the screen.
- Pay the $110 exam fee.
- Go back to the MLO Testing and Education tab, choose Manage Test Appointments, then select Schedule-Test Center or Request-Online Test.
For the Schedule-Test Center, you will take your MLO licensing exam at a Prometric testing center of your choice.
The Request-Online Test lets you take the exam online with the supervision of a remote proctor.
NOTE: You can also schedule your exam through Prometric.
To pass the MLO licensing exam, you’ll have to answer 120 questions (with only 115 graded) in around 3 hours. You need a score of at least 75%.
Step #4: Complete the MLO License Application
It’s finally time to apply for your MLO license!
Again, you’ll be doing this through the NMLS.
You’ll have to complete the Individual Form (MU4).
Here is how to do that:
- Go to the NMLS ‘Filing’ tab, choose ‘Individual’, then select ‘Request New/Update’.
- If you have any existing licenses, add them in.
- Choose which state(s) you will work in.
- Choose the New Hampshire Mortgage Loan Originator License.
- Enter your unique identifier number.
- View the information and confirm it.
- Fill up the personal information sections.
- Answer the disclosure questions. Remember, you have to provide an explanation and (if necessary) a supporting document if you answer ‘yes’ to any question.
- Confirm the Federal Criminal Background Check request and select ‘New Prints’ – if you don’t have existing prints with the NMLS.
- Complete the demographic information.
- Turn on the Completeness Check icon to request a new credit report – unless you already requested for one within 30 days.
- Complete the Identification Verification Process (IDV).
- Submit your MLO application.
- Pay the MLO fees for New Hampshire:
- NMLS initial processing fee – $30
- NH license/registration fee – $100
- Credit report fee – $15
- Criminal background check fee – $36.25
- TOTAL FEE – $181.25
- For your new prints, head over to Fieldprint, create an account, and schedule a fingerprinting. Your fingerprints will be uploaded to the NMLS after your appointment.
Step #5: Get Hired as an MLO
NOTE: You can look for employment even before you submit your MLO application. This is a good idea as you can see which states your employer wants you to work in — and you can then add that to your license application.
Even though you already submitted your MLO application, it will not be approved until you find an employer that will sponsor you.
So go out and look for employment.
If you want a good resume to present, it’s a great idea to have a Bachelor’s degree in a related field.
You can also have some real estate experience — such as working as a real estate agent or even just an assistant.
All of this will help you get hired by the best mortgage banker or broker in the state.
Of course, this isn’t required — but it will certainly help you find a good employer.
When you are hired, have your employer request sponsorship.
If the New Hampshire Banking Department accepts the sponsorship, then your MLO license application will be approved.
NOTE: The NH Banking Department does not issue paper licenses for MLOs.
If they have further inquiries or requests for information, you have to give it to them within 60 days. If not, your application will be abandoned.
And that’s it!
That’s how to become a mortgage loan (MLO) officer in New Hampshire.
Frequently Asked Questions About Mortgage Loan Officers (MLO) in New Hampshire
How Much Do MLOs Earn in New Hampshire?
According to ZipRecruiter, the average salary an MLO in New Hampshire makes is $98,035 a year. That’s $47.13 an hour!
The salary range can go from lows of $19,705 a year to highs of $253,129 a year.
Talk about earning potential!
But of course, this will all depend on several factors — employer, experience, bonuses, clients, etc.
What Do I Need an MLO License for in New Hampshire?
As stated in NMLS, you need a New Hampshire MLO license if:
- You are working for direct or indirect compensation or gain to take a mortgage application or offer, negotiate, solicit, arrange, or find a mortgage loan.
- You assist a consumer to obtain or apply for a mortgage loan by advising loan terms, preparing loan packages, and collecting loan information.
- A sole proprietor as a mortgage broker, mortgage servicer, or mortgage banker that wants to take part in MLO activities.
How Long Does it Take to Become an MLO in New Hampshire?
It can take 45 days to 3 months to become an MLO in New Hampshire. You can finish the pre-licensure education in less than a week and schedule the test a few days later.
However, some steps may take a while, though, such as fingerprinting and especially finding employment.
What’s more, if you want to get hired by the best mortgage banker or broker, then you may have to complete a Bachelor’s degree and have some real estate experience.
What Happens if I Fail the MLO Test in New Hampshire?
If you fail the MLO test the first time, you must wait 30 days before retaking it.
Now, for one test enrollment window, you’ll be given 3 attempts in 180 days.
If you fail all 3 or pass the 180-day period, then you’ll have to create a new test enrollment window — which means going through the registration process again, repaying the exam fee, and scheduling it.
Conclusion
And that is how to become a mortgage loan officer (MLO) in New Hampshire!
Becoming an MLO might be one of the most financially rewarding and professionally satisfying jobs you will ever have.
And the best thing about it is that it’s so easy to get a license!
Sure, it requires a small investment of time and money, but it returns a ton of perks and rewards.
So, how about you start your journey to becoming a mortgage loan officer in New Hampshire sooner than later?