How to Become a Mortgage Loan Officer (MLO) in Oklahoma

Want to become a mortgage loan officer (MLO) in Oklahoma but don’t know how or where to begin?

With all the different state requirements, it can get quite confusing. 

But don’t worry!

We’re here to give you the specifics for Oklahoma. 

We’ll walk you through all the steps to getting your MLO license — and include all the details of each step. 

Moreover, we’ll keep it as concise and precise as possible, but we’ll also give you tips that might help you along the way.

So let’s get on with it! 

How to Become a Mortgage Loan Officer (MLO) in Oklahoma – The 5 Steps to Licensure

Before we go into the details, here is an overview of the 5 steps to getting an MLO license in Oklahoma:

1. Create an account in NMLS and get a unique identifier number
2. Complete the MLO pre-licensure education requirements in Oklahoma
3. Take and pass the MLO licensing exam
4. Submit your MLO license application
5. Associate your NMLS account with your employer

Now let’s get to the details…

Step #1: Create an Account in NMLS and Get a Unique Identifier Number

The 2008 Secure and Fair Enforcement (SAFE) Mortgage Licensing Act mandates that loan officers register with a national licensing and registration system. This is why the NMLS was established. 

The NMLS, or the National Mortgage Licensing System and Registry, is an online database that tracks MLOs. It also deals with all the MLO license applications and information. 

And that brings us to step one — to create an account with NMLS and get your unique identifier number. 

This step is easy. You can finish it in just a few minutes.

• First, go to the NMLS website and click the button that says ‘Request an Account.’

• Choose ‘Individual’ from the options in the next window.

• Now, enter the CAPTCHA and click Next.

• Once you are on the account creation page, fill out the form accurately. Avoid errors because they might cause you trouble later on. 

• Upon submission of the form, you will get your unique identifier number. This is a string of numbers that will serve as your identifier number throughout your application and MLO career. 

• Check your confirmation email and create a new password to set everything up.  

NOTE: If you forget your unique identifier number, don’t worry. You can always check it via the Composite View tab in your NMLS account. 

Step #2: Complete the MLO Pre-Licensure Education Requirements in Oklahoma

Another requirement of the SAFE Act is the completion of pre-licensure education (also called PE).

Now, when it comes to PE, different states have different hour requirements. 

In Oklahoma, you only need to complete 20 hours of MLO pre-licensure education. And this should include:

• 1 hour of Oklahoma content (IMPORTANT!)
• 2 hours of Non-Traditional Mortgage Lending Standards
• 3 hours of Federal Law
• 3 hours of Ethics
• 11 hours of general electives 

The good news is that you can complete your PE online!

Here are some of the best and most trusted online PE providers in Oklahoma:

• The CE Shop
• OnlineEd
• Champions School of Real Estate 
• Knowledge COOP

It will take you about a week or less to finish the courses, depending on your schedule. 

Upon course completion, you can check if your PE hours were credited to your NMLS account through the ‘Course Completion Records Quick Guide’. 

Step #3: Take and Pass the MLO Licensing Exam

Before you can sit for the MLO licensing exam, you first need to register and schedule it. 

Here’s how to do that: 

• Log in to the NMLS account and visit the MLO Testing & Education tab. 

• Click the Create New Test Enrollment Window button and choose National Test with UST or Uniform State Test.

• Add it to your cart. 

• Accept all the Candidate Agreements. 

• Proceed to checkout and pay the $110 test fee.

• After you complete your test registration, go over to Prometric and schedule your MLO licensing exam. You can choose to take it online or at a Prometric testing center. 

NOTE: Prometric is the national administrator of the SAFE MLO test. 

What to Expect on Test Day

• Be present at least 30 minutes before schedule. You need enough time to check in and complete the pre-test tutorial.

• Don’t forget to bring one valid government-issued ID, such as a driver’s license, passport, military ID, and alien registration card.

• You have 190 minutes to answer 120 questions. 

• You need a score of 75% or higher to pass. Note that only 115 questions are scored, while the other 5 are sample questions.    

• After you complete the test, you can check your results through the NMLS ‘Composite View’ and ‘View Testing Information’. 

Step #4: Submit Your MLO License Application

It’s finally time to apply for your OK MLO license. 

To do that, you need to complete Individual Form MU4 through the NMLS. 

Let’s go over the form to help you out…

• Log in to NMLS and go to the ‘Filing’ tab on the upper part of your screen, next to Home.

• Click on Individual. Then, select Request New/Update to begin your Individual Form MU4. 

• First up, you’ll have to add any existing license that you might have (if applicable). 

• You then need to select the state you’re in (and other states you want to work in).

• After choosing your state(s), you need to indicate which license you’re applying for. In this case, it’s the Mortgage Loan Originator license. 

• Provide all the required information in the online form and hit save. 

• Complete the remaining sections, such as residential history, employment history, school history, and other businesses.

• Up next, you need to answer the disclosure questions. If you answer ‘yes’ to any question, you need to provide an explanation and (if applicable) a supporting document in the “Disclosure Explanation’ section. 

• You’ll then need to authorize a Criminal Background Check (CBC). You have to choose “Submit New Prints” or “Use Existing Prints” (if you already have them on file). You’ll have to fill up the demographic information, too. 

• You’ll also need to authorize a Credit Report. For this, you simply need to turn on the Completeness Check icon and complete the Identification Verification Process (IDV).

• You also need to upload a few documents under Document Uploads. This includes:
  • A completed immigration document form (Verification of Experience)
  • If applicable, Verification of Military Service (Legal Name/Status Documentation)
  • If applicable, Low-Income Individual (Legal Name/Status Documentation)

• Once you complete all the sections, you can Attest and Submit the Individual Form MU4. 

• Finally, you’ll need to pay the fees with a credit card:
  • NMLS initial processing fee – $30
  • OK license examination and recovery fund fee – $260
  • OK application fee – $200
  • Criminal Background Check fee – $36.25
  • Credit Report fee – $15
  • TOTAL fee – $541.25

For a complete checklist, you can go over to the NMLS guide here. 

How to Get Fingerprinted

If you selected ‘Submit New Prints’ for your Criminal Background Check, then you need an extra step. 

This is to schedule and get fingerprinted. 

To do that, simply head over to the NMLS Fieldprint website. Create an account with them and schedule your fingerprinting. 

Once that’s done, your fingerprints will be uploaded to the NMLS and will be checked. 

Step #5L: Associate your NMLS Account With Your Employer

The last thing you need is sponsorship from an employer.

If you are already employed, then tell your employer to request sponsorship for you through the NMLS. 

If not yet employed, then this is the time to go out and look for a company to hire you as their mortgage loan officer. 

The mortgage loan officer industry is competitive, so you might want to keep these tips in mind:

• Do you have a Bachelor’s degree in a related field? Although it is not required, having a Bachelor’s degree will put you at an advantage.

• Do you have prior work experience? Employers will likely choose candidates who already have some background in real estate. So before applying for an MLO job, you might want to consider working in the real estate or mortgage industry. 

And when you do find employment, again, have your employer request sponsorship for you. 

The Oklahoma Department of Consumer Credit (OK DCC) will review the request. 

When they approve it, you will become an officially licensed mortgage loan officer in the state. 

CONGRATS!

NOTE: The OK DDC does not issue paper licenses. 

Frequently Asked Questions About Mortgage Loan Officers (MLO) in Oklahoma

How Do I Reschedule My MLO Test?

If you need to make changes to your exam schedule, you can do the following:

• Go to the Manage Test Appointments section in your NMLS profile
• Visit Prometric or call their hotline at least two business days before your original appointment, on or before noon. 

How Soon Will I Know If I Passed the MLO Test?

You will take the test on a computer. You will immediately see the results upon completing the exam. 

If not, you can check your results through your NMLS account. Head over to the ‘Composite View’ and select ‘View Testing Information’. 

How Much Does an MLO License Cost in Oklahoma?

You will spend roughly $800 to become an MLO in Oklahoma. 

Below is a breakdown of the costs:

Conclusion

And there you have it. 

Everything you need to know on how to become a mortgage loan officer (MLO) in Oklahoma. 

If you just follow this guideline, then you’ll soon be able to practice your new career. 

So what are you waiting for?

Go ahead and start with Step 1.

Good luck!