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Residential Mortgage Loan Originator (RMLO)
Licensing Process
Overview of this Page
The Application Process Made Easy
To apply for the new RMLO license, you will need to meet the following basic requirements
(more details are below):
1) Enroll in the Exam Preparation Course
2) Register for an account in the NMLS Resource Center
3) Register for the National and State Tests in the NMLS Resource Center
4) Complete the National and State Pre-License Education Hours
5) Begin filling out the MU1, MU2, MU3 and MU4 applications, as necessary
5) Pass the 125 Question National Exam
6) Submit your application forms through the NMLS system
For Live Course & Exam Prep Dates,
click here.
For a Quick Summary of how to meet the NMLS license requirements,
click here.
NMLS Mortgage Licensing Terminology
| NMLS |
Nationwide Mortgage Licensing System |
| RMLO |
Residential Mortgage Loan Originator |
| MU1 |
Application form for the company ID |
| MU2 |
Application form for any principals of the company (not originating) |
| MU3 |
Application form for any branch locations of your company |
| MU4 |
Application form for each individual loan originator |
| Credit Hours Banking |
Education hrs completed are submitted into NMLS |
NMLS Quick Guides
NMLS Navigation Guides
How to Attest in NMLS
Step 1 - Register for the NMLS Account
All Residential Mortgage Loan Originators (RMLO) must be sponsored by a company, therefore all companies must file
an MU1 application. Even individual brokers, contract processors, and underwriters must file a form MU1 to create a company
to house thier license.
1) Request a company account
If you work for a large company, speak with your manager about the
company records in NMLS. You will need to apply under their
company ID.
If you are the owner of your company, you will need to create an MU1 account.
Click here to begin the MU1 appliction process
How to create an company account
2) Next you will need to create an Individual Account.
Click on the "Log in to NMLS" button above and then select "Create an Individual Account."
How to create an individualaccount
Step 2 - Register for Pre-License Education
NATIONAL: ALL applicants must complete 20 hours of Pre-license Education (PE). There is a $30 fee charged by
NMLS for "Banking" of credit hours. This fee will be facilitated
through the education provider who is submitting your hours for course
credit.
Register for Nationally Approved Online Pre-License Courses and State Specific
If the RMLO has already satisfied 20 hours of NMLS approved PE education previously, you do not have to take the hours again.
How to view your course completion record in NMLS
STATE SPECIFIC: In addition to the 20 Hours required nationally, some states have additional education requirements.
You will need to complete this education in each state that you apply for licensing.
For example, Texas requires an addtional 3 hours of State-Specific PE education.
View State Specific Education Requirements
Step 3 - Register for the NMLS National Exam
If you have already passed the National Component of the SAFE Mortgage Loan Originator Test and your passing
score is part of your RMLO record in NMLS, you do not need to take it again.
You will register and pay for the National Exam through the NMLS system after you have created your account.
The exam is taken through Prometrics Testing Centers.
The exam costs $110 and consists of 125 questions. (115 questions count
for your score and 10 questions are sample questions being tested by
NMLS.)
You will have 225 minutes to complete the exam. Take
your time reading each question carefully. If you do not know the
answer, make your best educated guess and mark the question to "review"
in the testing software to be reviewed after all questions have been
completed.
Testing center tips: Bring your drivers license and
another form of ID such as a credit card with matching signatures.
You will have a locker for all personal belongings such as coats,
purses, watches, phones, calculators, etc. The testing center
will provide a calculator and scratch paper to work on.
How to register for a pre-license exam
How to register for a pre-license exam
Video: What to expect on test day
License Application and Renewal Costs
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In 2020 to set up a broker company and get a RMLO license in Texas, it will cost...
MU4 Individual Testing - $110
MU1 (Brokerage Company) - $275
MU2 (Owners Registered)- $50 each
MU3 (Branch) - $0 if no branches
MU4 (Originator) - $215
+ MU4 Background Checks - $125.25
TOTAL SETUP FEES APPROX $1,144.25
NMLS Fees: For companies and individuals applying or renewing through the NMLS portal, the system will require
payment electronically through NMLS upon submission for processing fees. [Full Info]
| MU1 |
$100 per company paid annually |
| MU2 |
Principals/Officers are at no cost to register |
| MU3 |
$20 per licensed branch location paid annually |
| MU4 |
$30 per residential mortgage loan originator license paid annually |
| National Exam Fee |
$110 - to Prometric Testing Center |
| MU4 Individual FBI Background Check |
$36.25 |
| MU4 IndividualCredit Report |
$15 |
| MU4 Changes |
$30 each time a RMLO changes company sponsorship |
The NMLS processing charges are applied on a per license per state basis.
There are no other NMLS processing fees. These processing fees pay for NMLS’
operations, including licensee system access 362 days per year, ability
to maintain, renew and run reports on your licenses, and call center
support.
PLUS Texas SMLD Fees: For companies and individuals submitting a NEW APPLICATION OR RENEWAL through NMLS, the system will require
payment electronically through NMLS upon submission for processing fees. [Full Info]
| MU4 Individual License (in addition to company) |
MU4 - $185 New
MU4 Criminal Background - $75 New
MU4 - $60 Renewal |
| Mortgage Banker Registration |
MU1 - $350
MU3 - $50 |
| Mortgage Company License(formerly known as a Broker) |
MU1 - $175 New
MU3 - $50 |
Independent Contractor
Contract Loan Processor Company or Contract Underwriter Company License |
MU1 - $150 New
MU1 - $100 Renewal |
| Financial Services Company |
MU1 - $500 |
CUSO
Credit Union Subsidiary Organization |
MU1 - $150 New
MU3 (Branch) - $0 |
| Auxiliary Loan Activities Company |
MU1 - No Fee |
| Mortgage Loan Servicer Registration |
MU1 - $350 New
Bond Requirement
(based on servicing volume)
<$25,000,000 - $25,000
>$25,000,000 - $50,000 |
SMLD Fee Schedule for Licensing Applications
Texas SAFE Act Guidelines
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Background Checks
Criminal History
- All individuals acting as residential mortgage loan originators must
authorize a fingerprint background check through NMLS for the purpose
of conducting a national criminal history background check through the
Federal Bureau of Investigation when filing Form MU4 through NMLS. This
requirement applies to all individuals, regardless whether you are
currently licensed in the state or if you have previously submitted
fingerprints for licensure. NMLS will implement a comprehensive process
which includes electronic fingerprint capture with locations throughout
the state.
Credit Report
- All residential mortgage loan originators must provide authorization
to obtain a credit report through NMLS. Texas SML will review the
credit report provided through the NMLS as part of its determination of
financial responsibility for each residential mortgage loan originator.
SML has stated that they will take into account recent economic
factors when reviewing credit reports and will differentiate between
financial irresponsibility and economic hardships.
Texas does NOT have a credit score requirement.
Annual NMLS License Renewal
ALL NMLS licenses expire on December 31st each year. The MU1, MU2, MU3, and MU4 records must be renewed prior to December 31st. Beginning November 1st, licensees can log into NMLS,
click the Renewal Tab and request renewal of their licenses, or indicate to their regulator the licenses they do not intend to renew. Individuals should consult with their company
to determine who will be submitting and paying for the renewal request in NMLS. In some instances, the company may wish to submit the renewal request on your behalf
(individuals must attest to their record first.)
All MU4 must complete a minimum of 8 hours of continuing education each year. There is a $12 fee charged by
NMLS for "Banking" of credit hours. This fee will be facilitated through the education provider who is submitting your hours for course credit.
These hours must be completed prior to renewing your license. You CANNOT renew your license until your hours are posted in NMLS and you have received the confirmation email.
Go to the Continuing Education page
FAQs about RMLO License Renewal
Q: What are the Continuing Education (CE) requirements for renewal?
A: Every year, licensees must complete 8 hours of approved NMLS CE prior to renewing your license.
Q: What is the best practices deadline for renewing my license?
A: All MLO renewal requests should be submitted by December 15th. The cutoff for renewing your license is December 31st each year.
Q: What happens if I do not renew my license by December 31st?
A: Your license will expire which means you will no longer be able to act as a loan originator. Certain state agencies allow licensees to request late renewal or reinstatement.
Licenses can still be renewed until approximately the end of February, but they will be subject to a late fees and you cannot originate loans until it is fully approved.
Q: What is the late renewal fee for a loan originator license?
A: If you renew your LO license late, the Reinstatement Fee for Texas SML is $125.
Q: Who can help if I forgot my password to the NMLS?
A: If you are an individual and you know your user name, there is a “Forgot Password” option on the NMLS login screen. If you do
not know your user name, you must contact the NMLS Call Center. You can reach them at (240) 386-4444.
Q: I am not actively originating loans, must I renew my license?
A: If you wish to maintain your inactive loan originator license, you must renew with the same requirements as an active loan
originator licensee. This includes meeting all the renewal requirements and submitting the renewal request via the NMLS.
Q: Who can I call for help navigating the renewal system in the NMLS?
A: The NMLS Call Center is available Monday-Friday from 8am-5pm. Their phone number is (240) 386-4444.
State Specific Information
State Specific FAQs Spreadsheet
Renewal Deadlines Chart
Renewal Fees Chart
Company Renewals for RMLO
Companies Renewal Handbook
Companies Uniform Renewal Checklist
Companies Renewal Role Users
Individual Attest for Company Pay and Submit
Individual Self Renewals
IndividualsRenewal Handbook
Individuals Uniform Renewal Checklist
Individual Attest and Self Pay
How to interpret your Application Status
How to view your course completion record in NMLS
How to mark a license/state as Do Not Renew in NMLS
How to terminate your relationship with a Company
How to change your employer in NMLS
How to surrender or withdraw your license
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Mortgage Call Reports and Financial Statements
Companies that hold a state license or state registration through NMLS will be required to complete a Mortgage Call Report. The SAFE Act requires all state mortgage licensees to submit a report of financial condition and loan activity to NMLS. The Mortgage Call Report (MCR) functionality in NMLS allows
a company to submit the required filings through the system. There are two different types of Mortgage Call Report (MCR) Filings in NMLS: the Expanded Mortgage Call Report (E-MCR)
and the Standard Mortgage Call Report (S-MCR). The E-MCR is required for a company that indicates on the Company Form (MU1) that it is a Fannie Mae or Freddie Mac Approved Seller/Servicer or a Ginnie Mae Issuer.
MCR filings contain two components: the Financial Condition (FC) and the Residential Mortgage Loan Activity (RMLA) Report.
For Standard filers, the FC is required to be filed annually, no later than 90 days after the fiscal year end. For Expanded filers, the FC is filed every calendar quarter.
The RMLA contains information about the mortgage activities for a company and it’s Mortgage Loan Originators (MLOs).
MCR filings can be created manually or by use of the upload functionality in NMLS. Regardless of how the company initiates the MCR filing, the company will still need to complete
all of the components, attest to, and submit the MCR filing.
NMLS Navigation Guide for MCR and FS
Mortgage Call Report Requirements by State Agency
Standard MCR for Non GSE-Approved Companies
How to file a Quarerly Standard Mortgage Call Report (MCR)
How to file an Annual Financial Statement (FS)
| MCR Component |
Filing Period |
Due Date |
| S-FC |
Annual |
90 days from fiscal year end (FYE) |
| S-RMLA |
Q4 data (October 1 – December 31)
Q3 data (July 1 – September 30)
Q2 data (April 1 – June 30)
Q1 data (January 1 – March 31) |
45 days from Q end (February 14)
45 days from Q end (November 14)
45 days from Q end (August 14)
45 days from Q end (May 15) |
Expanded MCR for GSE-Approved Companies
How to file a Quarerly Expanded ortgage Call Report (MCR)
How to file a Quarerly Financial Statement (FS)
| MCR Component |
Filing Period |
Due Date |
| E-FC and E-RMLA |
Q4 data (October 1 – December 31)
Q3 data (July 1 – September 30)
Q2 data (April 1 – June 30)
Q1 data (January 1 – March 31) |
45 days from Q end (February 14)
45 days from Q end (November 14)
45 days from Q end (August 14)
45 days from Q end (May 15) |
NOTE: The MCR is separate and distinct from Financial Statements.
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