Oklahoma Mortgage Calculator Blog

Embarking on a career as a mortgage loan originator in Oklahoma? You'll need to obtain an NMLS license. This guide will walk you through the process, requirements, and steps to become a licensed mortgage loan originator in the Sooner State. Whether you're just starting or looking to expand your career, understanding the NMLS licensing process is crucial for success in the mortgage industry.

Understanding NMLS License Requirements in Oklahoma

To become a licensed mortgage loan originator in Oklahoma, you must meet specific requirements set by the state and the Nationwide Multistate Licensing System (NMLS).

These requirements include age restrictions, education, and passing the NMLS exam. Applicants must be at least 18 years old and have a high school diploma or equivalent.

Pre-Licensure Education

Before applying for your NMLS license, you must complete 20 hours of pre-licensure education. This education covers federal and state-specific mortgage laws, ethics, and loan origination practices.

You can find approved education providers through the NMLS website or through specialized mortgage education companies. Some providers offer online courses for added convenience.

Taking the NMLS Exam

After completing your pre-licensure education, you'll need to pass the NMLS exam. This exam tests your knowledge of federal and state mortgage laws, ethical practices, and loan origination procedures.

The exam consists of 125 multiple-choice questions, and you'll have 190 minutes to complete it. A score of 75% or higher is required to pass.

Applying for Your Oklahoma NMLS License

Once you've completed your education and passed the exam, you can apply for your Oklahoma NMLS license through the NMLS website.

You'll need to submit various documents, including proof of education, exam results, and a criminal background check. The Oklahoma Department of Consumer Credit will review your application.

Background Check and Credit Report

As part of the application process, you'll need to undergo a criminal background check and submit a credit report. These checks help ensure the integrity of licensed mortgage professionals in the state.

Be prepared to explain any discrepancies or issues in your background or credit history during the application process.

Sponsorship Requirement

In Oklahoma, you must be sponsored by a licensed mortgage company to activate your NMLS license. This sponsorship indicates that you'll be working under the supervision of a licensed entity.

If you're not currently employed by a mortgage company, you can still complete the licensing process, but your license won't be activated until you secure sponsorship.

Continuing Education and License Renewal

Once licensed, you'll need to complete 8 hours of continuing education annually to maintain your NMLS license in Oklahoma. This ensures you stay up-to-date with industry changes and best practices.

Your license must be renewed each year through the NMLS system. Be sure to meet all renewal requirements, including continuing education and fees, to keep your license active.

Wrapping Up

Obtaining your NMLS license in Oklahoma is a significant step towards a rewarding career in the mortgage industry. By following this guide and meeting all requirements, you'll be well on your way to becoming a licensed mortgage loan originator in the state.

Remember to stay informed about any changes in licensing requirements and industry regulations. Continuous learning and professional development will help you succeed in this dynamic field.

For more information on NMLS licensing in Oklahoma, visit Oklahoma Mortgage School or RealEstateU's MLO License Guide. You can also explore our resources on mortgage loan originator license requirements, NMLS continuing education, and how to become a mortgage broker for further guidance in your career journey.