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 Becoming a Loan Originator or Mortgage Broker
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Becoming a Loan Originator or Mortgage Broker |
To become a loan originator, you must complete these steps:
Step One: You must pass the loan originator licensing exam.
Step Two: Complete an online license application and pay the application fee (currently $125, which you may pay by credit card).
Step Three: Mail the following items to the Department of Financial Institutions (DFI):
a) A completed set of two fingerprint cards. The cards can be obtained from DFI or your local law enforcement office.
b) A completed paper copy of the MU4 authorization form (PDF) found on the DFI website. Have it notarized; then mail it to DFI with your fingerprint cards. The MU4 form does not replace your online application. You must apply online as well.
Note: When you’re filling out the form, the address from which you operate must be a licensed Mortgage Broker office.
To become a designated mortgage broker, you must complete these steps:
Step One: You must pass the designated broker exam.
Step Two: You must be appointed to the designated broker position by the licensed mortgage broker through an application and approval process with DFI.
Step Three: You must have a minimum of two years' work experience lending or originating residential mortgage loans. The work experience must be as one or more of the following, within the last five years, as a:
- mortgage broker or designated broker of a mortgage broker; or
- mortgage banker, responsible individual, or manager of a mortgage banking business; or
- loan originator with responsibility primarily for originating loans secured by a lien on residential real estate; or
- branch manager of a lender with responsibility primarily for loans secured by a lien on residential real estate; or
- manager or supervisor of mortgage loan originators; or
- mortgage processor, underwriter, or quality control professional; or
- regulator, examiner, investigator, compliance expert, or auditor, whose primary function is the review of mortgage companies and their compliance processes, and the department determines your background is sufficient.
Your work experience must also be evidenced by a detailed work history and:
- W-2 Federal Income Tax Reporting Forms in the designated broker appointee's name; or
- 1099 Federal Income Tax Reporting Forms in the designated broker appointee's name; or
- corporate tax returns signed by the designated broker appointee for a licensed or exempt residential mortgage company.
In addition to supplying the application information, both you and the licensed mortgage broker must be in good standing with the department.
When DFI has received and approved your completed license application (including the fingerprint cards and notarized MU4 form), DFI will issue your license.
Note: It is very likely that DFI will deny a license to someone with felony convictions within the past seven years. Also, DFI will likely deny a license to an applicant with gross misdemeanor convictions involving dishonesty or financial misconduct within the past seven years.
For more information, go to the DFI website for:
• Mortgage brokers
• Loan originators
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