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How long does it take to get a mortgage license?Mortgage Licensing can be a very arduous process. Any time we deal with the government, the likelyhood of getting great customer service is very slim. The reason being that the state or federal government employees are
not compensated with bonuses or commissions for processing more applications each month. Most government employees that I have worked with are just doing the minimum needed to stay employed so that they can receive their check each month and their retirement at the end of their career. There are some exceptions though. A few states have great management and helpful licensing analysts. New Mexico, Idaho, Utah, Delaware, Tennessee, and Wyoming are few examples. With that being said,
processing times for new license applications can greatly differ. If you apply for a New Mexico license on a Monday, it is possible to have it approved by Friday. However, if you apply for a New York license on January 1st, it is possible that you won’t have the license by the following year. They are just very unorganized and the red tape can stop you in your tracks at times. Generally though, most states take about 2 month to process a license application, because the state regulations require
them to provide you with a response within 60 days. As long as you submit everything correctly the first time, you can expect to have your license in that time frame. If items are missing, the time can easily double to 4 or more months. Having a complete application is one of the most important steps to reducing the time for the state to process the application. For example, when you submit a loan to a processor, if the file is missing half of the documentation, the processor can easily get frustrated and confused on what is needed. The processor will likely put your file on the bottom of the stack and work on it later. It can go back and forth for a long time. The same situation occurs with licensing. If the file is missing major items, then the state analyst has to request those items, and your application is put on the bottom of the pile. Again, a process that should take a couple months turns into 4 or 5 months very easily. Another very important aspect of how long it will take to get a mortgage license is the time to prepare the application. I have seen applications completed in a few days, and I have also seen applications take numerous months to be completed. When I prepare mortgage license applications, I will send a list of needed items to the mortgage company. If the company does not provide me the items, I cannot complete the application. Usually the needed items are simple such as resumes, credit reports, and financials on the owners or formation documents, financials, and reference letters on the company, however, if they are not provided, the application will just sit and the timeframe for the state to process the application will never start. Usually most companies are able to provide the needed documentation within 2 to 4 weeks. And the states take 8 to 12 weeks to process the application. So the average time to obtain a mortgage license from start to finish is between 10 to 16 weeks. But remember, you need to make sure the application is complete and to provide the needed documentation right away or it could easily turn in to a 9 to 12 month process. 04.13.2009. 10:07 Share This Story, Choose Your Platform!Related PostsTitlePage load linkWhat are the reasons for denial of my MLO license?A license as a mortgage loan originator shall be denied if:
Can I find out the status of a loan originator’s license on NMLS?Yes. The Consumer Access section of the NMLS website provides the current status of all MLO licenses. Additional information about determining status can be found on the NMLS Website or you may call NMLS at (855) 665-7123. I received an e-mail from NMLS stating I have a deficiency in my application. What is a deficiency?A deficiency is placed on your NMLS record to notify you of any missing information that is still required to complete the review of your application. Licensing requirements will be approved or marked deficient on your NMLS record. Once an item is marked deficient in NMLS, the system will send an e-mail telling you that the application is deficient and asking you to log into NMLS. Contact information for the person handling your application is included with the deficiency item. You should e-mail that employee directly using the contact information provided in NMLS. How do I clear deficiencies in NMLS? I have e-mailed the DFPI examiner assigned in NMLS and have not heard back.We are working diligently to complete all applications as quickly as possible. If you believe you have completed all requirements and more than a few days has passed, contact the examiner working on your application. Contact information is provided with the deficiency item. I have submitted all my documents to be licensed as an MLO and passed my education requirements; there is no updated status information in NMLS. How do I know if my license is approved?Your license is approved when the status is changed in NMLS to “Approved”. If your license is “Approved – Inactive” you are not authorized to originate loans. My license is approved in NMLS and I have not received a paper copy of my new license. How long will I have to wait?We are printing licenses regularly. The license will be mailed to the business address noted on your MU4. We will only print licenses for MLOs whose license status is “Approved.” Licenses will not be issued for any other approved status. My license is approved in NMLS, but I have not received a paper copy of my license. What can the Department of Financial Protection and Innovation do to help me?Your license is approved when the status is changed in NMLS to “Approved”. If your license status is “Approved – Deficient”, “Approved – Conditional” or “Approved – Inactive” please review the deficiencies set in your NMLS record. Upon completion of those items full approval will be granted, your license status will be changed to “Approved” and you will receive your paper license. If the license is not received in 8-10 business days, please email . If my license is approved in NMLS and I have not yet received a hard copy of my license, can I conduct business as an MLO?Yes. What will happen if I change employers and the loans I’m working on do not close by the time I leave my employer?MLOs cannot engage in any further acts that require a license once they leave the employment of their sponsor. Loan applications initiated under the authority of a CFL or CRMLA license are the property of the licensed sponsoring company. If there are additional acts that are necessary to complete the file, those acts must be completed by an MLO who is properly licensed and employed by that sponsor. The MLO can still get paid for the work completed prior to leaving employment. What happens after final approval from Underwriter?Once the underwriter has determined that your loan is fit for approval, you'll be cleared to close. At this point, you'll receive a Closing Disclosure.
How soon before closing is credit checked?Lenders typically do last-minute checks of their borrowers' financial information in the week before the loan closing date, including pulling a credit report and reverifying employment.
How much does a loan originator make in Florida?The average salary for a mortgage loan originator in Florida is $68,500 per year. Mortgage loan originator salaries in Florida can vary between $21,500 to $337,500 and depend on various factors, including skills, experience, employer, bonuses, tips, and more. Was this helpful?
Which of the following items could disqualify an applicant from obtaining a Florida mortgage license?current outstanding tax liens or other governmental liens and filings. has current Collection Accounts or a history of Collection Accounts. foreclosures within the past 3 years. three or more accounts currently more than 90 days past due.
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