New Jersey Mortgage Loan Originator License

New Jersey Mortgage Education

EasyRealEstateSchool.com offers these New Jersey mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.

New Jersey Mortgage Loan Originator License

Who is required to have this license?

This license is required for any natural person who for compensation or gain, or in expectation of compensation or gain, either directly or indirectly takes a residential mortgage loan application, or offers or negotiates terms of a residential mortgage loan. Residential mortgage loans include both first and second mortgage loans on New Jersey property. A mortgage loan originator must be employed by one, and not more than one, licensed New Jersey Residential Mortgage Lender, Correspondent Residential Mortgage Lender, or Residential Mortgage Broker.

Who does not need this license?

  • An individual who is licensed as a New Jersey Qualified Individual Residential Mortgage Lender, Qualified Correspondent Residential Mortgage Lender or Qualified Individual Residential Mortgage Broker.
  • An individual engaged solely as a loan processor or underwriter performing clerical or support duties as an employee, at the direction of and subject to the supervision of a New Jersey licensed Residential Mortgage Lender, Correspondent Residential Mortgage Lender or Residential Mortgage Broker or a person exempt from licensure under New Jersey law.
  • An individual engaged solely in extensions of credit relating to timeshare plans, as defined in section 101(53D) of title 11, United States Code (11 U.S.C. s.101 (53D)).
  • A registered mortgage loan originator who is registered under the federal “Secure and Fair Enforcement Licensing Act of 2008,” title V of Pub.L.110-289 (12 U.S.C. s.5101 et. seq.).
  • A licensed attorney who negotiates terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of a client, unless the attorney is compensated by a residential mortgage lender or residential mortgage broker
  • A person licensed as a NJ real estate broker or salesperson and not engaged in the business of a residential mortgage lender or residential mortgage broker
  • Any individual who offers or negotiates terms of a residential mortgage loan: (1) with or behalf of an immediate family member; or (2) secured by a dwelling that served as the individual’s residence

Pre-requisites for license applications?

  • Completion of 20 hours of NMLS approved pre-licensure education, including 4 hours of New Jersey specific education
  • Successful passage of both the National and State components of the SAFE Test
  • Submission through the NMLS of fingerprints for the completion of a criminal history background check by the FBI
  • Completion of a State criminal history background check through the processes established in New Jersey for a New Jersey State Police check
  • Authorization through the NMLS for the obtaining of a credit report on the applicant
  • Satisfaction of character and fitness requirements

For more information about the actual course please visit Mortgage Education Course FAQ’s.

New Jersey Mortgage Loan Originator License

 


New Jersey State Requirments

SAFE ACT Requirements

  • SAFE MLO Test – Existing individual licensees and sole proprietors must pass the National and State Components of the SAFE MLO Test by 4/30/2010. Existing mortgage solicitor registrants must pass the National and State Components of the SAFE MLO Test by 5/15/2010.
  • Criminal Background Check – All individual licensees and sole proprietors must submit fingerprints through NMLS for an FBI criminal background check by 4/30/2010. All mortgage solicitor registrants must submit fingerprints through NMLS for an FBI criminal background check by 5/15/2010.
  • Credit Report – All individual licensees, sole proprietors and mortgage solicitor registrants must authorize a credit report through NMLS by 7/31/2010.

New Jersey Mortgage Education Requirements

  • SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after 1/4/2010 must have completed 20 hours of NMLS approved pre-licensure education, including 4 hours of NJ specific. Existing individual licensees and sole proprietors must complete 20 hours of NMLS approved pre-licensure education by 4/30/2010. Existing mortgage solicitor registrants must complete 20 hours of NMLS approved pre-licensure education by 5/15/2010.
  • SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All licensees must take 12 hours of NMLS approved continuing education, including 2 hours of NJ specific, in 2011 in order to renew for 2012. This course should be taken Yearly by 12/31.
  • Certification (Test) – Currently licensed Individual Licensed Lenders and sole proprietor Licensed Lenders as well as any currently registered mortgage solicitors who have passed the NJ Licensed Lender test between 11/2004 and12/31/2009 may be eligible to participate in the testing certification process and may not need to take the NJ Component of the SAFE MLO Test. Refer to your state agency for more information.

For more information about the actual course please visit Mortgage Education Course FAQ’s.

New Jersey Mortgage Loan Originator License