Tennesseea Mortgage Education
EasyRealEstateSchool.com offers these Tennesseea 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.
Who is required to have this license?
An individual;
- Who for compensation or gain or in the expectation of compensation or gain:
- Takes a residential mortgage loan application, or;
- Offers or negotiates terms or a residential mortgage loan.
- Who is a loan processor or underwriter and is an independent contractor.
Who does not need this License?
- An individual engaged solely as a loan processor or underwriter who is employed by a licensee or registrant.
- A person or entity that only performs real estate brokerage activities and is licensed or register in accordance with Tennessee Law, unless the person or entity is compensated by a mortgage lender, mortgage loan broker, or other mortgage loan originator, or by any agent of such mortgage lender, mortgage loan broker, or other mortgage loan originator, and
- A person or entity solely involved in extensions of credit relating to timeshare plans, as that term is defined in section 101(53D) of title 11, United States Code.
Pre-requisites for License:
- Criminal background check – See Tennessee website for specific instructions
- No prior revocation of license by any state regulator
- No felony conviction during 7 (seven) year period prior to application
- No felony conviction at any time, if felony involved fraud, dishonesty, breach of trust, or money laundering
- Sufficient financial responsibility, character, and general fitness
- Sponsorship by current employer
- Credit check – Not required at this time
- Testing – Must be completed by July 30, 2010
- Education – Pre-licensure requirements must be completed by July 30, 2010
For more information about the actual course please visit Mortgage Education Course FAQ’s.
Tennesseea State Requirments
SAFE ACT Requirements
- SAFE MLO Test – All licensees must pass the National and State Components of the SAFE MLO Test by 7/30/2010.
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 12/31/2010. Existing licensees who have not submitted fingerprints to TN in calendar year 2009 must do so in order to renew for 2010 through TN.
- Credit Report – All licensees must authorize a credit report through NMLS by 12/31/2010.
Tennessee Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after 7/31/2010 must have completed 20 hours of NMLS approved pre-licensure education. Existing licensees must complete 20 hours of NMLS approved pre-licensure education by 7/30/2010.
- SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All licensees must take 8 hours of NMLS approved continuing education in 2011 in order to renew for 2012. This course should be taken Yearly by 12/31.
For more information about the actual course please visit Mortgage Education Course FAQ’s.