Vermont Mortgage Education
EasyRealEstateSchool.com offers these Vermont 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?
- Any natural person who for compensation or gain or in the expectation of compensation or gain:
- takes a residential mortgage loan application; or
- offers or negotiates terms of a residential mortgage loan. Such person must be employed and sponsored by one, and not more than one, Vermont licensed lender or Vermont licensed mortgage broker.
- A sole proprietor licensed as a mortgage broker or mortgage lender by the Vermont Banking Division is required to be licensed as mortgage loan originator in Vermont prior to engaging in mortgage loan origination activities.
- No individual may act as an originator for more than one licensee.
- A loan processor or underwriter who is an independent contractor.
Who does not need this license?
The following is a partial list of exceptions. For a complete list of exceptions, please refer to 8 V.S.A. § 2201(d)
- An individual engaged solely as a loan processor or underwriter who performs clerical or support duties as an employee of and at the direction of and subject to the supervision and instruction of a person licensed, or exempt from licensing under Title 8, V.S.A. chapter 73, and who does not solicit borrowers, accept applications or negotiate terms of residential mortgage loans on behalf of his/her employer.
- A person who only performs real estate brokerage activities, unless compensated in addition to the payment received for real estate brokerage activity.
- A person solely involved in extensions of credit relating to timeshare plans.
- Mortgage loan originators who are employees of: an institution regulated by the Farm Credit Administration, a depository institution, or a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency, and who are registered and maintain a unique identifier through the NMLSR.
What are the prerequisites for license applications?
- Employed (W2) and sponsored by a company licensed as a lender and/or mortgage broker by the State of Vermont. Dual sponsorship is not permitted.
- Completion of 20 hours of NMLS approved pre-licensure education courses
- Passing score on both the National and Vermont State components of the S.A.F.E. Mortgage Loan Originator Tests
- Submission of fingerprints for an FBI criminal history background check
- Authorization through NMLS to obtain a credit report and credit score
- Licensed and in good standing in state of residence
For more information about the actual course please visit Mortgage Education Course FAQ’s.
Vermont State Requirments
SAFE ACT Requirements
- SAFE MLO Test – All new applicants on or after 4/1/2010 must have passed the National and State Components of the SAFE MLO Test. Existing licensees as of 3/31/2010 must pass the National and State Components of the SAFE MLO Test by 7/1/2010.
- Criminal Background Check – All new applicants on or after 4/1/2010 must submit fingerprints through the NMLS for a criminal background check. Existing licensees as of 3/31/2010 must submit fingerprints through NMLS for a criminal background check by 7/1/2010.
- Credit Report – All new applicants on or after 4/1/2010 must authorize pulling of a credit report. Existing licensees as of 3/31/2010 must authorize pulling of a credit report by 7/1/2010.
Vermont Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after 4/1/2010 must have completed 20 hours of NMLS approved pre-licensure education. Existing licensees as of 3/31/2010 must complete 20 hours of NMLS approved pre-licensure education by 7/1/2010.
- 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.