Interested in getting a mortgage license, but not sure what all is involved in the process? While, at first, the process may seem a bit overwhelming, you can keep things simple by taking it one step at a time. From obtaining licensing checklists to properly uploading the necessary lists, here are some tips for getting your mortgage license sooner.
Get the Checklist
An important first step toward getting your mortgage license is printing the appropriate licensing checklist for the state in which you’re requesting a license. This list will provide a step-by-step of instructions for you to follow when trying to get licensed. For example, the checklist will help you to learn which documentation you must begin gathering and more.
Upload the Necessary Documents
After following the licensing checklist, you should have the necessary documentation in hand to submit to NMLS. This documentation can include a background check, education information, ownership information, financial details and more. Be sure that you have all required documentation and that you have it listed in the proper order before you upload it. Rechecking that you have all of the necessary documentation before you submit it will avoid an unnecessary delay.
Submit a Bond Application
Mortgage professionals in many states are required to purchase a surety bond before they can be legally licensed. A surety bond is a three-party agreement between your state, you and the surety bond agency. The surety bond agency works as the guarantee. Most states require mortgage professionals to be bonded in the event that the mortgage professional doesn’t follow the law. If the law isn’t followed, a claim is made on the bond to recover damages.
Before submitting your bond application, be sure that you’ve fully and accurately completed each section. This will avoid a denial or a delay due to incomplete information.
Sign the Paperwork
According to How to Get your Mortgage License, a major step in getting a mortgage license is signing any necessary paperwork, such as a surety bond indemnity agreement. This type of agreement states that the surety bond company will be indemnified if it has to pay out a loss on your behalf due to a bond claim. The term indemnified means that the bond company will be compensated for the loss.
Thoroughly read all paperwork before signing it. If you don’t understand sections of the paperwork, request clarification on the details before you sign the papers. You should always have a clear understanding of any agreements before you agree to them.
Purchase a Bond
Bond costs for mortgage professionals vary by state, as do bond requirements. Since the costs and provisions are established on a state level, you can work with a surety bond agency to learn more about the costs and specifics in your region. The timeline for receiving a quote and finalizing the bond details can also vary. Again, working with a company will ensure you receive accurate details regarding bond timelines.
Getting your mortgage license needn’t be overwhelming. Rather, take the process one step at a time and complete each step accurately to get licensed sooner.