Frequently Asked Question: How do I get licensed to originate in another state?
First things first: Your company must be licensed to do business in any state in which you’d like to become licensed.
Next, no one originates un-supervised. Someone at your company must be named as the person who will supervise your conduct when you originate loans in another state. In your home state, it’s your branch manager. Is your branch manager licensed in the state you want to add? If not, who will be supervising your conduct? This is a question for the person at your firm in charge of LO licensing.
PRE-Education
This is the website I use to see what each state’s pre-education requirements are, and also each state’s CE. This document will help you determine if the state requires any additional, state-specific education at the pre-licensing level.
For example, if you currently hold an LO license you MIGHT not need to re-take the 20 hour class. However, check the above document for each state’s requirements because some states might make you re-take the 20-hour class if you took it a long time ago. Note: My 20 hour LO Pre-Licensing class is NMLS approved in all 50 states.|
CONTINUING ED
After you become licensed in another state, you will be required to complete that state’s specific CE module. Remember, my all-day, 8 hour LO CE class is approved for LO CE in all 50 states, so all you’ll need to do is anything state-specific for those states other than WA in which you’re licensed.
TEST
One more thing: You need to have passed the National LO Exam w/Uniform State Component on or AFTER April 1, 2013. Or maybe you took that 25 questions, stand-alone Uniform State Test.
If you answer “no” to both of the above, then you’ll need to take the new, 125-question, National Loan Originator Exam with Uniform State Component. Now don’t get nervous about re-taking the exam. If you’ve been originating for a long time, you’re going to pass this test. It’s the brand new people who have a tough time passing. If for some reason you do not pass, yes you get to keep originating.
Any other questions should be directed toward your company’s LO licensing contact person.
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