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Mortgage Loan Originator License — Application Process
Step 1: Speak with Your Company
The Nationwide Mortgage Licensing System (NMLS) is an official system of record, so it is important you coordinate your use of this system with your employer.
Step 2: Determine Whether You or Your Company will Create and Submit Your Record in NMLS
Either you or your company can complete your first Form MU4 in NMLS. The entity who creates the first Form MU4 will be the entity required to pay when it is submitted to the regulator(s). If your company is creating your first Form MU4, you should STOP here and wait for notification from your company.
Step 3: Getting Prepared
The following resources will help you to prepare to use the NMLS:
- Quick Guides — Quick and handy "how to" guides for key tasks.
- Form MU4 — Review a printable version to see what information will need to be gathered.
- Navigation Guides — Topical guides with screen shots to help walk users through the system.
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Step 4: Create an Account
Before logging into NMLS you will need to create an account. From the NMLS home page, select “Create an Individual Account.” The Quick Guide: Creating an Individual Account (Adobe PDF format) will help walk you through setting up your account.
Step 5: South Dakota Specific Requirements
Review the jurisdiction-specific requirements for South Dakota. You can print out a checklist of jurisdiction-specific requirements by going to the State Licensing Resource Page.
Step 6: Log in and Complete or Review Your Record
You are now ready to login to NMLS. If your company is creating your first Form MU4, you should wait for notification it has been created. When you receive notice, you will now need to login to NMLS, review your Form MU4, and attest to its accuracy. Simple instructions on this procedure can be found on the Attestation Quick Guide (Adobe PDF format).
If you are completing your first Form MU4, you should login to NMLS, identify the jurisdictions in which you are or would like to be licensed, complete Form MU4, pay any associated fees and submit it to the relevant regulator(s). Simple instructions on this procedure can be found here: Loan Originator Form MU4 Filing Quick Guide (Adobe PDF format).
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Step 7: Save Your User ID and Password
You will need to access the NMLS whenever you change companies and at least once a year to update your record. Keep your user ID and password in a secure place but not so secure you forget it!
Step 8: Application Review Process
Applications will not be approved until all of the pre-requisites have been met:
- Passing the SAFE test components.
- Completing 20 hours of pre-license education (PLE).
- Completing a Criminal Background Check (CBC) request.
- Sponsorship filed by a licensed mortgage company.
- Authorization of a credit report.
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