MLO License: Frequently Asked Questions

What are the pre-requisites for Pennsylvania Mortgage Loan Originator?
  • Education:  complete the 20-Hour PA SAFE Comprehensive Course
  • Criminal background check: Authorization for a FBI criminal history to be completed in NMLS
  • Credit Check:  Not more than 90 days prior to the filing of the application
  • Pennsylvania Criminal Backgournd History Check: epatch.state.pa.us
  • Tax Certification:  provide a certified memorandum indicating all tax obligations to the Commonwealth of PA have been paid
  • Testing:  pass the National Test Component with Uniform State Teste (UST)
Who needs an MLO license? Who doesn't?

Who needs to be licensed?

Individuals required to be licensed as mortgage loan originators (MLOs) include employees of nonprofit corporations, depository institution affiliates and agents engaged in modification of mortgage loans held or serviced by other entities.

Who does not need to be licensed?

  • Attorneys at law
  • Individuals making loans to the individual's immediate family
  • Loan processors or underwriters
  • Registered mortgage loan originators which include employees of insured depository regulated by FDIC, OCC, OTS, FED, NCUA, or Farm Credit Administration
What is the NMLS?

NMLS (Nationwide Mortgage Licensing System & Registry) is the sole system of licensure for mortgage companies and Mortgage Loan Originators (MLOs). Please see their website for valuable resources including:

What is the SAFE Act?

The SAFE Act is federal legislation enacted to establish requirements for the licensing and registration of Mortgage Loan Originators (MLOs).  An MLO is an individual who takes a mortgage loan application or offers or negotiates terms of a mortgage loan for compensation or gain.  MLOs who work for an insured depository are "registered".  All other MLOs are to be "licensed" by the states.  The SAFE Act requires state-licensed MLOs to pass a written qualified test, to complete pre-licensure education courses and to take annual continuing education courses.

How do I register for class?

You may send the Registration Form to us by mail, fax, or email. You may also register over the phone by calling 215-855-1265 during regular business hours of Monday - Friday. 8:30 am - 4:30 pm..

What is our repeat policy?

If a student has paid for, and has been enrolled in, a Schlicher-Kratz NMLS Pre-licensing course and:

  • fails the course, or;
  • receives an "Incomplete" for the course, or;
  • fails the SAFE MLO test;

the student may repeat the NMLS course at no charge if the course is repeated within six (6) months of the original class ending date after which full price will be charged.

What is our refund policy?

The Schlicher-Kratz Institute refund policy shall be as follows: tuition for accredited courses will be refunded in full if cancellation occurs prior to the first class. If cancellation occurs after the first class, tuition will be refunded on a complete pro-rata basis. No refund will be given for books or other materials or the Review Crammer Course.

What happens after licensure?

License renewal in Pennsylvania requires 8 hours of continuing education. The 8 hours of CE must be completed every year by December 31. License renewal in New Jersey requires 12 hours of continuing education. CE does not need to be completed if the pre-licensing education was completed within the same calendar year.

What is the contact information for the Pennsylvania Department of Banking?

The regulatory agency in Pennsylvania is the PA Department of Banking.  Their contact information is:
Phone: (717) 787-7334
Email:
Sharon Dick - sdick@state.pa.us
Address:
Pennsylvania Department of Banking
17 North Second Street, 13th Floor
Harrisburg, PA 17101
PA DOB Website: http://www.banking.state.pa.us/