Rhode Island Mortgage Loan Originator License

This license is required of any natural person employee of a Rhode Island licensed lender or loan broker or a provisional employee, who for a fee, commission or other valuable consideration (i) advises an applicant about different loan products and their terms and conditions in order to permit the applicant to select and apply for a particular loan product, or (ii) advises persons in completing loan applications by informing the applicant regarding the benefits, terms and/or conditions of a loan product or service, or (iii) negotiates or offers to negotiate the making of a loan with an applicant.

Who is required to have this license? Any natural person who is an employee of a lender or loan broker that is required to be licensed under Rhode Island general laws section 19-14-1 et seq., or a provisional employee as defined in section 19-14-1 et seq, and who for or with the expectation of a fee, commission or other valuable consideration: • advises an applicant about different loan products and their terms and conditions in order to permit the applicant to select and apply for a particular loan product, or • advises persons in completing loan applications by informing the applicant regarding the benefits, terms and/or conditions of a loan product or service, or • negotiates or offers to negotiate the making of a mortgage loan with an applicant. Who does not need this license? • A mortgage loan originator employed by an operating subsidiary of a financial institution or banking institution organized under the laws of this state or any state within the United States; provided, however, that any such operating subsidiary shall provide an educational program or course that is relevant to the products and services offered by its employees who solicit loans on behalf of such operating subsidiary. • An Individual loan officer who does not originate loans to be secured by real property. • An individual person whose activities are ministerial and clerical who is not performing any of the bulleted tasks identified above. What are the pre-requisites for license applications? Net worth Positive Bond amount No individual bond required Criminal background check Yes Testing Yes Education Yes Pre-licensure Education: Complete 20 hours of NMLS approved prelicensure education courses which must include 3 hours of RI Gen. Laws – NMLS must indicate you are compliant with this requirement. Testing: Must satisfy one of the following three conditions: • Passing score on both the National and Rhode Island State components of the SAFE Test • Passing score on both the National and Stand-alone UST components of the SAFE Test, or • Passing score on the National Test Component with Uniform State Content. IMPORTANT: – Applicant’s NMLS filing must indicate you have satisfied the state testing component to be considered compliant with this requirement. Additional Information: The regulator will review the filing and all required documents and communicate with you through NMLS. To review your status or see detailed communication from the regulator, click on the Composite View tab and then click on View License/Registration in NMLS. If the applicant is not currently employed by a mortgage company, the license will be issued as Approved-Inactive until sponsorship by a mortgage company is acquired. You are not authorized to conduct business in an Approved-Inactive status. THE APPLICANT/LICENSEE IS FULLY RESPONSIBLE FOR ALL OF THE REQUIREMENTS OF THE LICENSE FOR WHICH THEY ARE APPLYING. THE AGENCY SPECIFIC REQUIREMENTS CONTAINED HEREIN ARE FOR GUIDANCE ONLY TO FACILITATE APPLICATION THROUGH THE NMLS. SHOULD YOU HAVE QUESTIONS, PLEASE CONSULT LEGAL COUNSEL. PLEASE NOTE THAT FEES COLLECTED THROUGH NMLS ARE NOT REFUNDABLE.