US Virgin Islands Mortgage Loan Originator License

This license is required of any individual who for compensation or gain or the expectation of compensation or gain takes a residential mortgage loan application; or offers or negotiates terms of a residential mortgage loan or assists a consumer in obtaining or applying to obtain a residential mortgage loan by, among other things, advising on loan terms, including rates, fees, other cost, preparing loan packages or collection information on behalf of the consumer with regard to a residential mortgage loan.

Who is required to have this license? Any individual that for compensation or gain or in the expectation of compensation or gain: • Takes a residential mortgage loan application or • Offers or negotiates terms of a residential mortgage loan or • Assists a consumer in obtaining a residential mortgage loan by among other things, advising on loan terms, including rates fees, or other costs, preparing loan packages or collecting information on behalf of the consumer with regard to a residential mortgage loan. Who does not need this license? • An individual engaged solely as a loan processor or underwriter • Persons or entity that only performs real estate brokerage activities and is licensed or registered in accordance with Virgin Islands law unless that person or entity is compensated by a lender, a mortgage broker, or other mortgage loan originator • Persons solely involved in extensions of credit related to timeshare plans, as that term is defined in section 101(53D) of title 11 United States Code Pre-requisites for license applications? • Bond amount • Criminal background check • Credit check • Experience • Testing: Must satisfy one of the following three conditions - NMLS must indicate you are compliant with this requirement • Passing score on both the National and Virgin Islands State components of the SAFE Test or Effective January 1, 2014: • 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 • Education: Complete 20 hours of NMLS approved prelicensure education courses – NMLS must indicate you are compliant with this requirement. • Sponsorship