Credit Report Requirement

Every state licensed mortgage loan originator must have their credit report processed through the NMLS. The credit report functionality in NMLS will require the MLO to complete an identity verification process in which the MLO will sign into the NMLS site and answer personal questions about themselves. Credit report fees are $15.00 and non-refundable.

TIP* If you are looking to become a loan officer but your credit might be holding you back, we recommend contacting a credit agency. They are great at finding negative credit errors and helping boost your credit score. We recommend visiting CreditRepair.com or giving them a call to see if they can help 855-429-1525.

If you need further details or instructions please refer to the NMLS Credit Report Submission Quick Guide



NMLS Credit Report
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2 thoughts on “NMLS Credit Report

  • September 1, 2015 at 2:20 PM
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    I have slow pays on my credit report and have a valid reason. Will I automatically be denied a license or will I be given an opportunity to explain?

    MS

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    • September 3, 2015 at 8:50 AM
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      In regards to your credit check, it’s hard to say if the slow pays will affect you. The NMLS states “Each state regulator will independently review the credit information. There is no automated standard or minimum credit score that will be enforced inside NMLS. The SAFE Act leaves it to the discretion of each state regulator to develop their own processes and standards for reviewing credit information and determining the financial responsibility of their licensees.” The only time we have heard them automatically deny license application is if the credit report shows actions of fraud. You best bet would be to contact the specific State agency you would like to get licensed in for further information. Also you can contact the NMLS and they can provide you the number to the State agency as well. Hope all works out and that you choose us for your mandatory education and test prep needs!

      Reply

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