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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  • 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

    • 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!

  • If filed a personal bankruptcy about 6 years ago, can I still apply for the Loan Officer License. After filed the bankruptcy, all the payments are paid on time, and also own 3 credit cards. Thanks!

    • Unfortunately each State has different requirements, we recommend you reach out to the State licensing department for the State you wish to get licensed in.

    • I spoke with the State Of MO a couple of weeks ago and they stated that as long as the bankruptcy is discharged for 3 months or longer, all that they care about is that there are no outstanding debts and if there are they must at least be in a repayment plan. Also, once you obtain your license the bankruptcy is no longer an issue for the next year renewal or that current year because of the date of the credit report that they are operating off of.

  • Due to an accident that created many…medical bills and expenses, I am currently in the process of a BK filling. Will this prevent me from getting my license? If so, how long should I wait to apply. I live in Az.

    • Since each State has different requirements, we recommend you reach out to the State licensing department for the State you wish to get licensed in.

    • Since each State has different requirements we recommend reaching our to your State licensing agency with your questions they will be able to assist.

  • I have recently gone through a hardship due to death in family, and loss of income. This has resulted in two loan defaults, and some mortgage late pays… Seeking to obtain MLO license (as I enjoy the work) and also to use license to gain extra money to pay off debt. Will the negative remarks on mortgage preclude my licensure? (ie not meeting the Ability to Pay rule)?

    • Since each State has different requirements we recommend reaching our to your State licensing agency with your questions they will be able to assist.

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