How to get New Jersey Mortgage Loan Originator Prelicensing Education PE and NJ Continuing Education CE Requirements Met
1. Get your NMLS Number
If you have not done so already, it takes 1 -2 minutes to get your NMLS number. https://www.statemortgageregistry.com/Public/Login.aspx Click "Request an account" Click "Individual" We try to make all of these things easier, what questions may we answer? Use the chat feature on the bottom right corner of every web page to get answers now!
2. Get and complete your NJ 20 Hour Prelicense Education PE Course Bundle including the best MLO test prep program available.
3. Pass the NMLS Nation Component Exam with Uniform State Test using our included test preparation program and add other states by getting and completing state PE courses
4. Apply for your New Jersey MLO License through the NMLS, the licensing system will prompt you at this point for your next steps after opening your NJ Mortgage Loan Originator application.
Questions about qualifications on any part of the process? Use the chat feature on the bottom right of this webpage or click here and get answers fast!
New Jersey MLO Pre-Licensure Education Requirements
New applicants as a Mortgage Loan Originator and Qualified Individuals are required to complete 20 hours of NMLS-approved education. This education must include 3 hours of Federal law, 3 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), 2 hours of non-traditional mortgage lending, 8 hours of undefined education (referred to as electives) + 4 hours of NJ law. Number of hours is 3/3/2/8/+ 4hrs of NJ law = 20 New Jersey has a requirement for 4 hours of instruction on state-specific law which may be satisfied by either taking our base SAFE 20 Comprehensive course bundle which incluses a detailed test preparation program and the 4 hour NJ state-specific elective course. How do I get licensed in New Jersey if I am already licensed in another state such as New York or Pennsylvania? Click here to get and Take our 4 hour NJ MLO online narrated course if you are already licensed in any state
New Jersey Mortgage Loan Originator Continuing Education Requirements
Every state-licensed MLO (in any approved status) is required to complete at least 8 hours of NMLS approved education annually beginning the year they are licensed (unless PE was completed in the same year). Annual CE education must include 3 hours of Federal law, 2 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), and 2 hours of non-traditional mortgage lending, 3 hours of electives, plus 2 hours of NJ-specific education. Number of hours is 3/2/2/3 + 2hrs of NJ law = 12 MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row. MLO’s are advised not to retake pre-licensure education (PE) unless directed to by a State Regulator. PE education does not count towards meeting annual CE requirements. Get your NJ 12 hour MLO CE click Here If you are licensed in outher state contact us and we will craft a MLO CE educational solution minimizing the number of hours needed and saving you money!
| Am I required to take Continuing Education this year? | |||
| If I completed 20 Hour SAFE Act PE in 2009-2023 | and I was licensed in 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023 | am I required to complete CE in 2024 | YES |
| If I completed SAFE Act PE in 2024 | and I was approved for an initial license in 2024 | am I required to complete CE in 2024 | No |
Deadline
The deadline to complete CE is December 31, 2022. However, MLOs in New Jersey are prohibited from submitting an application to renew their license if they have not completed CE. Since it may take as long as seven (7) days for a course provider to report a course completion into NMLS, MLOs are strongly encouraged not to wait until the last minute to try to complete CE or they may be prevented from submitting for renewal on time.New Jersey Mortgage Broker Mortgage Banker Correspondent Lender Mortgage Loan Originator Regulatory Agency Contact Information Regulator: New Jersey Department of Banking and Insurance Address: 20 West State St. Trenton NJ 08625 Phone: (609) 292-5360 Fax: (609) 292-5461 Website: http://www.state.nj.us/dobi/index.html Complaint Instructions The Office of Consumer Finance (the “OCF”) consists of three units: Supervision Bureau, Consumer Services Bureau and Enforcement Bureau. The Supervision Bureau is comprised of two operational areas: Examinations and Surveillance. Surveillance handles annual reports and will be instrumental in coordinating the implementation of the assessments that will be the “dedicated funding” source for the budget of the Division of Banking.
OCF Information
- Enforcement Activity
- Licensing Services
- Update on Annual Reports
- Financial Institutions with Offices in NJ, including State-Chartered Credit Unions
New Jersey Mortgage Loan Application Disclosure Form
- DOBI Rules at N.J.A.C. 3:1-16.3 provide for the disclosure of fees charged in connection with a mortgage loan application. Beginning on January 1, 2018, the "NJ Application Disclosure Form" (preferably in a two-sided single sheet format) or an alternate form that provides substantively similar compliant disclosures must be used for such purposes. A copy of the completed form must be provided to the applicant(s) and maintained in the loan file. Completed forms shall be subject to review upon examination.
New Jersey Mortgage Regulator Contact Information
WHO TO CONTACT – Contact NJ Department of Banking & Insurance, Licensing Services Bureau, Banking licensing staff by phone at (609) 292-7272 (from menu select 3, then select 2, then select 1) or send your questions via e-mail to bliconline@dobi.nj.gov for additional assistance
| NJDOBI License Services, Banking PO Box 473 Trenton, NJ 08625 | E-mail: bliconline@dobi.nj.gov Phone: 609-292-7272 Fax: 609-633-0822 |
How much does a NJ MLO license cost? $231.25 including background check and credit report if recently completed for another state
Total License costs: $180 including the NMLS processing fee. A $15 fee for a credit report will be added if one has not been authorized through NMLS in the past 30 days. You will also pay an additional $36.25 if you authorize a criminal background check at time of application. Fees collected through NMLS ARE NOT REFUNDABLE.
New Jersey MLO NMLS Checklist NJ Mortgage Loan Originator Licensing Requirements
Click here to get complete NJ MO Licensing Reequirements NMLS checklist https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/NJ-MLO-New-Application-Checklist.pdf
Who has to be licensed in NJ as an MLO NJ Processor?
(1) (a) No individual shall act as a mortgage loan originator without first obtaining a license under this act.
(b) No individual, except as provided, shall be issued or hold a license as a mortgage loan originator unless employed as an originator by one, and not more than one, business licensee, and is subject to the direct supervision and control of that licensee.
(2) No loan processor or underwriter who is an independent contractor shall act as a loan processor or underwriter without first obtaining a mortgage loan originator license under this act.
New Jersey notes
What special NJ disclosures do I need to use? Use the NJ New Jersey Mortgage Loan Application Disclosure Form
DOBI Rules at N.J.A.C. 3:1-16.3 provide for the disclosure of fees charged in connection with a mortgage loan application. Beginning on January 1, 2018, the "NJ Application Disclosure Form" (preferably in a two-sided single sheet format) or an alternate form that provides substantively similar compliant disclosures must be used for such purposes. A copy of the completed form must be provided to the applicant(s) and maintained in the loan file. Completed forms shall be subject to review upon examination.
NJ Mortgage Company Records Location https://www.state.nj.us/dobi/banklicensing/locationrecordsagreement.pdf