Mortgage FAQ

1. What does a Mortgage Loan Officer do?
2. What are the requirements to be a licensed Loan Officer in the State of Ohio?
3. Why should I take the Hondros College Loan Officer Training Program?
4. Where and when is the state exam given?
5. How many questions are on the state exam?
6. Is there a continuing education requirement?

1. What does a Mortgage Loan Officer do?

Loan officers facilitate this lending by seeking potential clients and assisting them in applying for loans. Loan officers also gather information about clients to ensure that an informed decision is made regarding the quality of the loan and the probability of repayment. Mortgage loan officers develop relationships with commercial and residential real estate agencies, so that when an individual or firm buys a property, the real estate agent might recommend contacting a specific loan officer for financing. Loan officers guide clients through the process of applying for a loan.

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2. What are the requirements to be a licensed Loan Officer in the State of Ohio?

1. Create an individual account and submit an application via the Nationwide Mortgage Licensing System (NMLS) at http://www.stateregulatoryregistry.org/NMLS. A unique identifier will be assigned to each individual account. The individual NMLS indentification number will be required when reporting licensee activity.
2. Submit to a criminal background check
3. Complete NMLS approved 20 hours SAFE Act pre-licensing education and NMLS approved 4 hour SAFE Act Ohio specific pre-licensing education.
4. Applicants must also pass both a national and state component of the SAFE Act Mortgage Loan Originator test.
5. Maintain surety bond coverage via company bond or individual bond.
6. Complete eight hours of NMLS approved continuing education annually.

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3. Why should I take the Hondros College Loan Officer Training Program?

With over 40 years providing superior training and educational products to over one million students, Hondros College is an education provider you can trust. We are an approved provider with the Nationwide Mortgage Licensing System. Our mortgage lending courses deliver a comprehensive review of all timely federal and state information that prepares you for success in the industry and prepares you to successfully pass the national and state exams. You can also order your required background check at our locations.

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4. Where and when is the state exam given?

All State exams and the National exam are administered at the same testing locations. There is no need to travel to another state to test. You can schedule your appointment at a testing center close to you by visiting NMLS at http://mortgage.nationwidelicensingsystem.org/profreq/testing/Pages/default.aspx

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5. How many questions are on the state exam?

State MLO exams consist of 45-65 questions. The state of Ohio exam includes 65 questions.

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6. Is there a continuing education requirement?

Until December 31, 2 009 every Loan Officer and Operations manager licensed in the state of Ohio must complete 6 hours of continuing education annually by the end of the calendar year.

Beginning January 1, 2010 every licensee must complete 8 hours of NMLS approved continuing education annually by the end of the calendar year.

Continuing education can be completed in a classroom or online.

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