Investor · Cheyenne, WY · Member since 2016 · 8 posts · 1 vote
Hey Everyone!
So my wife and I have just moved out of our primary in order to rent it, and we've rented it! Woot, first deal. Moving forward, I'd really like to get into Subject-to and become a RMLO. However, I haven't been able to find a good source of how to become one! Any thoughts out there? I'm in Cheyenne, WY. Hit me up if you're close by :).
Hey Joseph - I have been in mortgage lending for 14+ years and have been a licensed RMLO in multiple states since the SAFE Act came into existence in 2008. You will need 20 hours of pre-license education (check out www.proschools.com for on-line courses). Once you have the 20 hours completed, you will need to take the national mortgage licensing exam and pass with a 75% or better. The test is tough for some due to the trivial nature of the questions, regarding regulations and law...not many practical, "real world" questions.
Before you can do either, you will need to create a profile on the Nationwide Mortgage Licensing System (NMLS) at http://mortgage.nationwidelicensingsystem.org. This is where you obtain your NMLS# (required for the education and test). Lots of valuable info here as well. You can see the requirements for your state (some states have additional requirements, above and beyond the national requirements).
This should get you going in the right direction. Let me know if you have more questions.
@Joseph Neary welcome. There are a number of people from you area on BP and there is even a intermittent meetup. Be sure to connect with @Cheryl Packham and get on the email list for it.
As for becoming a RMLO, there was a podcast about that very topic. I would reach out to the guest and see what you can learn from them. The guy was based in Texas at the time.
Hey Joseph - I have been in mortgage lending for 14+ years and have been a licensed RMLO in multiple states since the SAFE Act came into existence in 2008. You will need 20 hours of pre-license education (check out www.proschools.com for on-line courses). Once you have the 20 hours completed, you will need to take the national mortgage licensing exam and pass with a 75% or better. The test is tough for some due to the trivial nature of the questions, regarding regulations and law...not many practical, "real world" questions.
Before you can do either, you will need to create a profile on the Nationwide Mortgage Licensing System (NMLS) at http://mortgage.nationwidelicensingsystem.org. This is where you obtain your NMLS# (required for the education and test). Lots of valuable info here as well. You can see the requirements for your state (some states have additional requirements, above and beyond the national requirements).
This should get you going in the right direction. Let me know if you have more questions.
You can easily google it up. There is a required class, and state/national test similar to a RE license. I took the classes, not for the license, just for the knowledge. Just a 20 hour course, or so and you have o work under a Broker, similar to a RE license.