To receive a Loan Originator License, an applicant must have completed at least three hours of federal law and regulations, three hours of ethics (including instruction on fraud, consumer protection, and fair lending issues), two hours of training related to lending standards for nontraditional mortgage product markets, and twelve hours of undefined instruction on mortgage origination. This pre-licensure education must include 2 hours of Michigan content. Upon completion of these requirements, an applicant must then either pass both the National and Michigan State components of the SAFE test, OR pass the National and stand-alone UST components of the SAFE Test, OR pass the National Test Components with Uniform State Content. Finally, the applicant must submit a license application to the NMLS. License fees include a $30.00 initial processing fee, $250.00 license/registration fee, $15 for a credit report, and $36.25 for an FBI criminal background check.
