Kansas Mortgage Education
EasyRealEstateSchool.com offers these Kansas mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
Who is required to have this license?
Any individual who engages in mortgage business on behalf of a single licensed mortgage company or supervised lender from locations licensed to conduct activity in Kansas; whose conduct of mortgage business is the responsibility of the licensee; who takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan for compensation or gain or in the expectation of compensation or gain with Kansas consumers; and whose job responsibilities include contact with Kansas borrowers during the loan origination process, which can include soliciting, negotiating, acquiring, arranging or making mortgage loans for others, obtaining personal or financial information, assisting with the preparation of loan applications or other documents, quoting loan rates or terms, or providing required disclosures.
Who does not need this license?
- Any individual engaged solely as a loan processor or underwriter who performs clerical or support duties as an employee at the direction and subject to the supervision and instruction of a person licensed or exempt from licensure. Clerical or support duties may include, subsequent to the receipt of an application, the receipt, collection, distribution and analysis of information common for the processing or underwriting of a residential mortgage loan; and communicating with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that such communication does not include offering or negotiating loan rates or terms or counseling consumers about residential mortgage loan rates or terms.
- An individual engaging solely in loan processor or underwriter activities shall not represent to the public, through advertising or other means of communicating or providing information including the use of business cards, stationery, brochures, signs, rate lists or other promotional items, that such individual can or will perform any of the activities of a loan originator.
Pre-requisites for license applications
- Surety Bond – Every Mortgage Loan Originator must be covered under a surety bond that reflects the dollar amount of loans originated on an annual basis. Satisfaction of this requirement can be met when licensed companies who sponsor mortgage loan originators provide evidence of a surety bond meeting Kansas requirements as part of their company license.
- Pre-Licensure Education Requirement – Mortgage loan originators must complete 20 hours of pre-licensure education.
- Criminal background check – All individuals acting as Mortgage Loan Originators must authorize a fingerprint background check through NMLS for the purpose of conducting a national criminal history background check through the Federal Bureau of Investigation. This requirement applies to all individuals, regardless of whether you are currently licensed in the state or if you have previously submitted fingerprints for licensure.
- Credit check – All mortgage loan originators must provide authorization to obtain a credit report through NMLS. The OSBC will review the credit report provided as part of its determination of financial responsibility for each mortgage loan originator.
- Testing – All mortgage loan originators must pass the SAFE Mortgage Loan Originator Test, which is comprised of two components: a National Component and a State Component. MLOs must pass each Component with a score of 75% or higher.
- Sponsorship – The license status of all Mortgage Loan Originators will be considered “inactive” until the licensed MLO is sponsored by a licensed company. Sponsorship requests are submitted by the company through NMLS. Mortgage Loan Originators may not be sponsored by or perform mortgage origination activities for more than one Kansas licensed company simultaneously and the conduct of mortgage business by the MLO is the responsibility of the Kansas licensed company.
For more information about the actual course please visit Mortgage Education Course FAQ’s.
Kansas State Requirments
SAFE ACT Requirements
- SAFE MLO Test – All licensees must pass the National Component of the SAFE MLO Test by TBD. All licensees must pass the State Component of the SAFE MLO Test by TBD.
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 10/31/2010.
- Credit Report - All licensees must authorize a credit report through NMLS by 10/31/2010.
Kansas Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after 1/4/2010 must have completed 20 hours of NMLS approved pre-licensure education by 12/31/2010. Existing licensees must complete 20 hours of NMLS approved pre-licensure education by 10/1/2010.
- SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All licensees must take 8 hours of NMLS approved continuing education in 2011 in order to renew for 2012. This course should be taken Yearly by 12/31.
- Certification (Education) – Currently licensed MLOs who have completed at least 20 hours of KS state approved education on or before 8/31/2010 may be eligible to participate in the PE certification process and may not need to take the NMLS approved pre-licensure education. Refer to your state agency for more information.
For more information about the actual course please visit Mortgage Education Course FAQ’s.