New Hampshire Mortgage Education
EasyRealEstateSchool.com offers these New Hampshire 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?
- This license is required for all individuals who for direct or indirect compensation or gain or in the expectation of direct or indirect compensation or gain, takes a mortgage application or offers, negotiates, solicits, arranges, or finds a mortgage loan or who assists a consumer in obtaining or applying to obtain a mortgage loan by, among other things, advising on loan terms (including rates, fees, and other costs), preparing loan packages, or collecting information on behalf of the mortgage loan.
- A sole proprietor licensed as a mortgage broker or mortgage banker or registered as a mortgage servicer shall also obtain a license as a mortgage originator prior to engaging in the activities of a mortgage originator.
- A branch manager of an office required to be licensed or registered in New Hampshire must also be licensed as a loan originator.
- No individual may act as an originator for more than one mortgage banker, broker or mortgage servicer.
- A loan processor or underwriter who is an independent contractor.
Who does not need this license?
- An individual engaged solely as a loan processor or underwriter who performs clerical or support duties as an employee of and at the direction of and subject to the supervision and instruction of a licensed mortgage banker, mortgage broker or mortgage originator.;
- A person that only performs real estate brokerage activities and is licensed or registered in accordance with applicable state law, unless the person or entity is compensated by a lender, a mortgage broker, mortgage servicer, or other mortgage loan originator or by any agent of such lender, mortgage broker, mortgage servicer, or other mortgage loan originator; and
- A person solely involved in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C. section 101(53D).
- Mortgage loan originators who are employees of a depository institution, an institution regulated by the Farm Credit Administration or a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency; or non-federally insured credit unions and who are registered and maintain a unique identifier through the NMLSR.
Pre-requisites for license applications? [general requirements]
- Net worth – No
- Bond amount – No
- Criminal background check
- Credit check – Between October 2010 and December 31, 2010 through the NMLS
- Experience – No
- Testing– Successful completion of National and New Hampshire components
- Education– 20 pre-license education
- Home state licensing or registration
- Sponsorship by a licensed company
For more information about the actual course please visit Mortgage Education Course FAQ’s.
New Hampshire State Requirments
SAFE ACT Requirements
- SAFE MLO Test – All licensees must pass the National and State Components of the SAFE MLO Test by 12/31/2009.
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 5/31/2010.
- Credit Report – All licensees must authorize a credit report through NMLS by 5/31/2010.
New Hampshire Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after 7/31/2009 must have completed 20 hours of NMLS approved pre-licensure education. Existing licensees as of 7/30/2009 must complete 20 hours of state approved pre-licensure education by 12/31/2009.
- SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All licensees must take 8 hours of NMLS approved continuing education in 2010 in order to renew for 2011. This course should be taken Yearly by 12/31.
For more information about the actual course please visit Mortgage Education Course FAQ’s.