Ohio Mortgage Education
EasyRealEstateSchool.com offers these Ohio 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?
An individual who for compensation or gain or in anticipation of compensation or gain does any of the following:
- Takes or offers to take a residential mortgage loan application;
- Assists or offers to assist a buyer in obtaining or applying to obtain a residential mortgage loan by, among other things, advising on loan terms including rates, fees and other costs;
- Offers or negotiates terms of a residential mortgage loan;
- Issues or offers to issue a commitment for a residential mortgage loan to a buyer.
Who does not need this license?
An individual who is:
- Any person who is not an individual
- Engaged in purely administrative or clerical tasks on behalf of a loan originator;
- Licensed as a real estate broker or sales person;
- Solely involved in extensions of credit relating to timeshare plans;
- An employee of a registrant who acts solely as a loan processor or underwriter and who does not represent to the public, through advertising or other means that the employee can or will perform any of the activities of a loan originator;
- A mortgage loan originator licensed under the Ohio Mortgage Loan Act;
- A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client;
- Any person engaged in the retail sale of manufactured homes, mobile homes or industrialized units if, in connection with the financing those retail sales, the person does not assist the borrower by providing any of the services included in the definition of loan originator;
- An individual employed by a nonprofit organization that is recognized as tax exempt and whose primary activity is the construction, remodeling or rehabilitation of homes for use by low income families, provided that the nonprofit organization makes no profit mortgage loans or mortgage loans at zero percent interest to low income families.
Pre-requisites for license applications
- Surety Bond - The applicant or the applicant’s employer must provide a copy of the surety bond issued by a bonding company or insurance company authorized to do business in Ohio. The bond must meet the following criteria:
- Must be in favor of the Superintendent of Financial Institutions.
- Must be in the penal sum of one half percent of the aggregate loan amount of residential mortgage loans originated in the immediately preceding calendar year, not to exceed $150,000 ($100,000 if individual loan originator is providing their own bond.
- Under no circumstances can the bond be less than $50,000 plus an additional penal sum of $10,000 for each branch location.
- The term of the bond must coincide with the term of registration in Ohio.
- The name of the principal insured on the bond must match exactly the full legal name of the applicant.
- Criminal background check – An FBI criminal history background report must be provided and the applicant must meet the following minimum criteria:
- Never had a mortgage license, registration or comparable authority revoked in any governmental jurisdiction;
- Never been convicted of or plead guilty to a felony involving fraud, dishonesty, breach of trust, theft or money laundering;
- During the seven years immediately preceding application has not been convicted of or plead guilty to any felony; and
- During the seven years immediately preceding applications has not been convicted of or plead guilty to a misdemeanor involving theft.
For more information about the actual course please visit Mortgage Education Course FAQ’s
Ohio State Requirments
SAFE ACT Requirements
- SAFE MLO Test – All licensees under the OMBA must pass the National Component of the SAFE MLO Test by 4/30/2010. Existing licensees under the OMBA that passed the existing OH licensing test prior to 1/1/2004 must retake the OH licensing test currently offered by PSI prior to 4/30/2010.
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 12/31/2010.
- Credit Report - All licensees must authorize a credit report through NMLS by 12/31/2010.
Ohio Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants under both the OMBA and OMLA, on or after 1/1/2010 must have completed 20 hours of NMLS approved pre-licensure education. Applicants under the OMBA must also take an additional 4 hours of NMLS and OH DFI approved pre-licensure education. Existing licensees under the OMBA must complete either the existing 24 hour OH approved pre-licensure education or a minimum of 20 hours of OH approved continuing education by 12/31/2009. State approved continuing education courses will no longer be accepted after 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, unless PE was completed in 2010. This course should be taken Yearly by 12/31.
- Certification (Education) – Currently licensed LOs who have completed at least 20 hours of OH state approved education on or before 12/31/2009 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.
- Certification (Test) – Currently licensed LOs who have passed the OH mortgage test no later than 4/30/2010 may be eligible to participate in the testing certification process and may not need to take the OH Component of the SAFE LO Test. Refer to your state agency for more information
For more information about the actual course please visit Mortgage Education Course FAQ’s.