How to Become a Mortgage Broker in Washington, D.C.

Washington, D.C. mortgage brokers serve as an intermediary between borrowers and lenders for Washington, D. C. mortgages. District of Columbia mortgage brokers accept mortgage applications and negotiate with lenders. If you enjoy working in finance and lending, you should learn how to become a mortgage broker in Washington, D.C.

Steps

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    Know that a license is a requirement of any Washington, D.C. mortgage broker or lender that solicits or makes an offer to solicit a Washington, D.C. mortgage.
    • The District of Columbia authority for regulating Washington, D.C. mortgage brokers is the Department of Insurance, Securities and Banking (DISB).
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    The National Mortgage Licensing System (NMLS) has a secure website that facilitates the licensing of mortgage brokers for Washington, D.C. and other states.
    • DISB began using the NMLS for licensing mortgage brokers on Aug. 1, 2009.
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    Submit a Form MU4 as a District of Columbia mortgage broker through the NMLS website at http://mortgage.nationwidelicensingsystem.org/.
    • Create an individual account at the NMLS website.
    • Pay appropriate NMLS fees as required.
    • Notify the DISB within 30 days of any change to documents submitted for the application.
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    Request a criminal background check, which will include presenting your fingerprints to the NMLS for processing by the FBI.
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    Complete education requirements required by the 2008 Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Mortgage loan providers must have at least 20 hours of mortgage loan education approved by the NMLS with 3 of those hours relating specifically to the District of Columbia.
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    Education hours must include:
    • 3 hours of ethics.
    • 3 hours of federal regulations and law.
    • 2 hours about lending standards.
    • 12 hours in origination of mortgage loans.
    • 8 hours of continuing education are required each year in laws, regulations, ethics and lending standards.
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    Pass the national and Washington, D.C. mortgage loan origination tests.
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    NMLS can provide you with a testing handbook and an outline of test content for test preparation.
    • You can receive pass/fall information upon leaving the testing center. Official test results are emailed within 72 hours.
    • Test retakes require a waiting period of at least 30 days.
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    Give authorization for a credit report through the NMLS.
    • Your credit report will be reviewed by the Washington, D.C. state regulator.
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    Ask your employer to turn in a sponsorship request to the NMLS in order for your District of Columbia mortgage broker license to be changed to "approved."

Tips

  • Update your Form MU4 information with NMLS if you change employers after becoming a licensed Washington, D.C. mortgage broker.
  • Request a free annual credit report at https://www.annualcreditreport.com/ in order to fix any credit report errors before completing NMLS and state licensing requirements for mortgage brokers.


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