March 13, 2023
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In this post, we'll cover all the information you need to understand how much it costs to get an MLO license in Georgia and how to get started.
Are you interested in becoming a Mortgage Loan Originator (MLO) but curious to know what type of investment you'll need to make? To become an MLO in the state of Georgia there are certain requirements that must be met as well as some costs associated with obtaining this license. In this post, we'll cover all the information you need to understand how much it costs to get an MLO license in Georgia. From initial fees and background checks to time frames and coursework – by the end of this post you’ll have the cost information necessary to learn if an MLO license is an investment you're ready to make!
Obtaining an MLO license in the state of Georgia can be an exciting and rewarding career move. To start, there are certain education and testing prerequisites including taking 20 hours of pre-licensing education courses, passing the national and state exams and completing eight hours of refresher (CE) courses every year thereafter. Additionally, any applicants must be sponsored by a Georgia mortgage lender or broker who has been granted owner/supervisor authority.
GA SAFE 20-Hour NMLS Pre-Licensing courses are essential for getting off to a successful start, as well as a requirement. The cost of pre-licensing education is generally the only variable expense in the MLO Licensing process, as you have a large variety of options to choose from. They typically range from $200-400, depending on the format and credibility. Online courses can be cheaper and more accessible but are often lacking in real-world insight and preparedness beyond meeting basic requirements. In-Person courses often provide better networking opportunities and provide more insight into the industry, but can be pricier and tricky to work into a busy schedule.
Once you've knocked out your pre-licensing hours, you'll need to apply to take the NMLS exam. This exam costs $110 and has 115 questions. You'll have 225 minutes allotted to complete the text.
After completing the exam, it's time to knock out background checks. This is done directly through the NMLS system. The total cost for the state and FBI background checks is around ~$40.
Finally, you'll need to complete your NMLS application. The NMLS fee is $30, with an additional $100 State of Georgia licensing fee. Finally, you'll need to pay $15 for the submission of a credit report. There is no minimum score enforced by the NMLS; instead, it is up to the discretion of state licensing regulators to make final determinations.
There are plenty of resources available online to learn more about becoming an MLO, working as an MLO, and getting your pre-licensing education. The NMLS' own website can be difficult to navigate but is filled with useful information (if you can find it). The state of Georgia also has an entire section dedicated to mortgage entities that have valuable information on state-level requirements and regulations. Numerous blogs, including our own, can also help you learn more in simpler language. Finally, education providers, like the TapMoney Institute (we're biased :), can get you started with the pre-licensing process.
