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Rhode Island Mortgage License Courses

How To Become A Loan Officer In Rhode Island

Become a licensed mortgage loan originator in Rhode Island by starting with the NMLS required pre-license training program. Take courses online. Finish in as few as 4 days. Thousands of students each year take courses with OnlineEd. Completing your pre-license education is the first step towards a new career!

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Rhode Island Mortgage Loan Originator License Training Courses

Everything you need to get your MLO license in Rhode Island. Includes test-taking strategy video.

Get your Rhode Island mortgage pre-license education online! Be confident and prepared with live instructor Q&A, test prep, exam simulator, and RI elective.

+ $34.50 NMLS Credit Banking Fee
 |  23 Hours

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Mortgage Professional Development Courses

Got your mortgage license? Now launch your career! This online course teaches on-the-job basics, sales strategy, lead generation, and customer service techniques. Ideal for new licensees looking for early success and a way to stand out.


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Approved NMLS Education Provider since 2009. NMLS #1400327

Exam Prep

Exam prep and test simulator included with all 20-hour bundles.

How Do Pre-License Courses Work?

OnlineEd's base 20-hour MLO licensing program is delivered online so you can take the course from anywhere. This NMLS-approved, instructor-led course can be completed in as little as 4 days. Your learning material and exams are all delivered through your web browser. Each chapter in the course ends with an opportunity to post questions and get feedback from your instructor. Join an optional weekly review live webinar with your instructor and classmates. This will give you the chance to ask questions, have topics explained in more detail, and get insights from industry professionals.

This course is compatible with all current major browsers and operating systems.

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Steps to Getting a Mortgage License in Rhode Island

To start your mortgage career and work for a brokerage, you need to be licensed as a mortgage loan originator (MLO). This is also sometimes called a "loan officer" or "mortgage broker." Each state has its own license requirements for becoming a mortgage loan originator. All states use the Nationwide Mortgage Licensing System (NMLS) to track MLO licensing. To do business as a mortgage loan originator, you need to:

  1. Apply for an NMLS account and ID number.
  2. Complete your Rhode Island mortgage Pre-license Education ("PE").
  3. Pass a licensing exam.
  4. Apply for your Rhode Island mortgage license though the NMLS.
  5. Complete background checks and pay all fees.
  6. Associate your NMLS account with an employer.

1) Create Your NMLS Account

You can get started with this step right now! By starting an NMLS account, you will be assigned an NMLS Unique Identifier ("NMLS ID") which will be your license number for the rest of your mortgage career. You will need this number before you take any education or do business. Coordinate your account creation with your future employer.

Create your NMLS account here.

2) Complete Your Rhode Island Pre-License Education

Before you can get your Rhode Island mortgage license, you need to take required pre-license courses. These help you learn mortgage laws and procedures. Each state has different mortgage education requirements for doing business. If you work for a non-bank institution (a "mortgage company"), you must get licensed in each state that you want to do business in. The SAFE Act requires that you take 20 hours of pre-license education at a minimum. Some states have additional mortgage licensing requirements. Visit the NMLS website for a complete list of state requirements.

Rhode Island Education Requirements: Take 20 hours of pre-license education and pass a licensing exam. MLO pre-license education must include a 3-hour Rhode Island state-specific elective.

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3) Pass a Licensing Exam

After your education is completed and recorded, you need to schedule an appointment to take your licensing examination at a testing facility. This is sometimes called the "SAFE test" or "MLO exam". This exam is administrated by Prometric. Follow the guides below to schedule your exam:


Exam scheduling quick guide

Contact Prometric at 1-877-671-6657 or visit their website.

4) Apply for a License

You will need to complete and submit an application for a mortgage loan origination license via the NMLS website. (NOTE: The mortgage company you plan to work for may fill out your application for you. Please check with them before submitting any paperwork.)

How to apply for a license

5) Background Checks

As part of your application or hiring process, some states require you to get a criminal background check, submit fingerprints, and submit to a credit report. Refer to the NMLS Checklist Compiler for help in determining if you need to comply with this requirement:

NMLS Checklist Compiler

6) Get Hired

Although you may already be working closely with your new employer, your NMLS record will need to be associated with your employer before you can receive a mortgage loan license and do business.

How to sponsor your nmls record

Frequently Asked Questions About Mortgage Licensing

Do I need a license to sell mortgages?

It depends. You must be licensed if you work for a non-depository institution (usually an independent mortgage company). If you work for a bank, credit union, or government organization, you do not need to be licensed. However, all persons that originate mortgage loans need to be registered with the NMLS.

What is a "mortgage loan originator"?

A mortgage loan originator is the legal term for a person that sells mortgages. This person works with customers to choose mortgage products and takes applications for loans. These persons are also referred to as "MLOs", "loan officers", and sometimes colloquially as "loan brokers" or "lenders".

What is the difference between a "mortgage loan originator" and a "loan broker"?

A mortgage broker manages and operates an independent mortgage business and may oversee employees. Becoming a mortgage broker usually requires several years of industry experience and additional licensing. Laws vary by state.

What is the difference between a "mortgage loan originator" and a "loan processor"?

A mortgage loan originator (MLO) is a salesperson that works with customers and must be licensed or registered. A loan processor is someone that reviews customer paperwork and does research to determine the customer's qualifications for the loan. A supervised loan processor generally does not need to be licensed.

Can I work independently as a mortgage loan originator?

A mortgage loan originator must be supervised by a licensed broker and must have their license associated with a particular mortgage company. Although working as an MLO can provide some level of work independence, persons that want to run their own mortgage company need to be licensed as a broker.

Do I need a college degree to become a mortgage loan originator?

No. Instead, you must take pre-license education as prescribed by the SAFE Act (about 20 hours) and pass a licensing exam.

Can I get a mortgage license with bad credit?

Yes. There is no minimum credit score required to get a mortgage license. However, most state agencies will be looking for signs of "fiscal responsibility" from license applicants. Having a low credit score will not disqualify anyone from getting a license. Inability to manage one's own finances may lead to a rejected application.

Can I get a mortgage license if I have a criminal record?

Generally speaking, persons convicted of financial crimes or ID-theft will not qualify for a mortgage license. However, each state has its own laws on this topic. Some are more or less strict about criminal records.

How much does it cost to get a mortgage license?

About $400-500. The total cost to start selling mortgages depends on which state you are being licensed in. The cost includes pre-license education through an NMLS-approved course provider, licensing exam fee, background check, credit report, and application fees.

How do I get a mortgage license in multiple states?

You need a separate mortgage license in every state that you handle business from. Each state provides its own mortgage licenses. If your company works with customers from multiple states, you will need multiple licenses in order to service all customers.

How long does it take to get a mortgage license?

About 6 weeks. Times vary by state agency. Pre-license education can be completed in as little as 4 days, while the license application process take up most of the time.

How difficult is the mortgage licensing exam?

The first-time pass rate for the licensing exam is 55%. The NMLS updates these numbers regularly. Persons that pass the exam take their study seriously and make sure to review all of the topic outlines that the NMLS provides for free. We strongly recommend that you get a test-prep or test-review product along with your pre-license education to reinforce concepts you will be tested over.

How long is the mortgage licensing exam?

The exam is 190 minutes long and contains 120 questions. A score of 75% or greater is required to pass. Results will be shown to you on a computer screen immediately after completing the exam.

What happens if I fail the mortgage licensing exam?

Just take it again! There is a 30-day waiting period between attempts. After the third attempt, there is a 180-day waiting period.

How should I study for the mortgage licensing exam?

Review the MLO Testing Handbook by the NMLS. It contains a comprehensive topic outline that will be tested over. OnlineEd's courses come with test prep study tools and an exam simulator to help you get ready for the exam.

How long is a mortgage pre-license course?

Most states require about 20 credit hours. Courses provided by OnlineEd can be completed in as few as 4 days. The instructor will guide the class for the first 4 days, after which students may access the final exam. All courses must be completed within 14 days.

Can I take mortgage pre-license courses from home?

Yes! All of OnlineEd's courses are taken online. Most of the course can be taken on your own schedule, but we also have regular times to meet with a live instructor.

What does NMLS stand for?

Nationwide Multistate Licensing System. The NMLS handles various mortgage license and registration functions through its website including licensing, tracking, testing, record keeping, and communication. The NMLS was initially called the Nationwide Mortgage Licensing System until its services were expanded to cover additional industries.

How do I get an NMLS license?

The Nationwide Multistate Licensing System handles mortgage license applications on behalf of individual state agencies. Each state issues its own licenses to do mortgage business inside the state. You can get a mortgage license by taking required pre-license education, passing a licensing exam, and applying for a state mortgage license through the NMLS website.

What is the difference between being "licensed" and being "registered" with the NMLS?

The difference is in the mortgage license status of the loan originator. The NMLS is a national organization that tracks all mortgage activity in the US, regardless of licensing status. Persons that work for independent mortgage companies must be licensed by the state in which they work. Persons that work for banks, credit unions, and government organizations are generally supervised by other organizations and are not required to be licensed. However, they still need to be registered with the NMLS. All MLOs require an NMLS ID, regardless of license status.

State-Specific Mortgage Pre-License Education Requirements

Starting your pre-license education is the first step towards a career as a licensed mortgage loan originator. Each state issues its own mortgage licenses and may choose its own hour requirements for licensure. Below are the pre-license hour requirements for each state and links to courses that fulfill the education requirements.

For additional details, see the NMLS state-specific education document.

State Total
State Licensing Authority
Alabama 20 0 Alabama Banking Department
Alaska 20 0 Alaska Division of Banking & Securities
Arizona 20 4 Arizona Department of Financial Institutions
Arkansas 20 0 Arkansas Security Department
California (DRE) 20 0 California Department of Real Estate
California (DFPI) 20 2 California Department of Financial Protection and Innovation
Colorado 20 2 Colorado Division of Real Estate
Connecticut 21 1 Connecticut Department of Banking
Delaware 20 0 Delaware Office of the State Bank Commissioner
District of Columbia 20 3 District of Columbia Department of Insurance, Securities and Banking
Florida 20 2 Florida Office of Financial Regulation
Georgia 20 0 Georgia Department of Banking and Finance
Guam 20 0 Guam Department of Revenue and Taxation
Hawaii 20 3 Hawaii Division of Financial Institutions
Idaho 20 2 Idaho Department of Finance
Illinois 20 0 Illinois Department of Financial & Professional Regulation
Indiana (SOS) 20 2 Indiana Secretary of State
Indiana (DFI) 20 0 Indiana Department of Financial Institutions
Iowa 20 0 Iowa Division of Banking
Kansas 20 0 Kansas Office of the State Bank Commissioner
Kentucky 20 0 Kentucky Department of Financial Institutions
Louisiana 20 0 Louisiana Office of Financial Institutions
Maine 20 0 Maine Bureau of Consumer Credit Protection
Maryland 20 5 Maryland Commissioner of Financial Regulation
Massachusetts 20 3 Massachusetts Division of Banks
Michigan 20 2 Michigan Department of Insurance and Financial Services
Minnesota 20 0 Minnesota Department of Commerce
Mississippi 20 4 Mississippi Department of Banking and Consumer Finance
Missouri 20 0 Missouri Division of Finance
Montana 20 2 Montana Division of Banking & Financial Institutions
Nebraska 22 2 Nebraska Department of Banking and Finance
Nevada 30 4 Nevada Division of Mortgage Lending
New Hampshire 20 2 New Hampshire Banking Department
New Jersey 20 4 New Jersey Department of Banking and Insurance
New Mexico 20 3 New Mexico Financial Institutions Division
New York 20 3 New York Department of Financial Services
North Carolina 24 4 North Carolina Commissioner of Banks Office
North Dakota 20 0 North Dakota Department of Financial Institutions
Ohio 24 4 Ohio Division of Financial Institutions
Oklahoma 20 1 Oklahoma Department of Consumer Credit
Oregon 20 4 Oregon Division of Financial Regulation
Pennsylvania 20 3 Pennsylvania Department of Banking and Securities
Puerto Rico 20 0 Puerto Rico Bureau of Financial Institutions
Rhode Island 20 3 State of Rhode Island Department of Business Regulation
South Carolina (BFI) 20 3 South Carolina Board of Financial Institutions
South Carolina (DCA) 20 3 South Carolina Department of Consumer Affairs
South Dakota 20 0 South Dakota Division of Banking
Tennessee 20 2 Tennessee Department of Financial Institutions
Texas (SML) 23 3 Texas Department of Savings and Mortgage Lending
Texas (OCCC) 20 0 Texas Office of Consumer Credit Commissioner
Utah (DRE) 35 15 Utah Division of Real Estate
Utah (DFI) 20 0 Utah Department of Financial Institutions
Vermont 20 2 Vermont Department of Financial Regulation
Virginia 20 0 Virginia Bureau of Financial Institutions
US Virgin Islands 20 0 Virgin Islands Division of Banking and Insurance
Washington 22 4 Washington Department of Financial Institutions
West Virginia 24 4 West Virginia Division of Financial Institutions
Wisconsin 20 0 Wisconsin Department of Financial Institutions
Wyoming 20 0 Wyoming Division of Banking

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