Become a licensed mortgage loan originator in Texas 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!
OnlineEds 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.
Interested in originating mortgages in Texas? As a mortgage loan originator (MLO), you’ll guide borrowers through the home loan process, from application to closing It’s a rewarding career that allows you to help people realize the dream of homeownership
But before originating mortgages, you must get an MLO license in Texas. This involves meeting education requirements, passing exams, and paying various licensing fees. So what is the total cost for getting your Texas mortgage loan originator license?
Here’s a breakdown of the typical expenses you can expect as you earn your MLO license Having an idea of these costs upfront allows you to budget and plan accordingly
Mortgage Loan Originator Education
The first step is completing 20 hours of NMLS-approved pre-licensing education. This comprehensive course covers federal laws and regulations pertaining to mortgage origination.
You must also take a 3-hour course on Texas mortgage laws and regulations. These state-specific courses are offered by NMLS-approved providers like Champions School of Real Estate.
The typical tuition cost for the required pre-licensing education ranges from $300 to $500. Factors like course format (online, classroom, etc) impact pricing. So shop around for the best value.
Some packages include test prep materials you’ll need for the next step.
Mortgage Loan Originator License Exams
After education, you must pass two exams to get your MLO license:
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National Test Component with Uniform State Content – Covers general mortgage industry topics.
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Texas State Component – Tests your knowledge of Texas mortgage laws.
The cost for each exam is $110-115 when registering through NMLS. So the total for both exams is approximately $220-230.
Some education providers bundle exam prep and practice tests with pre-licensing courses. This can help you pass the exams on your first try, avoiding retake fees.
NMLS Processing Fees
When applying for your MLO license, various processing fees must be paid to the Nationwide Multistate Licensing System (NMLS).
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Individual Filing Fee – $100 for new applications in Texas.
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FBI Criminal Background Check – $36.25 per applicant.
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Credit Report – $15 for the NMLS to pull your credit file.
So in total, you’ll pay around $150 in NMLS processing fees when getting your new license.
Texas MLO License Fees
The Texas Department of Savings and Mortgage Lending charges additional fees when applying for your MLO license:
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License Application Fee – $375 for a new in-state MLO license.
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License Renewal Fee – $375 annually to renew your MLO license.
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Late Fees – Up to $325 if renewal payment is late.
Over the first two years, you’ll pay $750 in state licensing fees to get and keep your license. Renewal fees then continue annually.
Continuing Education
Once licensed, Texas requires 8 hours of annual continuing education to maintain your MLO license. This costs around $100-150 per year.
Additional development courses on topics like marketing, communication, and technology may cost extra but can help advance your career.
Summary of Typical Costs
Upfront costs for new MLO license:
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Pre-licensing Education: $300 to $500
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Exam Fees: Approximately $220
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NMLS Processing Fees: About $150
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Texas License/Application Fees: $375
Total Upfront Costs: $1,045 to $1,245
Ongoing costs after getting license:
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Annual License Renewal Fee: $375
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Continuing Education: $100 to $150 per year
So in your first two years, you can expect total costs around $1,500 to $1,700 for getting and maintaining your Texas mortgage loan originator license. Budgeting this amount upfront allows you toinvest in this exciting and lucrative career!
With proper education, preparation, and persistence, the investment pays off with a rewarding career helping Texans finance and purchase homes. Contact the Texas Department of Savings and Mortgage Lending if you have any other questions about getting licensed.
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.
Mortgage Professional Development Courses
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Exam prep and test simulator included with all 20-hour bundles.
OnlineEds 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.
Becoming an MLO in Texas – Getting a Mortgage Loan Originator License
FAQ
How much does a MLO make in Texas?
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Annual Salary
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Hourly Wage
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Top Earners
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$116,922
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$56
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75th Percentile
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$93,200
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$45
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Average
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$70,931
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$34
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25th Percentile
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$48,400
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$23
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How do I get a mortgage loan originator license in Texas?
To get your mortgage loan originator license you will first learn the national and Texas state-level lending guidelines and then pass an exam to show your mortgage knowledge. Let’s dive into our step-by-step guide of how to become a TX loan officer. You can also check out our video tutorial on how to become an LO in Texas.
How do I register a mortgage originator?
If your company is being required to register your mortgage loan originators with a federal agency (OCC, OTS, FDIC, FRB, NCUA or FCA), select Federal Registration. If you plan to apply for a license with Texas SML, select State Licensing and follow the steps listed on the web page.
How much does a mortgage loan officer license cost in Texas?
Once you’ve passed your test and done your background checks, you’re ready to file your Individual (MU4) Form. Head to your NMLS portal to file your Individual (MU4) Form and pay your NMLS fees. The cost to file your mortgage loan officer license in Texas is: $30 NMLS application fee, $195 state application fee and a $15 credit report fee.
How do I become a mortgage loan officer in Texas?
To be a mortgage loan officer in Texas, you will need to complete six steps. Some of these steps include enrolment in Texas Pre-Licensure Education (PE) and licenses from the Texas Department of Savings and Mortgage Lending (Texas-SML) and the Texas Office of Consumer Credit Commissioner (Texas-OCCC).