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Who is required to have this license?
This license is required for any individual who in exchange for compensation as an employee of or who otherwise receives compensation or remuneration from a mortgage broker or mortgage banker and who solicits or offers to solicit an application for mortgage loan; accepts or offers to accept application for a mortgage loan; or negotiates or offers to negotiate the terms or conditions of a mortgage loan; or issues or offers to issue mortgage loan commitments or interest rate guarantee agreements to borrowers.
Who does not need this license?
- A loan officer does not include an individual who performs clerical or administrative tasks in the processing of a mortgage loan at the direction of and subject to the supervision and instruction of a licensed loan officer or an underwriter if the individual performs none of the activities described above; or
- A manufactured home retailer and its employees if performing only administrative or clerical tasks in connection with the sale or lease of a manufactured home and the manufactured home retailer and its employees receive no compensation or other gain from a mortgage banker or a mortgage broker for the performance of the administrative or clerical tasks.
Pre-requisites for license applications:
Each new loan officer applicant is required to submit an application through a MU4 filing. In order to be considered for a loan officer’s license, an applicant must meet the following requirements:
- Be at least eighteen (18) years of age.
- Have received a high school diploma or a general education development (GED) certificate.
- Submit information related to any administrative, civil, or criminal proceeding by a governmental jurisdiction.
- Complete twenty (20) hours of pre-licensing education.
- Pass national and state components of the SAFE MLO test.
- Provide fingerprints for an FBI criminal background check.
- Provide authorization to obtain an independent credit report.
Additional requirements:
Each licensed loan officer shall complete at least eight (8) hours of education each calendar year except during the calendar year in which the loan officer completes twenty (20) hours of pre-licensing education.
For more information about the actual course please visit Mortgage Education Course FAQ’s.
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agentcampus.com offers these Arkansas 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.
MortgageEducation.com
NMLS Provider No. 1400051
Address: 555 West 23rd Street, N10E New York, NY 10011
Customer Support:
(404) 496-4177
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