So many commercials end with some fast talking announcer and
one of the things the announcer says is NMLS Number 12345, or
whatever the number is. NMLS stands for the Nationwide Mortgage
Licensing System and Registry. NMLS is a web based platform for
regulatory agencies to administer initial license applications
and ongoing compliance requirements.
NMLS itself does not
grant or deny license authority. It is the system of record for
all federal registrations required of federally regulated
mortgage loan originators. License cost for an individual is
usually less than $100. Individuals usually need 20 hours
training and take a test to pass the National Mortgage Licensing
System pre-licensing exam. It includes 100 computer-generated,
multiple-choice questions that must be answered within three
hours. Ten of the 100 questions are "test" questions that do not
affect the grade. Passing score is 75%. The test can be taken
online.