Getting your Connecticut loan officer license might seem daunting, but we’re here to guide you through the process.
Read on to learn about the 6 steps you’ll need to complete before starting your career as a Connecticut Mortgage Loan Officer (MLO). We’ve also answered some of the most common questions that prospective Connecticut Loan Officers have as they consider this exciting new career.
Before beginning the educational component of licensing, prospective Loan Officers must create an NMLS (Nationwide Multistate Licensing System & Registry) account on the State Mortgage Registry website. NMLS is a national database in which all MLOs must register. After creating their account, applicants receive a personal NMLS number that will be maintained for the duration of their time working as a Loan Officer.
In Connecticut, you’re required to complete 20 hours of coursework in order to meet the education requirements. The courses include the following:
3 hours of Federal Law
3 hours of Ethics
2 hours of Non-Traditional Mortgage Lending
12 hours of General Electives
1 hour of Connecticut-specific electives
The Connecticut-specific 1-hr. course is required by the State of Connecticut Department of Banking.
The SAFE MLO Test can be scheduled by visiting the NMLS website. Applicants use their existing account number to schedule the exam. The exam has 115 scored questions, and test takers must answer at least 75% correctly. It costs $110 to take, and students are given 3 hours and 10 minutes to complete the test. You can learn more by reviewing the MLO Testing Handbook.
Applicants will need to login into their NMLS account and head to the Filing section. From there, click on the Criminal Background Check tab. You will authorize a Federal Criminal Background Check by completing the fields and clicking Attest.
Then, applicants must schedule an appointment to submit their fingerprints. In the portal, users will click on the Composite View button then select Criminal Background Requests. In this module, you can schedule your fingerprinting appointment by clicking the “Fieldprint” button.
The total cost of the state and FBI criminal background check is $36.25.
Now it’s time to submit for official Connecticut licensure through NMLS. Applicants will apply through the NMLS licensing portal. Applicants are advised to review the MLO New Application checklist beforehand in order to ensure they’re ready to apply.
The NMLS application fee is $30, and you’ll also need to pay $300 for the Connecticut portion of the licensing fee. Additionally, a credit report must be submitted at the time of application for a fee of $15.
Your Loan Officer License will remain in pending status until your employing sponsorship is verified with NMLS. This verification is completed inside of the NMLS portal. Users will visit the Form Filing Home screen, then click Company Access. They’re then prompted to add their employer sponsorship by submitting employment details. Once the sponsoring employer receives notice of the verification request, they can approve the sponsorship. Upon approval, applicants are officially licensed.
Pre-Licensure Education
The SAFE MLO Test
Connecticut Application Charge
*Including NMLS Processing Fee
Criminal Background Check
Credit Report
According to the State of Connecticut Department of Banking, a Mortgage Loan Officer is defined as:
An individual who for compensation or gain or with the expectation of compensation or gain, either for such individual or for the person employing or retaining such individual, takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.
According to ZipRecruiter, Connecticut Mortgage Loan Officers make approximately $68,000 per year on average as of October 2021. The 75th percentile of earners makes above $96,000, while the bottom 25th makes under $28,000. Top earners can earn more than $175,000 in Connecticut.
The Connecticut real estate market is similar to most other current markets in the country: It’s very competitive. This competition, driven by low supply/high demand and the pandemic, has driven up home prices. In 2021, the Federal Housing Finance Agency reported year-over-year home value growth in Connecticut was 20%. This is good news for Connecticut Mortgage Loan Officers as higher home prices translate into bigger commission checks.
According to Zillow, the median home cost in Connecticut is $326,000. At a commission rate of 1%, that’s a $3,260 payment for the MLO once the loan is secured. Here are the average mortgage loan commission payouts in a few Connecticut locations:
Locations | Average Home Price | Average Commission |
|---|---|---|
West Hartford | $315,000 | $3,150 |
Stamford | $575,000 | $5,750 |
New Haven | $249,000 | $2,490 |
Greenwich | $1,579,000 | $15,790 |
Danbury | $376,000 | $3,760 |
The Hillandale Mansion (Connecticut’s Most Expensive Home): | $49,000,000 | $490,000 |
All average home price figures were collected from Zillow.
If you’re looking to get in contact with mortgage loan companies to ask about the profession, services, or employment opportunities, you can contact any of the following local businesses:
Bay Equity Home Loans (West Hartford)
Connecticut Financial Mortgage (Stamford)
New Vision Mortgage (New Haven)
Savings Bank of Danbury (Danbury)
