Getting your Delaware 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 Delaware Mortgage Loan Officer (MLO). We’ve also answered some of the most common questions that prospective Delaware 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 Delaware, 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
The course requirements are required by the Office of The State Bank Commissioner.
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 Delaware 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.
You’ll need to pay a total of $500 for the Delaware application fee and 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
Delaware Application Charge
FBI Criminal Background Check
Credit Report
Delaware License & Registration Fee
The state of Delaware defines a Mortgage Loan Officer and their duties as follows:
Mortgage loan originating; means providing services to a customer of an originating entity by soliciting, negotiating, explaining or finalizing the terms of a mortgage loan; provided, however, that the term; soliciting; shall mean the discussion of a mortgage loan product or products with a customer or potential customer, but shall not be deemed to mean the taking of customer information or the referral of a customer or the customer’s information to a person who engages in mortgage loan originating; provided further that a Mortgage Loan Originator shall not be deemed to include any person who provides clerical or secretarial services or provides legally related services that are not provided directly by an attorney relating to mortgage loan originating activities of an originating entity.
Note: The titles “Mortgage Loan Officer” and “Mortgage Loan Originator” are often used interchangeably, including in the summary above.
According to ZipRecruiter, Delaware Mortgage Officers make approximately $69,000 per year on average as of October 2021. The 75th percentile of earners makes above $94,000, while the bottom 25th makes under $32,000. Top earners can earn more than $160,000 in Delaware.
The income of a Delaware loan expert depends on the health of the real estate market. So, what is the real estate market like in Delaware? The state of Delaware has experienced tremendous real estate growth in recent years. In 2021, some places like Sussex Country saw home values skyrocket by as much as 25%. Many homes are being sold at $50,000 over asking price, highlighting the intense competition that many Delaware homebuyers are seeing. This is good news for Mortgage Loan Officers as higher home prices translate into bigger commission checks.
It pays to be a Loan Officer in Delaware. The median home cost in Delaware is $317,000. At a commission rate of 1%, that’s a $3,170 payment for the MLO once the loan is secured. Here are the average home payouts in a few Delaware locations:
Location | Average Home Price | Average Commission |
|---|---|---|
Wilmington | $264,000 | $2,640 |
Dover | $295,000 | $2,950 |
Newark | $295,000 | $2,950 |
Seaford | $255,000 | $2,550 |
Bethany Beach | $739,000 | $7,390 |
The “Shell House” (Delaware’s Most Expensive Home): | $14,900,000 | $149,000 |
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:
Embrace Home Loans (Wilmington)
Fairway Independent Mortgage (Dewey Beach)
Meridian Bank (Seaford)
Atlantic Home Loans (Wilford)
