Getting your New Hampshire 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 New Hampshire Mortgage Loan Officer (MLO). We’ve also answered some of the most common questions that prospective New Hampshire 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 New Hampshire, 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
10 hours of General Electives
4 hours of New Hampshire-specific defined electives
The New Hampshire-specific 2-hr. course is required by the New Hampshire state licensing agency, also known as the New Hampshire Office of Professional Licensure and Certification.
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 New Hampshire 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 $100 for the New Hampshire 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
NMLS Processing Fee
Criminal Background Check
Credit Report
New Hampshire Application Fee
Per NMLS, “this license is required for all individuals who for direct or indirect compensation or gain or in the expectation of direct or indirect compensation or gain, takes a mortgage application or offers, negotiates, solicits, arranges, or finds a mortgage loan or who assists a consumer in obtaining or applying to obtain a mortgage loan by, among other things, advising on loan terms (including rates, fees, and other costs), preparing loan packages, or collecting information on behalf of the consumer with regard to a mortgage loan or who offers or negotiates terms of a residential mortgage loan. A sole proprietor licensed as a Mortgage Broker, Mortgage Servicer, or Mortgage Banker shall also obtain a license as a Mortgage Originator prior to engaging in the activities of a Mortgage Originator.”
Note: The titles “Mortgage Loan Officer” and “Mortgage Loan Originator” are often used interchangeably, including in the summary above.
According to ZipRecruiter, New Hampshire Mortgage Officers make approximately $74,000 per year on average as of October 2021. The 75th percentile of earners makes above $105,000, while the bottom 25th makes under $31,000. Top earners can earn more than $118,000 in New Hampshire.
With a lower tax burden than many of its neighbors, plenty of natural beauty, and a great location, New Hampshire has a lot to offer homebuyers. That's probably why home values have jumped by 22.1% over the past year. In New Hampshire, mortgage professionals have the opportunity to issue many loans at high price points.
It pays to be a Mortgage Loan Officer in New Hampshire. The median home cost in New Hampshire is $385,000. At a commission rate of 1%, that’s a $3,850 payment for the MLO once the loan is secured. Here are the average home payouts in a few New Hampshire locations:
Concord: Average Home Price: $320,000 Average Commission: $3,200
Manchester: Average Home Price: $341,000 Average Commission: $3,410
Nashua: Average Home Price: $398,000 Average Commission: $3,980
Keene: Average Home Price: $243,000 Average Commission: $2,430
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:
Concord Mortgage INC (Concord)
City of Nowhere (Manchester)
Harbor One Mortgage (Keene)
