Education

• The first step in the licensing process for mortgage originators in New Jersey is completion of the mandatory education requirements. Candidates must receive 20 hours of prelicensing training. Of the 20 hours, four hours must deal specifically with laws governing mortgages in New Jersey, while the remaining 16 hours deals with federal laws and general issues in the mortgage industry. The training must occur at a school approved by the Nationwide Mortgage Licensing System. Both online and traditional classroom-based courses are available.
  
  

Testing

• After completing the mandatory education, prospective mortgage originators in New Jersey must pass a two-part examination called the SAFE Mortgage Loan Originator Test. The first part of the test consists of 100 questions, 90 of which are scored and 10 of which are unscored. The questions relate to federal mortgage laws, general mortgage knowledge, mortgage loan origination activities and ethics. The second test has 10 unscored and 50 scored questions for a total of 60 questions. The section relates to laws and regulations that apply specifically in New Jersey.
  
  

Background Check

• Prospective mortgage loan originators in New Jersey who pass the required exams must undergo a criminal background check. To begin the process, candidates must visit the State of New Jersey Department of Banking and Insurance's website and download a universal fingerprinting form. Then, they must schedule an appointment online for professional fingerprinting at a MorphoTrak center. The process takes roughly 10 minutes. When scheduling their appointment, candidates must pay a fingerprinting fee of $51, at the time of publication.
  
  

Application

• Prospective mortgage loan originators in New Jersey who pass the criminal background check must complete an application for licensing on the Nationwide Mortgage Licensing System website. Along with the application, candidates must submit a copy of a recent credit report as well as verification that they are being sponsored by a mortgage loan company that is licensed in New Jersey. Additionally, all candidates must pay a fee. At the time of publication, the cost is $180; for candidates who wish to order their credit report through the system rather than obtaining one on their own, they must pay an additional fee of $15.