How to Become a Mortgage Broker in New Jersey
- 1). Complete the required pre-license education. New Jersey requires at least 20 hours of pre-license education that includes at least four hours of education specifically to New Jersey law and regulations. This education includes classes on federal laws and regulations. It can be completed either as correspondent learning or in a classroom environment. Check with the local real estate schools to see if they offer mortgage broker classes.
- 2). Register for the two tests required to obtain your license. There is a federal test and a New Jersey-specific test required. The NMLS approves the companies allowed to administer the test. The test will comply with the national Secure and Fair Enforcement for Mortgage Licensing Act, or SAFE Act. A 75 percent score or better is required to pass each test. If you fail a test, you will be able to retake the test at a future time. The national test is 100 questions, of which only 90 are scored. Ten questions are not scored and you are given 150 minutes to complete the test. The state test consists of 45 to 55 questions, of which 10 will not be scored, and you are given 90 minutes to complete the state test.
- 3). Submit your fingerprints through the NMLS for an FBI background check. This background check includes a New Jersey State Police criminal background check. You can use the New Jersey LiveScan fingerprinting process to obtain your fingerprints. Your fingerprints must be provided to NMLS, as they will conduct the background check. A credit report is also required as part of your background check. You will provide this separately from the background check provided by NMLS.
- 4). Complete the application, attach the required documents and payment for your license. If you answered "Yes" to any of the disclosure questions, an explanation is required. Provide any copies of applicable orders, judgments or any other court documents. Submit all of these documents, along with your sponsorship, to the Department of Banking and Insurance. You can send this by U.S. Postal Service or overnight the application.
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