PROPERTIES for PENNIES, CASH-FLOW and LUMP SUMSJoin Today
Please or Register to create posts and topics.

NMLS Licensing - Required or Not Required

NMLS Licensing
I have one in multiple states
I have one in one state
I don't have one at all

Hello all.

I have been actively buying and selling notes for the last three years.  During the first two years, I operated without an NMLS license.  As I began to exit a note through foreclosure, the issue of NMLS licensing was brought up as a defense.  Fortunately, I was in a low-volume threshold state - one where you can own up to five notes without an NMLS license.

I know many note investors are operating in all states without a license.  I was encouraged to do so my a former mentor but stiff fines have me nervous about it.  I know that some have also been fined for operating without a license.  What approach are some of you taking to circumvent NMLS licensing requirements or are you limiting purchases to state(s) where you are licensed?

Eddy, LaToya Robinson and Ari_SoCal have reacted to this post.
EddyLaToya RobinsonAri_SoCal

I am curious my self. Is there a way to obtain a multi-state license?

Ari_SoCal has reacted to this post.
Ari_SoCal

Hi Ben,

I used to be a licensed Mortgage Loan Originator (MLO) in nearly 20 states.  Once you have a license in one state, it's relatively easy to obtain licenses in other states. However, there are multiple hours of required Continuing Education (CE) and education. If you're considering this path, I can share some shortcuts to knock out several states at a time - which can save days, if not weeks of time.