Who regulates mortgage brokers and loan officers and what is their contact information?
The Texas Department of Savings and Mortgage Lending regulates mortgage brokers and loan officers. Their website is www.sml.state.tx.us. You can contact them by email at licensing@sml.state.tx.us, by phone at (512) 475-1335 or (877) 276-5550.

What are the education and experience requirements?
Mortgage brokers and loan officers have varied education and experience requirements. For detailed information on requirements visit our License Requirement's page.

What are the testing requirements?
Mortgage brokers and loan officers must pass a computerized exam prior to licensure. The Texas Loan officer and Mortgage Broker Examination is administered by computer by appointment only with Pearson Vue. Pearson Vue has locations throughout Texas. For a list of locations and directions, click here.

Can loan officer applicants apply for a new license or renew an existing license without a sponsoring mortgage broker?
An individual applying for a loan officer license or renewing a loan officer license can submit an application without a sponsoring mortgage broker and be approved as a inactive licensee. An inactive license is good for the full two year term. An inactive loan officer can not conduct loan origination or perform any other service requiring a license.

Do I need a college degree to become a mortgage broker?
No, the only education required is a state-approved 20-hour course like ProSchools’. For a mere fraction of the cost of an associate’s or bachelor’s degree, you could be earning a six-figure income as a mortgage pro! For more details on state certification requirements, click here.

Should I get any additional books on the subject?
Sure, reading as much as you can about succeeding as a new mortgage broker is a wise strategy. ProSchools offers an array of books in our online bookstore.

What are the continuing education and testing requirements?
Both mortgage brokers and loan officers are required to take during the term of the license 15 hours of education, including at least 8 hours of Core training. Core content focuses on RESPA, TILA, ECOA, the Mortgage Broker License Act & regulation, compliance issues, loan origination related to math, predatory lending, and deceptive trade practices. All of ProSchools courses are approved in Core content.

Do inactive licensees still need to comply with the continuing education requirements and renew the license?
Yes. Inactive licensees must comply with the continuing education requirements and renew the license prior to the expiration date.

Can I carry over continuing education hours from renewal
to the next?
No, continuing education hours can not be carried over between periods.

For more details on becoming a licensed mortgage broker or loan officer, click here.