Puerto Rico Mortgage License Requirements
Learn about the Puerto Rico mortgage education requirements for mortgage licensing.
In the state of Puerto Rico, mortgage loan originators are required to:
- Complete a Criminal Background Check (CBC).
- Authorize a credit report through the NMLS that demonstrates financial responsibility.
- Fulfill all state and federal education requirements as designated by Puerto Rico.
- Take and pass a National Test.
- Be sponsored by a Puerto Rico-licensed company.
Puerto Rico NMLS Pre-Licensing Education Requirements:
New state-licensed MLOs are required to complete 20 hours of NMLS-approved education. This includes:
- 3 hours of federal law
- 3 hours of ethics
- 2 hours of non-traditional mortgage lending training
- 12 hours of electives
Puerto Rico Continuing Education Requirements:
State-licensed MLOs are required to complete 8 hours of NMLS-approved mortgage education annually beginning the year they are licensed (unless PE was completed in the same year). This includes:
- 3 hours of federal law
- 2 hours of ethics
- 2 hours of non-traditional mortgage lending
- 1 hour of electives
The deadline to complete annual CE is December 1st.
MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row.
Puerto Rico Mortgage Licensing:
- Puerto Rico Bureau of Financial Institutions
- Phone: (787) 723-3131 ext. 2214 or 2197
- Email: reglamentacion@ocif.pr.gov
- Website: https://www.ocif.pr.gov/
NMLS Resources:
- Puerto Rico MLO License Description Page
- Professional Standards: Mortgage Education
- Professional Standards: Criminal Background Check
- Professional Standards: Credit Report
- Professional Standards: MLO Testing
