Rhode Island Mortgage License Requirements
Application Requirements to become licensed in Rhode Island:
| Description | Requirement |
|---|---|
| Temporary Authority to Operate Eligible | Yes |
| Application Fee | $200.00 |
| License Registration Fee | $400.00 |
| NMLS Processing Fee | $35.00 |
| Sponsorship Fee* | $0.00 |
| Credit Report Required | $15.00 |
| Criminal Background Check Required | $36.25 |
| Testing Required | Yes, passing score of 75% or higher |
| SAFE MLO Test Cost | $110.00 |
| Work Remote Allowed | No |
*Note: Applicant must be sponsored by a RI licensed company.
Rhode Island 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
9 hours of electives
3 hours of Rhode Island state-specific education
Rhode Island 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 Rhode Island state-specific education
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.
State of Rhode Island Department of Business Regulation Contact Info:
Phone: 401-462-9503
Email: dbr.bankinquiry@dbr.ri.gov
Website: www.dbr.ri.gov
