PROCESS OVERVIEW
When you become a mortgage loan officer, you can help clients along their way to purchasing real estate, which has the potential to be life changing. It means families can buy homes or small business owners can make their dreams become a reality.
There are many people involved in the home loan process, but mortgage loan officers initiate fee-based mortgage loans that generate revenue for financial institutions and help potential borrowers get the funds they need.
There are also many benefits for the mortgage loan officers themselves, from steady demand for their services to lucrative pay, especially if you make commission-based earnings and are good at your job. However, there are downsides.
Let's dive deeper. Click the video to learn about the Loan Officer role.
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A mortgage loan officer, also called a loan officer or a mortgage loan originator, is a financial professional who helps clients get loans to purchase real estate. One of the more significant roles a mortgage loan officer plays is to review the credit of their clients to determine how much money they may be eligible to borrow. For instance, many first-time homebuyers will consult a mortgage loan officer prior to submitting an offer on a property.
Mortgage loan officers also provide information on the different types of loans available, as well as interest rates. These financial professionals, who usually work for banks and mortgage companies, essentially provide guidance and advice on home loans.
Mortgage loan officers focus almost exclusively on real estate loans for people and businesses. Usually working for mortgage brokers, credit unions, commercial banks, or mortgage companies, mortgage loan officers typically work in an office and travel to meet clients.
The primary responsibilities of a mortgage loan officer include the following:
Becoming a mortgage loan officer is not as difficult as it may seem. It requires six basic steps. First, you will first need to register with the Nationwide Multistate Licensing System, or NMLS, successfully complete 20 hours of pre-licensure education courses, and pass the NMLS mortgage license exam. Beyond these basic steps, you may have to complete other requirements, depending on which state you live in. After fulfilling these requirements for licensure, you will often gain expertise while on the job. One way that most successful brokers find success is to join an independent mortgage broker shop. Another way is to find employment as a loan officer assistant (LOA) to learn origination processes and gain experience before finishing your license requirements.
Step 1: Getting an NMLS Account and Number: Applying for an NMLS account and ID number is the first step to obtaining your mortgage license. To do so, go to the NMLS website. Your NMLS ID number will be used to help assign you the credit you earn through completing courses.
Step 2: Pre-Licensing Education: To become an MLO you will need to take your required education hours from a NMLS-approved education provider. All states require taking a 20 hour national course and some states will also have a state-specific course also required to be licensed. Click here for a map that will show the additional state elective requirements for all 50 states. Just click on the state you would like to be licensed in.
Step 3: SAFE MLO Exam: Once you have taken your required education hours you will have to take and pass the national safe exam through the NMLS. This is a 120-question 190 minute timed exam. For instructions on how to schedule your national exam, click here.
Step 4: Background Checks and Fees: To finalize your application and receive your license, you will need to pay several non-refundable fees and get a background check. Find out more about how to complete your background check here.
Step 5: Apply: After passing your national exam, you will now need to apply for an MLO License. You will need to complete and submit an MU-4 form through the NMLS including, paying the licensing fee, completing a criminal background check and an authorized credit report.
Step 6: Sponsorship: In order to successfully act as an MLO, you will need to be sponsored by a company. Without being sponsored, you cannot originate any loans. This would constitute Unlicensed Activity and your state may punish you for it. Make sure to be sponsored by a company before you begin taking loan applications.
If you have any more questions, please check your state's requirements at this page. Simply click on your state and find the checklist under "Mortgage Loan Originator License".
Glory Mortgage LLC is a team of highly trained Mortgage Loan Originators which provides financial expertise by utilizing the latest technology to secure your financing quickly and efficiently.
At Glory Mortgage we have put God in first place in our lives. Having great faith comes with great responsibilities and we believe in taking care of families.
Every mortgage loan has a good cause and we pay it forward. Our company’s mission is to give back to our communities. We provide families with the lowest possible rate while maintaining the highest expectation of service and customer satisfaction. We know that great rates are not enough. As a result, we provide an exceptionally high level of service and strive to distinguish ourselves as a leader in the industry. Additionally, by combining innovative mortgage programs with competitive interest rates, we offer a full range of financing choices tailored to fit your specific needs.
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