MLO Career Opportunities
This guide covers MLO career opportunities at Lending Network. Becoming a mortgage loan officer involves a combination of education, training, licensing, and experience. In the following sections of this guide, we will cover a general outline of the steps you can take to become a mortgage loan officer.
Training a loan officer is one of the hardest industries, besides training a new lawyer. So many loan officers go and get their NMLS licenses to find out nobody will hire them.
Think no further. We are one of the few national mortgage companies that welcome newly licensed MLO career opportunities without experience if they have a solid foundation and strong work ethics. The MLO career opportunities training program is a hands-on virtual intensive full-time program. Once you graduate from the mortgage loan officer training program, you will be assigned to work with several experienced loan officers. In the following sections, we will cover MLO career opportunities.
MLO Career Opportunities: Educational Background
While no specific degree is required, having a strong background in finance, economics, business, or a related field can be beneficial. A bachelor’s or even an associate’s degree can enhance your credibility and understanding of the industry.
Mortgage processors, loan officer assistants, openers, underwriters, closers, title company agents, real estate agents, attorneys, accountants, insurance agents, developers, and general contractors make great loan officers with little training.
More importantly, having work experience in the real estate, lending, or finance fields will get you a kickstart in your mortgage loan origination. A similar or related field is more helpful than any degree. All loan officers should master mortgage processing.
MLO Career Opportunities: Develop Financial Knowledge
All new loan officers should start learning processing. You do not have to be an expert mortgage processor but know the loan process from A through Z. There are many online mortgage processing courses.
Lending Network, LLC is working on creating and launching our very own mortgage loan officer training center. It will be residential and commercial loan officer school.
Gain a strong understanding of financial concepts, including credit scores, interest rates, loan types, and mortgage products. This knowledge will be crucial when advising clients. Education is wealth, and we want all of our associates at Lending Network to be experts in their fields.
Obtain NMLS Number
Before enrolling in the 20-hour NMLS course and taking the NMLS national exam, you need to obtain your NMLS number through the NMLS. Your NMLS unique identifier number is your permanent ID for your mortgage career. Contact the Nationwide Multistate Licensing System (NMLS) to get your unique identifier NMLS number. This number will identify you as a licensed mortgage loan officer and requires you to take the pre-licensing course and obtain your NMLS loan originator license.
Obtain an NMLS Mortgage Loan Originator License
Real estate agents and brokers must be licensed in the state they intend to list and sell properties. Residential mortgage loan officers must get licensed in the state where they intend to originate loans. Commercial loan officers do not have to be licensed in most states. Only nine states require commercial loan officers to have state NMLS mortgage licensing.
You need to take a 20-hour NMLS online course. There are many mortgage licensing schools which you can choose from. We highly recommend April Crippen of OnCourse Mortgage Learning because they offer a five-star streamlined course with great service.
If you order through our line, you will get a discounted price. Once you complete the 20-hour NMLS online course, you must take a 3-hour 125, question the national NMLS exam, and score a 75% for a passing grade.
Complete Pre-Licensing Education
Enroll in a pre-licensing education program approved by your state’s regulatory agency. These programs cover essential topics related to mortgages, lending regulations, ethics, etc. The number of hours required for these courses varies by state.
All new loan officer candidates need to take a 20-hour NMLS one-time online course. Each state may have additional hours between one hour to fifteen hours.
In the United States, mortgage loan officers need to be licensed. Licensing requirements vary by state, so check with your state’s regulatory agency (often the Department of Real Estate or a similar entity) to learn about the specific requirements in your area. Typically, you must complete pre-licensing education, pass a licensing exam, and undergo a background check.
Pass the NMLS Mortgage Loan Officer Licensing Exam
After completing the pre-licensing education, you must pass a licensing exam. The exam tests your knowledge of mortgage lending laws, regulations, and practices. The exam is a 125 question, multiple-choice three hour timed exam.
The exam is not easy. The key to passing the NMLS national mortgage loan officer exam is over 1,000 plus multiple choice practice exams.
Try to study for the exam for 30 days. Be consistent and take the exam. If you take your time and study every other day or every other week, you will fail the NMLS exam. You need the commitment to study and pass the NMLS exam. Some people studied for two weeks straight and passed the NMLS exam.
Background Check and Fingerprints
Once you pass the NMLS national exam, you can apply to states where you want to be licensed so you can originate in that state.
Most states require applicants to undergo a background check and provide fingerprint records. This ensures that you have a clean criminal history and are fit to work in the financial industry.
Each state will have its mortgage licensing requirements about additional Continuing Education, credit profile, background, and experience requirements. All states require a background investigation and national fingerprinting. Each state can require a state fingerprint by their state police on individual paper fingerprint cards.
MLO Career Opportunities: Gain Experience
Many employers prefer hiring mortgage loan officers with relevant experience in sales, banking, finance, or real estate. Starting in a related position, such as a loan processor or customer service role, can help you gain a foothold in the industry.
Annual NMLS Continuing Education
After obtaining your license, you’ll need to complete continuing education courses to stay up-to-date with changes in mortgage regulations, lending practices, and industry trends. Every year, you need to take an eight-hour continuing education course. However, many states require additional hours on top of the eight-hour general continuation course.
Build Relationships
Developing a network of real estate agents, financial professionals, and potential homebuyers can help you generate leads and grow your business as a mortgage loan officer. Remember that being a licensed loan officer is like having your own business. You need to brand and market yourself.
Consider joining professional organizations such as the Mortgage Bankers Association (MBA) to connect with others in the industry, access resources, and stay informed about industry developments.
Remember that the specific steps and requirements can vary by location and over time, so it’s essential to research your area’s regulations and licensing requirements. Realtors are loan officers’ best referral partners.
MLO Career Opportunities With Referral Partners
Other referral partners include lawyers, loan officers from banks and credit unions, attorneys, insurance agents, title agents, accountants, financial planners, and other third-party professionals. Have a large social media presence. Make consistent videos and post them regularly.
Write informative blogs and articles on your website as well as other websites as a guest writer. Consistency works. Knowledge is power.
If you have any questions, please contact us at Lending Network, LLC, at 1-262-627-1965. Text us for a faster response. Or email us at contact@lendingnetwork.org. The Lending Network, LLC team is available seven days a week, evenings, weekends, and holidays.
