How To Become Mortgage Loan Originator

To become a mortgage loan originator, you’ll need to be licensed by the state in which you live and work. You can find out what qualifications are required for your state by visiting the National Mortgage Licensing System (NMLS) website at www.nmlsconsumeraccess.org.

Here are some things to keep in mind:

1. You’ll have to pass an exam that tests your knowledge of the industry and finances.
2. You’ll need to submit an application with supporting documents, such as proof of employment and education.
3. You’ll also need to provide your fingerprints and other identifying information, including a photo ID, Social Security number, driver’s license number or passport number if applicable.”

How To Become Mortgage Loan Originator

4 Key Requirements to Becoming a Mortgage Loan Originator (MLO)

A lot of people ask, “How do I become a mortgage loan originator?”

If you’re not familiar with the industry, the process can be overwhelming. Although not a requirement, a bachelor’s degree and some experience in finance and sales is helpful for starting a mortgage broker career.

Key Requirements:

Adult Age
A person seeking to become a mortgage loan originator (MLO) must be at least 18 years old.

Obtain an NMLS Number
Register with the Nationwide Mortgage Licensing System and Registry (NMLS).

20 Hours of Education
Take 20 hours of prelicensure education courses approved by NMLS. Certain states also require that mortgage loan officers complete state-specific education.

Pass the National Exam
Under the SAFE Act, all state-licensed loan originators are required to pass a national exam.  Our Prep xL Personalized Learning is designed to help you prepare for the NMLS mortgage license exam by adapting your study based on your performance.

Additional Requirements:

In addition to registering with NMLS and becoming state licensed, MLOs are required to:

• Provide fingerprints to the NMLS for an FBI criminal background check and authorize the NMLS to obtain a copy of your credit report.
• State-licensed, non-depository mortgage loan originators are subject to additional requirements under the Secure & Fair Enforcement for Mortgage Licensing Act of 2008 and at a minimum register with the Nationwide Multistate Licensing (NMLS).
• In some states, MLOs also must satisfy state-specific testing requirements to obtain a license. In April 2013, the NMLS launched the Uniform State Test, a section of the national exam, which replaces the state-specific test content for those states that have adopted it.