Helping people to finance their dream home is a wonderful profession for which loan officers are appropriately compensated. If you feel as though you have the passion for helping people, you are able to crunch numbers and solve problems, you are computer savvy and have a head for marketing, being a loan officer might be the perfect career fit for you!
But where do you start when becoming a loan officer?
Before you start, ask yourself the following questions to make sure that the mortgage industry is right for you.
- Do you need a 9am-5pm job? Chances are that this one will need you to be available for questions after 5 and on the weekends. It’s good to know that upfront.
- Are you trustworthy, organized, patient, and outgoing? Those will be important to your success!
- Do you find selling easy?
- Are you good at marketing yourself or do you have a large social sphere?
- How much do you know about finance and real estate?
- Do you have access to a mentor in mortgage?
- Are you a good leader?
- Are you a self-starter?
- Do you have a knack for tech?
- Is your criminal record clean and your credit history healthy?
4 Steps To Get Your License:
1. Sign up with NMLS.
- Navigate to NMLS.
- Click the Log Into NMLS
- Click the Request an Account
- Select the Individual
Applicants are required to take 20 hours of pre-licensure education courses.
2. Know the SAFE Act requirements for your state.
The Secure and Fair Enforcement Act of 2008 helps regulators keep lending safe for all by making sure that loan officers are licensed and provides customers with easily accessible information about the loan officer. Applicants for MLO licensure are required to pass the SAFE MLO test with a score of at least 75%.
Loan officers will need to complete the following for NMLS & the SAFE ACT*:
- Receive licensing for their state (or states where the loan officer will be doing business).
- Provide various forms of ID, consent to being fingerprinted, and authorize credit check, background check, and financial services employment history.
- Registration with the NMLS.
*check with your state for details on exactly what you need to do to be licensed
All test candidates are required to accept the Candidate Agreement prior to scheduling any SAFE MLO Test. If you should fail the test, you must wait 30 days to retest. If you fail the test three times, you must wait 6 months before taking the test again.
3. Study for the exam.
How long it takes you to study for you exam is entirely dependent on you and what courses of study you choose.
The State Examination System (SES) is an examination system built by state regulators for state regulators and the companies they supervise. It is the only nationwide system connecting agencies and companies in the examination process.
4. Take your test online or in person.
Download the complete guide to becoming a licensed loan officer here. Once you have your license and know where you want to work, let your friends at Intent Modern Mortgage Marketing know you are ready to dominate the competition with your brand!
…it’s just so incredibly important to stay upfront for those people as they [homebuyers] go through those life changes whether it be through CRM or gifts, or social media, whatever it is, that will allow me to be a part of all of their future changes and transitions.
Ali Dubois, Mortgage Planner at Atlantic Bay
To check the entire interview with superstar loan officer Ali Dubois and gain more insights into the mortgage industry, click here!