How To Become A Loan Officer

Do i need a license to become a loan officer.
How to become a loan officer. All mortgage loan officers must be licensed as a mortgage loan originator mlo. As a loan officer you ll work at a financial institution like a bank credit union or lending company and help individuals and businesses apply for loans. To be a loan officer you ll need at least a high school degree and some experience with math economics and business.
Mortgage loan officer is listed 14 in u s. News world report s rankings for business jobs. After three failed attempts a 180 day wait period is required.
Loan officers may also be promoted to management positions where they oversee the activities of a group of loan officers. All mortgage officers must be licensed by the federal and state governments which requires extra educational coursework and testing. Whether you are gathering information on becoming a loan officer looking for nmls approved classes inquiring about license requirements or searching for loan officer jobs we want to make your life easier by guiding you through the steps.
You must generally have a bachelor s degree in finance economics or a related field to work as a loan officer. The median salary for the position is 64 660 and it doesn t require any graduate level education. Aspiring brokers need to complete a pre licensure program a 20 hour class that will cover relevant federal and state laws and financial regulations around mortgages loan officer ethics mortgage.
If you want to become a mortgage loan officer you probably have a number of questions about what the position entails. Safe mortgage loan originator test. This process involves completing 20 hours of required coursework passing an exam and a credit and background check.
There are currently no specific licensing requirements for loan officers working in banks or credit unions but licensing requirements for loan officers who work in mortgage banks or brokerages can vary by state they must generally have a mortgage loan. If you do not pass you must wait 30 days before retaking the exam. Become a loan officer with our loan officer training courses.