How to Become a Mortgage Loan Originator With a Company
- 1). Read and understand the laws regulating mortgage loan officers in your state. The Nationwide Mortgage Licensing System and Registry (NMLS) administers the registration, pre-license registration, testing and continuing education requirements for all 50 states. The NMLS provides guidelines for each state's requirements, and each state provides comprehensive explanations for all of their requirements.
- 2). Obtain a copy of your credit report. Read your credit report and ensure everything is accurate. If you plan to become a broker, many states require a copy of your credit report. This ensures you are able to manage your personal finances before they grant you a license to help others with theirs. Additionally, a criminal background check is required, and prior felony convictions could make you ineligible for a mortgage loan-officer license. Many banks and other federally regulated institutions, which are not subject to the SAFE Act, require background checks that include reviewing your credit report and possible criminal background check. Provide documentation explaining any issues that you suspect will arise.
- 3). Document that you have the necessary experience to succeed as a loan officer. Each state and company treats lack of experience differently. Some states require you to enter an apprenticeship period for a year or two before issuing a full loan-officer license. A loan officer's primary duties include outside sales. Experience in sales enhances your chances of employment if you do not have experience as a loan officer. A bank may ask that you work as a banker or an entry-level position before promoting you to a loan officer.
- 4). Polish your resume before sending it to prospective companies. Ask someone you trust to review it and offer suggestions. Do your homework on the company, and find out if licensing is required. If a company that falls under the SAFE Act hires you, you must have your license before you even discuss loan rates or terms with anyone. Arrive at each interview 15 minutes early, and leave plenty of time to complete the interview. Dress professionally for the interview, ask questions and take your time in choosing a company to work for.
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