We receive questions on a regular basis concerning the process to become licensed as a loan officer. Becoming a mortgage loan officer can be as simple as 1.. 2… 3…, or actually 1 to 10.
Step 1: It all beings with the State where you want to be licensed
Each state will require a minimum of 20 hours of pre-license education. In addition, some states may require certain state-specific education.
Check your state requirements here: State Licensing Requirements
Step 2: Enroll in a pre-license course with MTI – That’s so easy… just click the link below.
Step 3: You’re going to need an NMLS ID number – that’s simple too… just a few minutes.
You will need to create a user account with the Nationwide Mortgage Licensing System and Registry (NMLS). There is no cost to do this and it only takes a few minutes. Select the link below then select create an “Individual Account.”
Need My Number Please
Step 4: School Time! Complete your pre-license education
Step 5: The work beings. Study, Study, Study
Be sure to prepare yourself for the NMLS national test. Most students will spend 40-60 hours of study to prepare. It’s not an easy test, but if you follow the instructions of your fabulous MTI instructor, you should be prepared!
Step 6: GO ACE THAT TEST!
Step 7: Where do you want to work?
Finding the right place to work as an MLO might take a little time. If you know someone in the industry, find out where they work and why. You’ll want to find a company that has your values and provides the right customer service you intend to provide. Loan officer compensation can vary from company-to-company, but money shouldn’t be your only consideration. Remember if the company isn’t run well, your compensation won’t matter, because you won’t close any loans! But, now that you’re ready to be licensed, there will be many companies in your area wanting to hire you!
Step 8: Complete your registration with NMLS and file your papers with the state
The job is never complete until the paperwork is done. You will need to complete your NMLS registration using your NMLS account, complete your fingerprinting and file your MLO license application with the state.
Step 9: YOUR LICENSE IS ISSUED!
Now it’s official… you’re a licensed mortgage loan officer! After you’re done partying, it’s time to start helping!
Step 10: Help hundreds achieve homeownership!
Now you’re a well-educated, licensed, loan officer and it’s time to turn your attention to helping hundreds of consumers in your area make one of the largest financial decisions of their life… how to properly finance their home. Because you are well-trained, you’ll be there to guide them to the right decision and you’ll be there to make obtaining a mortgage a pleasant experience. Along the way, you may make a lot of money… and that’s not bad at all!
Visit our website for more information and skills-development courses – MTIProEd.com
Today’s economy may provide your customers wealth building opportunities they may never have considered in the past. With traditional investment sources, such as the stock market, falling to 15 year lows, many consumers should consider moving their money to “Their Own Bank.” No not the bank down the street, but rather they should become their own bank. Many people who have liquid assets continue to buy big ticket items, like cars, boats and furniture, and end up borrowing the purchase from their local bank. If they became their own bank, the interest they would pay these institutions could go to benefit themselves and build wealth along the way.
Here’s what I’m talking about, let’s say Joe has $10,000 in his stock fund, and he wants to buy a car that requires a $10,000 loan. If he were to get that loan from his bank, it would be at 7.5% interest over 4 years, and he would have payments of $241.79 per month.
If Joe took the $10,000 from his stock fund and bought the car; then executed a loan to himself from the “Bank of Joe,” for $10,000 at 7.5% for 4 years, at the end of the 4 years Joe would have paid himself $11,605.92. This would mean his $10,000 returned him 16.05% over 4 years TAX FREE, potentially much better than the stock market would have done over the same period of time.
With a falling stock market and uncertain financial times ahead, your customers need to change how they view money and how they utilize debt to their advantage.