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
As we get further into the year licensing deadlines are approaching and processing delays will be inevitable. This will vary from state-to-state, but most are suggesting to allow up to 60 days to review each application, after EVERYTHING is completed and submitted to NMLS and the state regulatory agency. Currently, some states are taking over 40 days to complete the process. As time goes by and everyone waits to the last minute, longer delays are expected (this does not include any delay time that could arise for testing center locations).
If licensees are not COMPLETELY approved by their state’s licensing deadline, they will not be able to act as a mortgage loan originator until the approval is completed.
Below are current stats, from the State of Colorado, regarding the license application process. Your state may have very similar statistics.
CO states, as of the week of May 31, 2010:
- 2.500 individuals have registered & received their NMLS ID number
- 2,000 have completed Federal fingerprinting
- 1,950 have taken NMLS testing
- 900 have passed the testing
- Only 140 have been completely approved by the State of Colorado
* Statistics provided by the Colorado Department of Regulatory Agencies and NMLS
MTI is an NMLS-approved education provider and currently offering the required 20 hours of pre-licensing education, many state specific regulatory courses and test preparation packages.
Visit us today for courses and schedules: www.MortgageKnowledge.com
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