How To Become A Loan Officer With No Experience


Meet the Basic Requirements

There are certain fundamental prerequisites that applicants in every state must meet in order to become a licensed MLO. You must possess a high school diploma or GED and be at least eighteen years old. Furthermore, while having a college degree can help you in your career as a mortgage loan officer, it is not necessary.

The Nationwide Multistate Licensing System and Registry (NMLS) is the next entity you need to register with. You’ll also need to be able to pass a thorough FBI background check because mortgage loan officers handle sensitive information. Fraud, forgery, and other financial or money-related offenses are sufficient grounds for disqualification from the licensing process. You will get your fingerprints taken with the mandated or preferred vendor in your state as part of your background check. You’ll also need to submit a credit report.

Know Your State’s Requirements for MLOs

While Pre-Licensing education is mandatory for all aspiring mortgage loan officers, some states have additional requirements that must be met in order for your application to be processed. For instance, some states mandate the completion of extra courses that are unique to that jurisdiction in addition to the 20 hours of pre-licensing education. Additionally, fee schedules, application deadlines, and preferred fingerprinting vendors will vary amongst states. Ascertain that you are aware of the conditions set forth by the state in which you intend to obtain a license.

Take MLO Pre-Licensing Courses

Mortgage loan officers are licensed professionals. However, they have to take education courses that teach them the laws, rules, and regulations pertaining to their profession before they can take the license exam. A NMLS-approved 20 hours of pre-licensing education are a requirement for all MLOs.

Pass the SAFE MLO Exam and Get Licensed

Passing the Secure and Fair Enforcement for Mortgage Licensing Mortgage Loan Originator exam is one of the requirements for becoming a mortgage loan officer. This national exam, also known as the SAFE MLO exam, was implemented in response to the 2008 mortgage crisis and is mandatory for all aspiring MLOs. The 125 test questions cover a variety of topics, including state content, federal mortgage laws, ethics, general mortgage questions, and loan origination responsibilities. A passing score of 2075 percent is the required amount to pass the exam.

As a mortgage loan officer, while your primary duty is to assist homebuyers with finding a loan product that is well-suited to their needs, you will also need to develop a set of soft skills which you’ll put into practice every single day. For example, being a strong communicator is important in the mortgage industry. As an MLO, you will need to know how to speak with your clients and articulate complex information in a way they will understand. You’ll also need to have time management and problem-solving skills, and being self-motivated and detail-oriented won’t hurt, either.

Developing these abilities in the absence of prior experience will benefit your career and make it much simpler for you to obtain employment as an MLO.

Prepare a Solid MLO Resume

Perhaps you’re wondering how to write a strong resume in order to get hired as a non-experienced MLO. Linking the responsibilities and skills from your prior jobs to the job duties of the position you want is the best MLO resume tip for achieving this. For instance, if you have experience managing a busy schedule (also known as time management skills), handling paperwork (also known as detail-oriented), and building and sustaining strong relationships (also known as effective communicator)

Apply to Entry-Level Positions

Sign up for career websites like Indeed and LinkedIn and begin looking for entry-level MLO jobs. These websites frequently allow you to filter your search by area and professional level, allowing you to see which local businesses are hiring recent graduates as loan officers. You should investigate the companies you are interested in as part of your job search to find out if they have a culture that will allow you to succeed, as well as information on potential salaries and other crucial areas of your career.

Find out what The CE Shop has to offer if you’ve determined that becoming an MLO is the best course of action for you! Search Keywords


Is a loan officer a good side hustle?

If you are willing to put in the time for training and licensing, have the requisite skills, and there is a need for loan officers in your area, becoming a loan officer could be a lucrative side gig.

Why do loan officers quit?

A loan officer might work as a project coordinator, an instructor, and the chief marketing officer on a typical day. One of the few reasons loan officers burn out and look for other career options is that they are trying to do too much, are not taking time off from work, or are using outdated technology.

Is the Nmls test hard?

The Multistate Nationwide Licensing System Even for those who study, the NMLS exam can be considered difficult, and this is intentional.

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