Interest in earning money while helping others? What about not being limited with your salary as you get more when you work more? There’s money to be made if you have a mortgage loan originator license. Typically, mortgage loan originators earn through the fees they get in originating a mortgage.
How do mortgage loan originators help clients?
Mortgage loan originators or MLOs are a patient breed as they answer clients’ questions and help them collect the documents and fulfill the requirements if they’re looking for a home. MLOs also help in giving the client a ballpark figure of the loan amount and interest rates as they review the financial documents that need to be submitted – credit report, income, and assets.
How to get a mortgage loan originator license.
If you have an experience in sales and finance, it will significantly help you start your way into becoming a mortgage loan originator. It would be beneficial if you have a bachelor’s degree, but it isn’t a requirement.
The MLO must be at least 18 years old at the time of application. If you’re not familiar with the industry, the process can be overwhelming. However, not a requirement, a bachelor’s degree and some experience in finance and sales help start a mortgage broker career.
Another essential requirement to get a mortgage loan originator license is registering with the Nationwide Mortgage Licensing System and Registry (NMLS). The NMLS resource center has everything you need to help you obtain an NMLS number as you need to log in and request an account.
The SAFE Act will also require all state-licensed loan originators to pass the national exam. You also need to take a 20-hour prelicensure education approved by NMLS, but other states have additional requirements. So check out what your state requires other than the NMLS requirement.
There are other requirements that you need to comply with, such as authorizing the NMLS to get a copy of your credit report and provide fingerprints for a criminal background check. Don’t be overwhelmed when applying for your mortgage loan originator license; the critical thing to do is start the process now.