If you’re interested in pursuing a career as a mortgage loan originator, then you’ll need to obtain a license before you can start working. A mortgage loan originator’s license is required in most states, and it’s necessary if you want to help homebuyers and homeowners secure loans for their properties.
In this article, we’ll discuss the steps you need to take to get your mortgage loan originator’s license.
Step 1: Meet the Basic Requirements
Before you can apply for a mortgage loan originator’s license, you need to make sure you meet the basic requirements. These requirements can vary from state to state, but they typically include the following:
- Be at least 18 years old
- Have a high school diploma or equivalent
- Complete a pre-licensing education course
- Pass a background check
- Pass a written exam
Step 2: Complete Pre-Licensing Education
Once you’ve determined that you meet the basic requirements, you’ll need to complete a pre-licensing education course. This course covers the basics of mortgage lending, including federal and state laws and regulations, loan origination processes, and ethical and professional practices.
Most states require a minimum of 20 hours of pre-licensing education, but some states may require more. You can find approved pre-licensing education courses through your state’s regulatory agency or through national organizations such as the National Mortgage Licensing System (NMLS).
Step 3: Pass the NMLS Exam
After you’ve completed your pre-licensing education, you’ll need to pass the NMLS exam. This exam covers the same topics as your pre-licensing education course and tests your knowledge of mortgage lending practices.
The NMLS exam consists of 125 multiple-choice questions, and you’ll have three hours to complete it. You’ll need to score at least 75% to pass the exam.
Step 4: Apply for Your License
Once you’ve passed the NMLS exam, you can apply for your mortgage loan originator’s license. You’ll need to submit your application and any required documentation, such as your pre-licensing education certificate and background check report, to your state’s regulatory agency or the NMLS.
Your license application may also require you to provide information about your employment history, any disciplinary actions taken against you, and your personal financial history.
Step 5: Maintain Your License
After you’ve received your mortgage loan originator’s license, you’ll need to maintain it by completing continuing education courses and renewing your license on a regular basis. Most states require mortgage loan originators to complete a certain number of hours of continuing education every year or two years, and you’ll need to renew your license according to your state’s requirements.
Conclusion
Obtaining a mortgage loan originator’s license requires time, effort, and dedication. But if you’re willing to put in the work, you can pursue a rewarding career helping people secure the loans they need to purchase their dream homes.
By following the steps outlined in this article, you’ll be well on your way to obtaining your mortgage loan originator’s license and starting your career in mortgage lending.