Loan Officer License
Congratulations on your decision to acquire your license and becoming a loan officer, you have definitely come to the right place!
LoanOfficerLicense.net is an information hub for all your mortgage loan officer needs. Whether you are gathering information on becoming a loan officer, looking for NMLS approved classes, inquiring about license requirements, or searching for loan officer jobs, we want to make your life easier by guiding you through the steps. Requirements vary by State, so please select your State from the map below.
Online self-study (CE) and instructor led online (Pre-license) courses are provided through a partnership with Cape School Inc. NMLS Provider #1400105.
Mortgage Loan Officer
Some of you might be asking, what is the difference between a mortgage loan originator (MLO) and a mortgage loan officer? Answer, both are actually the same, but the official title is Mortgage Loan Originator. Most people in the industry however just refer to themselves as loan officers.
Loan officers play a key role in society, which is why the mortgage loan industry is one of the most popular among job seekers today. No matter what part of the U.S. you live in, there is always a demand for loan officers. Consumers are always looking to purchase new homes or refinance existing ones and when this happens mortgage loan officers are needed in the process.
Mortgage Loan Officer Job Description
The Job description for a mortgage loan officer will vary depending on what type of position one is applying for.
For example, there are two types of loan officers, residential loan officers and commercial loan officers. Both perform the same types of duties but on different types of properties. A residential loan officer will assist a borrower with purchasing, or refinancing a home. While a commercial loan officer will assist a borrower in purchasing commercial real estate (office buildings, malls, etc.) that will be used solely for business purposes.
Most loan officers are employed by financial institutions. For example, banks, mortgage companies and credit unions. While some loan officers work at their employers location, most spend their time out of the office marketing and advertising their services to real estate professionals and potential borrowers.
Typically, mortgage loan officer responsibilities entail:
• Discovering potential borrowers through advertising, seminars, telemarketing, etc.
• Assisting borrowers in choosing proper loan programs
• Compiling loan applications and acquiring necessary paperwork needed
• Communicating with appraisers, escrow officers, loan underwriters, etc.
Loan Officer Standards & Requirements
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) established requirements for the licensing and/or registration of all Mortgage Loan Originators (MLOs.) Below you will find the profession requirements needed to become a state-licensed mortgage loan officer, please use the links for additional information on subject matter:
Criminal Background Check – Fingerprints will need to be submitted through NMLS for an FBI criminal background check.
Education – Completion of pre-license education.
Testing – Required to pass National and State components of the SAFE MLO Test.
Credit Report – Applicants will have a credit report run through NMLS.
So if you’re ready to take the next step and become a loan officer, sign up for our loan officer training and get your MLO license!