Becoming a mortgage loan originator (MLO) is both a satisfying and lucrative career option. It is satisfying because you can make the dream of owning a house by hundreds of people a reality in your career. Lucrative because, the harder you work, the higher your commission from a sanctioned loan will be.
To get a license and practice as an MLO, there are certain mandatory conditions to fulfill, mainly going through an MLO course online and passing the SAFE test.
This post will guide you through all the norms to meet before you are awarded an MLO license.
Click here to learn more about an MLO course online.
The first step to apply for an MLO license is to ensure that you are at least 18 years old and a citizen of the USA. You must also have a high school pass or equivalent.
Now, visit the NMLS (National Mortgage Licensing System) portal and create an account. You will be issued an ID number which will be valid throughout your career as an MLO.
The next step is very crucial and you must, at a later stage, provide proof that you have completed this eligibility norm to get a license. It is going through an MLO course online as mandated by NMLS.
The duration of this pre-licensing coursework is 22 hours. Of this, 20 hours are to cover the fundamentals of the
mortgage industry in general that is relevant to the sector throughout the country while the remaining 2 hours cover the laws and regulations valid in a particular state only.
When choosing an MLO course online, follow certain procedures as laid down by the NMLS. Always select a course that is approved by the NMLS as otherwise it will not be counted as having fulfilled the rules for appearing for the SAFE (Secure and Fair Environment) licensing exam. Visit the NMLS portal to check the list of approved MLO courses online before investing in one.
MLO courses are available both online and in a classroom environment. However, there are several benefits to choosing an MLO course online. You can download the study materials on any of your Internet-enabled devices and study on the go from anywhere and at any time at your convenience. Moreover, you do not have to spend time commuting to classes, utilizing the time to study for the licensing test.
One of the leading providers of NMLS-approved MLO courses online is RealEstateU.
After completing the 22-hour MLO course online, submit your fingerprints electronically for verification You will get an MLO license only after you show a fingerprint clearance certificate.
Visit the NMLS website and schedule a SAFE licensing test. Clear the exam by scoring at least 75%. Now, apply for an MLO license on the same portal. You will be issued a temporary license.
Find a broker or lender to sponsor you. Inform the same to NMLS. You will now be issued a permanent MLO license in your state
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