Working in the mortgage lending industry is a rewarding and fulfilling experience for many, whether you are starting your career or switching jobs.
The mortgage lending industry plays a key role in the homebuying journey of thousands of individuals who want to finance a real estate purchase.
This is where mortgage loan officers come into the picture as licensed professionals who help consumers obtain a mortgage for a new home or for refinancing their existing ones.
Loan officers and loan originators are highly sought after in the mortgage lending industry and the Bureau of Labor Statistics in the U.S. projects that the job outlook for licensed loan officers is projected to grow significantly in the coming years.
As a mortgage loan officer, you will be working with borrowers and lenders and bridge the gap between these two parties.
If you want to be a part of a dynamic, exciting and lucrative industry with numerous growth opportunities, now is a good time to pursue your goal of becoming a licensed loan officer.
However, to obtain a mortgage loan originator license, you will need more than just hope and luck.
You will need to complete a set of qualifying requirements and meet the NMLS (Nationwide Multistate Licensing System) guidelines to become eligible for a MLO license in your state.
Since the mortgage lending industry is heavily regulated and has a strict code of guidelines and laws, it is mandatory for all applicants to meet the state specific licensing requirements.
As per the NMLS guidelines and the SAFE (Secure and Fair Enforcement) Act, every applicant must complete 20 hours of NMLS approved pre-licensing education to qualify for a MLO license.
Note that some states might require completion of additional course hours to meet the qualifying education requirements.
It is recommended that you check with your state to understand the exact pre license education requirements.
The purpose of pre-licensing education is to prepare you for working in the industry by giving you an in-depth view of the various laws, regulations, industry concepts and principles.
Before you apply for a MLO license in your state, it is mandatory that you obtain a certificate of completion of your pre licensing education.
You can choose to complete the course credits by joining a MLO licensing education provider of your choice however you must only enroll in a NMLS approved course or school.
RealEstateU is a state approved education provider which offers NMLS approved curriculum to students with the flexibility of online classes which you can complete from anywhere.
Click here to learn more about the various state approved NMLS course packages and choose the one most suitable for your learning needs.
