The role of an MLO or mortgage loan originator (often called a mortgage loan officer) is a very satisfying profession. You will be instrumental in realizing the dreams of hundreds of people to own a home by availing of a mortgage loan on the best terms possible.
An MLO is the link between homebuyers needing a mortgage loan and the lenders sanctioning them. The MLO’s job is to collect all documents related to income and expenses and tax receipts, process them in the standard format, and present them to the lenders for approval of loans. The quantum of loans to be sanctioned is the discretion of the lenders based on the papers given by the MLOs.
An MLO may either work for a specific lender or several financial institutions, being paid a commission on the quantum of loans sanctioned.
The earnings of an MLO are often in six figures and if this appeals to you, start a career in this field. For residents of the Sunshine State, the only way to become a mortgage loan originator is to get an MLO license in Florida.
Click here to learn more about getting an MLO license in Florida.
Now, let us go through the steps to get an MLO license in Florida.
However, before taking the first step ensure that you are at least 18 years old and a citizen of the USA. A high school education or equivalent is required. Once you cross these mandatory requirements, get down to the task of getting an MLO license in Florida.
# Visit the portal of the Nationwide Mortgage Licensing System (NMLS) and create an account. This ID will be valid throughout your career as an MLO.
# Complete the pre-licensing coursework from a provider that is approved by the NMLS. It consists of two parts. One is the national section that covers the fundamentals of the mortgage industry uniform to the USA. The other is the 2-hour state section that deals with the mortgage laws and regulations specific to Florida only.
Both sections are available online or in a classroom setting though the usually preferred are online courses as they offer study flexibility on the go. One of the top online course providers is RealEstateU to get an MLO license in Florida.
# Submit your fingerprints for verification of past criminal records.
# Visit the website of NMLS, pay $110, and schedule a Secure and Fair Enforcement (SAFE) exam. Pass this 190-minute licensing exam by securing at least a 75% grade.
# After passing the SAFE test, apply for an MLO license in Florida. The license application fee is $195. You will now be awarded a provisional license.
# Find a broker to sponsor you in the initial stages of your career.
Once all these steps are completed and NMLS is informed about your employment status, You will be issued an active MLO license in Florida to launch a lucrative career.
