How To Become A Loan Officer

Mortgage loan officer is listed 14 in u s.

How to become a loan officer. If you want to become a mortgage loan officer you probably have a number of questions about what the position entails. Loan officers may also be promoted to management positions where they oversee the activities of a group of loan officers. News world report s rankings for business jobs.

This process involves completing 20 hours of required coursework passing an exam and a credit and background check. The next step in becoming a loan officer is passing the safe mortgage loan originator test. Become a loan officer with our loan officer training courses.

If you do not pass you must wait 30 days before retaking the exam. Before you get licensure. There are currently no specific licensing requirements for loan officers working in banks or credit unions but licensing requirements for loan officers who work in mortgage banks or brokerages can vary by state they must generally have a mortgage loan.

Applying your knowledge gained through certification and licensing as well as getting the necessary experience will help you become a mortgage loan officer. All mortgage loan officers must be licensed as a mortgage loan originator mlo. The median salary for the position is 64 660 and it doesn t require any graduate level education.

Safe mortgage loan originator test. All mortgage officers must be licensed by the federal and state governments which requires extra educational coursework and testing. You must generally have a bachelor s degree in finance economics or a related field to work as a loan officer.

Requirements vary by state so please select your state from the map below. 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. A score of 75 or higher is needed to meet this requirement.