How to Become a Mortgage Loan Officer: Steps to a Career in Home Loans
How much does a mortgage broker make?
In return for helping home buyers shop for the best mortgage options, you can make a good living. But how much you make depends on where you live and your experience. The salary comparison website Pay scale reports that a mortgage broker’s salary ranges between $29,362 and $197,489 per year, with $51,856 being the average. If you’re an independent broker, you’ll probably work on commission. But if you work for an established mortgage brokerage, you might also receive a salary and benefits.
Step 1: Take the pre-licensure class
All mortgage loan officers must be licensed. You’ll need to complete a pre-licensure program, a 20-hour class that will school you on relevant federal and state laws and regulations, loan officer ethics, mortgage origination, and more. These classes, as well as the official test, are administered by the National Mortgage Licensure System (NMLS). Check its website to find a licensure program in your area.
Step 2: Pass the NMLS test
You must pass something called the SAFE Mortgage Loan Originator Test. Everyone takes the same national test, but there’s also a state portion unique to your own region’s rules and regulations. You can take this exam whenever you choose—you don’t have to wait for a specific time of the year. Once you pass it, you’re in.
Step 3: Get to work
Since success as a mortgage loan officer depends on connections with clients and lending institutions, most mortgage brokers start out with established brokerage firms with existing relationships in place. You might want to check the job prospects in your intended market before you start the licensure process.
Step 4: Continue your education on mortgage lending
Once you’ve got your license, it’s your responsibility to keep up on the latest developments on mortgage lending in your area. To keep your license current, you’ll be required to take a certain number of hours of continuing education courses each year. It’s similar to what accountants, doctors, and lawyers go through, and ensures that you’ll give your clients the most up-to-date service.
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