Become A Loan Officer With Our Loan Officer Training Courses
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How To Become A Loan Officer
In learning how to become a loan officer, it is imperative that you have confidence in yourself. The mortgage business has it's own vocabulary and a very unique information set that will require you to study hard to ingest this material.
As you begin your career, you will want to become versed in the various aspects of successful mortgage loan officers and mortgage brokers.
To help you get started in your career as a Loan Officer, we have outlined below the two steps necessary to get started, and the licensing and training products listed herein will help you to accomplish those goals.
- Step 1: Loan Officer Licensing - The SAFE / NMLS Licensing Requirements
The SAFE Act of 2008 established requirements for the licensing and registration of all Mortgage Loan Originators except those individuals who work for an insured depository or its owned or controlled subsidiary.
Essentially, Loan Officers need to be licensed by the state, which means you must complete the education requirements, then pass the state and national SAFE / NMLS exams.
For questions re your state, go to our Mortgage Lender Licensing Chart.
- Step 2: Loan Officer - Generate Business!
Once you have earned our license, you can work with a variety of loan specialties such as FHA, VA, Conventional, Direct Underwriting, and more. You can use the Mortgage Training Center to help you find a variety or Loan Officer training classes to help you become a successful Loan Officer in any of these specialty areas.
Find Loan Officer Licensing And Training Courses
To search for Loan Officer licensing courses, either select from the Recommended Courses below, or search for "Safe/NMLS Licensing" from the "Licensing" section of the search box below.
To find for Loan Officer training courses, either select from the Recommended Courses below, or search for "Loan Officer" from the "Professional Development" section of the search box below.
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Find Seminars, Webinars, And Online Training In Your Area
What Does A Mortgage Loan Officer Do?
If you want to learn how to become a Loan Officer, we suggest you learn about what a Loan Officer does and what they should know.
Loan officers should be knowledgeable about various types of loans, such as FHA, VA, conventional, and commercial mortgages that are offered by the financial institutions they represent.
Essentially, Mortgage Loan Officers gather clients' financial information such as earnings and debts, among many other things, to determine if the applicant qualifies for a mortgage loan. With these basics, they advise potentials borrowers on the best options and type of loan for their needs.
From there, the Mortgage Loan Officer is responsible for working with the borrower to complete mortgage loan application, submitting the application to underwriting, following up on any additional information needed or requested from the underwriter, and communicating the loan decision to the potential borrower. This work includes:
- Calculating the loan amount
- Selecting the right loan program and interest rate
- Estimating closing costs and prepaids
- Evaluating the loan file based on underwriting guidelines such as income, Loan-To-Value (LTV), and more
- Providing federal disclosures
- Preparing closing documents
What Is The Difference Between A Mortgage Loan Officer And A Mortgage Loan Originator?In simple terms, a Mortgage Loan Officer or a Mortgage Broker works for a licensed mortgage broker, whereas a Mortgage Loan Originator is typically an employee paid by a bank to originate mortgage loans.
How To Become A Loan Officer With Our Loan Officer Training Courses!
Do I Need A License To Become A Loan Officer?If you work for yourself or any organization other than an insured depository, then yes, you need to get a mortgage license to become a Mortgage Loan Officer.
Mortgage Loan Officers need to be licensed by the state in which they do business, which means they must complete the pre-licensing education requirements and pass the state and national SAFE / NMLS exam. Check below for applicable Loan Officer licensing courses for you state.
