You know you want to become a mortgage loan officer, but you don’t have any experience. You need to know where to start.
Many loan officers begin their careers in entry-level positions where previous experience in the field isn’t usually required. Regardless if you have experience or not, there are steps involved in becoming a professional.
The process of how to become a mortgage loan officer with no experience is less complicated than you might think.
How to Become a Mortgage Loan Officer With No Experience
You need to at least be 18 years old and have a high school diploma or GED to become a licensed mortgage loan officer (MLO). You can become a loan officer without a degree, but it could be beneficial to your journey to get one.
You’ll have to register with the Nationwide Multistate Licensing System and Registry (NMLS). Mortgage loan officers are entrusted with sensitive information so you’ll also need to pass an FBI background check.
Know Your State’s Requirements
Anyone who wants to become a loan officer needs pre-licensing education, but certain states have their own requirements for the application process.
You must complete 20 hours of pre-licensing education, but you may also be required to complete additional courses based on your jurisdiction.
Make sure you are familiar with the requirements of the state you want to get a license in.
Take Pre-Licensing Courses
Before you can get a mortgage loan originator’s license, you must enroll in education courses. These will teach you about the laws, rules, and regulations of how to become a mortgage loan officer with no experience.
You’ll also learn beneficial skills like how to use a CRM, a great solution for loan officers.
The mortgage licensing system requires mortgage loan officers to take courses that are approved by the NMLS.
Pass the SAFE MLO Exam
The final step to get your license and officially become a loan officer is to pass the Secure and Fair Enforcement for Mortgage Licensing Mortgage Loan Originator exam.
The SAFE MLO exam is required for loan officers. It was enacted in 2008 due to the mortgage crisis.
The test includes 125 questions covering a mix of general mortgage topics, such as:
- Ethics
- Federal mortgage laws
- Loan origination duties
- State content
To pass the exam, you’ll need to score at least a 75.
Find a Job as an MLO
You’ll need to draft a convincing resume to get hired without experience. Consider your past job duties and abilities and how they correlate to being an MLO.
Developing skills like communication, time management, and problem-solving can make finding an MLO job easier. You may already have these skills from your previous roles.
With an adequate resume, you can start applying to entry-level positions through career sites. LinkedIn and Indeed are great places to start.
Start Your New Career Today
Knowing how to become a mortgage loan officer with no experience will help you begin your journey. When you follow the steps in this guide, you’ll be well on your way to a new career.
Start your journey by taking pre-licensing courses and passing the SAFE MLO exam. Once you get your license and resume together, look for jobs on career sites. However, if you need funds to pay for your classes, you can use another loan type like car title loans to cover your expenses.
For more informative guides on careers and education, check out the other posts on our blog.
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