Becoming a Residential Mortgage Loan Officer (RMLO)
Hey Everyone!
So my wife and I have just moved out of our primary in order to rent it, and we've rented it! Woot, first deal. Moving forward, I'd really like to get into Subject-to and become a RMLO. However, I haven't been able to find a good source of how to become one! Any thoughts out there? I'm in Cheyenne, WY. Hit me up if you're close by :).
-Joseph
Most Popular Reply
Hey Joseph - I have been in mortgage lending for 14+ years and have been a licensed RMLO in multiple states since the SAFE Act came into existence in 2008. You will need 20 hours of pre-license education (check out www.proschools.com for on-line courses). Once you have the 20 hours completed, you will need to take the national mortgage licensing exam and pass with a 75% or better. The test is tough for some due to the trivial nature of the questions, regarding regulations and law...not many practical, "real world" questions.
Before you can do either, you will need to create a profile on the Nationwide Mortgage Licensing System (NMLS) at http://mortgage.nationwidelicensingsystem.org. This is where you obtain your NMLS# (required for the education and test). Lots of valuable info here as well. You can see the requirements for your state (some states have additional requirements, above and beyond the national requirements).
This should get you going in the right direction. Let me know if you have more questions.