Becoming a MLO

[Jerry Zamora]

Hello all
I'm looking into becoming a loan officer and was hoping to get a few questions answered please.
1. Do I need a state license (TX resident) or just NMLS license?
1b. Where can I prep for NMLS test? Couldn't find any schools that offer this training in my area, all focus on RE salesperson so online I think would be my only choice.
2. Is it a good career choice for someone who's working on getting a finance degree?
3. Finally, should I aim for a job at a bank or mortgage company?

Thanks in advance, any input or advice is greatly appreciated.

[Bill Gulley]

I think Dale meant....for them to hire you.

There is a difference between a mortgage originator and a mortgage broker and mortgage banker. You need to start out as an originator and you can move up basically if 1. you have enough money or 2. if you get a lender to sponsor you and work for them, as a mortgage company or bank would do.

Being brand new, it might be better to start out as a loan processor, as from that level you will learn the ropes in collecting the verifications required, checking basic underwriting guidelines, like getting a well agreement if the property has a shared well, and the documents required to have loans approved and closed. By the time you get a degree in finance, you may have the nuts and bolts down to move into taking the loan applications as an originator. The bank or lender will arrange for your license requirements in most cases, but are not required to pay the expenses involved, but some may reimburse you some way. Good luck