How to Become a Loan Originator

Loan originator runs a business of selling loans to those individuals who need them to fulfil some particular requirements. The loans mainly include the mortgages. However, nowadays other types of loans are also being originated. If you are looking forward to pursue your career as a loan originator, you have to complete your education and get some professional experience of the field. It is indeed one of the most rewarding careers in today’s world and ensures a bright future in financial industry. If you want to become a loan originator, you can take help from the given steps.

Instructions

  • 1

    First of all, you have to complete your high school education. Try to study maths, English, economics and business related subjects in your high school so that you may be able to get the basic knowledge about everything. After completing your high school, you must get an admission in any accredited university to complete your undergraduate programme. It is very important for you to take as much business courses as you can during your undergraduate programme. Furthermore, take up specialisation in finance as it will help you a lot in the future.

  • 2

    During the last year of undergraduate programme, you will do an internship in any organisation. It will provide you a good ground to gain professional experience. Try to improve you salesmanship during your internship. In addition, it is extremely important for you to develop a good professional network during your internship which will eventually help you in your career.

  • 3

    Then, apply to NMLS (Nationwide Mortgage Licensing System and Registry) to become a mortgage loan originator. You will have to fulfil some of the federal requirements in order to avail the license of loan originator. Just go through those requirements and submit your application.

  • 4

    You will have to apply for a criminal background check also. It is one of the most basic requirements of the federal government which is needed to be fulfilled before getting the license of a loan originator.

  • 5

    Besides, you will have to complete a 20 hours mortgage loan education programme which is being approved by NMLS and is the requirement of the 2008 Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act).

  • 6

    Then, enrol yourself in the national and state mortgage loan originator test. You will have 180 days to prepare for the exam after submitting your form.

  • 7

    After passing the test, submit your credit report through NMLS to get the license to work as loan originator in your state.

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