Ameritrain 28 Feb , 2024 Ameritrain

Being an MLO is a very niche role, allowing only the best of the best to join this community. Think about how many real estate agents you know versus the number of MLOs. You may have a friend or family member or know of someone who is a real estate agent. Or perhaps you're a real estate agent yourself. Either way, you likely know a few MLOs. Even the data shows there are far fewer MLOs than the number of real estate agents in the U.S. This is good news for you! With less competition, you can earn more money. Yep, you heard right. You definitely want to become an MLO.

Becoming a Mortgage Loan Originator (or MLO) involves several steps with specific requirements that can vary by jurisdiction. Here's a general guide to help get you started on your journey to becoming an MLO.

Step 1: An individual seeking an MLO license must have a high school diploma or equivalent, such as a GED (general education diploma), although many MLOs hold a bachelor's or more advanced degrees. Therefore, the mortgage community attracts people from all walks of life – such as those who previously had careers or worked in education, sales, medical, public safety, restaurant, customer service, legal, engineering, and finance fields – just to name a few.

Step 2: Once that requirement is met, you must complete Pre-License (or New License) Education. Individuals seeking an MLO license must complete the required pre-license education courses. These courses cover federal laws and regulations, ethics, lending standards, and other relevant topics. Since the number of education hours required varies by state, be sure to check with an NMLS-approved course provider, such as Ameritrain Mortgage Institute, or your state’s regulatory authority to learn how many hours of education you will be required to complete.

Step 3: After completing mandated pre-license education, MLO applicants must Pass the National Mortgage Loan Originator Test. This standardized test is administered by the Nationwide Multistate Licensing System & Registry (NMLS) and is often referred to as the NMLS Exam. This exam will test your knowledge of federal mortgage regulations, general mortgage knowledge, ethics, lending standards, and other relevant topics, all of which are covered in Ameritrain’s New License courses.

Step 4: Some jurisdictions may have specific requirements regarding criminal history and financial responsibility to qualify for an MLO license. It is important to note that this does not necessarily mean that you will be denied a license if you have something adverse in your criminal background or credit history. It is very possible to become an MLO despite criminal convictions and credit delinquencies, including bankruptcies, foreclosures, and charge-offs. If you believe an issue could preclude you from obtaining an MLO license, contact your state’s regulatory authority to discuss your specific circumstances.

Step 5: Once you have completed all the previously listed pre-license education requirements and passed the national exam, you are now ready to apply for your NMLS License, which must be done through the NMLS. To do so, you must create and sign in to your NMLS account and provide information about your education, work history, and any other relevant disclosures.

Step 6: The final step of becoming an MLO requires that you Secure a Sponsorship, or an employment arrangement, with a licensed mortgage company or broker for your license to qualify for approval. Please note that each state regulatory agency outlines its specific sponsorship requirements.

That’s it! Easy-peasy. Follow these six simple steps, and you will be well on your way to starting your new career as a mortgage loan originator. There’s a saying in our industry that once you become an MLO, you won’t want to do anything else. 

To get started on your journey to becoming an MLO, visit www.ameritrain.com today!

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There are many good reasons to become a mortgage loan originator (MLO) if you are considering becoming a part of the real estate industry. Not only is being an MLO exciting, but it also offers you several benefits over being a real estate agent. If you are unaware of the difference between a real estate agent and an MLO, check out our video link above to learn more.

As an MLO, you will assist individuals in the process of securing financing for a mortgage loan. In most cases, you can expect to set your own hours and work from home or any location of your choice. Careers in the mortgage community often attract people who are tired of working long hours in an office, or every weekend. Instead, MLOs have the flexibility to be in charge of their own schedules, enabling them to have a better quality of life with family and friends.

Unlike real estate agents, a career as an MLO doesn’t even involve driving clients around through heavy traffic to show them houses on weekends. As an MLO, the only things needed to do your job are a phone, access to the internet, and a laptop. In essence, careers in the mortgage industry offer tons of flexibility while being able to earn a great living for yourself and your loved ones. This all sounds great, right? You may be wondering, "Why isn’t everyone an MLO if it is so beneficial?"

Being an MLO is a very niche role, allowing only the best of the best to join this community. Think about how many real estate agents you know versus the number of MLOs. You may have a friend or family member or know of someone who is a real estate agent. Or perhaps you're a real estate agent yourself. Either way, you likely know a few MLOs. Even the data shows there are far fewer MLOs than the number of real estate agents in the U.S. This is good news for you! With less competition, you can earn more money. Yep, you heard right. You definitely want to become an MLO.

Becoming a Mortgage Loan Originator (or MLO) involves several steps with specific requirements that can vary by jurisdiction. Here's a general guide to help get you started on your journey to becoming an MLO.

Step 1: An individual seeking an MLO license must have a high school diploma or equivalent, such as a GED (general education diploma), although many MLOs hold a bachelor's or more advanced degrees. Therefore, the mortgage community attracts people from all walks of life – such as those who previously had careers or worked in education, sales, medical, public safety, restaurant, customer service, legal, engineering, and finance fields – just to name a few.

Step 2: Once that requirement is met, you must complete Pre-License (or New License) Education. Individuals seeking an MLO license must complete the required pre-license education courses. These courses cover federal laws and regulations, ethics, lending standards, and other relevant topics. Since the number of education hours required varies by state, be sure to check with an NMLS-approved course provider, such as Ameritrain Mortgage Institute, or your state’s regulatory authority to learn how many hours of education you will be required to complete.

Step 3: After completing mandated pre-license education, MLO applicants must Pass the National Mortgage Loan Originator Test. This standardized test is administered by the Nationwide Multistate Licensing System & Registry (NMLS) and is often referred to as the NMLS Exam. This exam will test your knowledge of federal mortgage regulations, general mortgage knowledge, ethics, lending standards, and other relevant topics, all of which are covered in Ameritrain’s New License courses.

Step 4: Some jurisdictions may have specific requirements regarding criminal history and financial responsibility to qualify for an MLO license. It is important to note that this does not necessarily mean that you will be denied a license if you have something adverse in your criminal background or credit history. It is very possible to become an MLO despite criminal convictions and credit delinquencies, including bankruptcies, foreclosures, and charge-offs. If you believe an issue could preclude you from obtaining an MLO license, contact your state’s regulatory authority to discuss your specific circumstances.

Step 5: Once you have completed all the previously listed pre-license education requirements and passed the national exam, you are now ready to apply for your NMLS License, which must be done through the NMLS. To do so, you must create and sign in to your NMLS account and provide information about your education, work history, and any other relevant disclosures.

Step 6: The final step of becoming an MLO requires that you Secure a Sponsorship, or an employment arrangement, with a licensed mortgage company or broker for your license to qualify for approval. Please note that each state regulatory agency outlines its specific sponsorship requirements.

That’s it! Easy-peasy. Follow these six simple steps, and you will be well on your way to starting your new career as a mortgage loan originator. There’s a saying in our industry that once you become an MLO, you won’t want to do anything else. 

To get started on your journey to becoming an MLO, visit www.ameritrain.com today!