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How to Get Into the Mortgage Industry: 7 Steps to Get Started

 

If you’re looking to build a successful mortgage career, you may need guidance on how to get into the mortgage industry. Here’s what you need to know when embarking on your new career path.

 

1. Obtain an NMLS ID Number 

Start by applying for your NMLS account. Getting a number is done entirely online. You’ll need an account before you can complete and submit the form. If you have an employer, they can create the account on your behalf. When you get your NMLS ID, it will contain your permanent license number. 

 

2. Take a Pre-Licensure Education

Although it isn’t necessary to earn a formal degree, you should have a high school diploma or GED. However, you can enjoy better employment opportunities and earning potential if you hold an accounting, finance, or business administration degree. Aside from these educational requirements, you also need to finish state-specific mortgage classes that cover federal and state laws relevant to your future mortgage career. These classes can also serve as your resource on how to get into the mortgage industry.

 

3. Pass the MLS Mortgage Licensing Exam 

After completing your pre-licensure class, it’s time to schedule an appointment for your National Test Component exam. You’ll need to pass your NMLS exam or SAFE Mortgage Loan Originator Test to earn your mortgage license. Be prepared to answer questions pertaining to mortgage practices and guidelines and regulations for your state. A score of at least 75 percent is needed to pass the exam. 

 

4. Complete Criminal Background Checks and Fingerprints

After passing your loan officer license exam, you’ll continue the license application process by submitting to a background check. This necessary step ensures that every workplace is a safe and honest environment. It also verifies the qualifications and education of those applying to become a mortgage loan originator. You can learn more about this step here. Take note that you’ll also need to pay some non-refundable fees. 

 

5. Apply for Your Mortgage License

Before applying for your license, refer to your state’s requirements on the NMLS website. In most cases, you should have passed your exam, paid the licensing fee, and authorized a credit report to get a license. You’ll receive your license and work as a mortgage broker once your state approves your application. Check this link for more help with this step.

 

6. Associate Your NMLS Record With Your Employer

Your mortgage license will initially be in a pending status. You need to connect your NMLS account with an employer to change this. That way, the government will know about your employer’s sponsorship. You can see more about how it works here. Moreover, consider forming relationships with individuals and companies to help you get started. Although it’s entirely up to you whether you want to work alone, building partnerships can connect you with potential clients. 

 

7. Continue Your Education and Training

Your mortgage career will be an ongoing process, and success requires constant training and education. Maintaining your license involves completing continuing education classes to help your clients receive the latest loan information. You’ll find that there are many courses online to choose from that aim to improve your industry knowledge further. To stay current in your field and enhance the value of your service, try to stay connected with other mortgage professionals. They can also share more advice on how to get into the mortgage industry and succeed. 

 

Get Started on Your Mortgage Career Today

After learning how to get into the mortgage industry, your next step is registering for a pre-license course today. Whether you need pre-licensing education or a continuing education course, Mortgage Educators is your one-stop online resource.