How to Become a Mortgage Loan Officer

A mortgage loan officer, also called a mortgage banker, works in the real estate industry as well as in banking. Mortgage loan officers may work in either the residential sector, commercial sector, or both. A lending officer specializing in residential real estate helps people secure loans to buy a house. Those who work on the commercial side assist business in acquiring physical property such as land of buildings. A mortgage lender may work very long hours to assure his clients that loans are secure and will close on time.

Difficulty: Moderate

Instructions

Things You'll Need:

• Bachelor's degree

Become a Mortgage Loan Officer

1. Graduate from college with a degree in banking, finance or a related area. Having prior knowledge the real estate market is beneficial.

2. Secure an entry-level job in a bank or credit union that will train employees who want to become lenders.

3. Learn about federal housing programs while you train as a lender. The US Department of Housing and Urban Development (HUD) has information about FHA lending (see Resources below). Being educated in all the regulations surrounding home buying is important for a mortgage loan officer.

4. Network with real estate agents or companies once you have moved into your new role as a mortgage loan officer. Developing a good working relationship with real estate professionals may steer home buyers your way when they need a loan.

Become a Certified Mortgage Loan Officer

5. Become a member of your state's Mortgage Bankers Association (MBA). Membership in this professional organization is a requirement for enrolling in their certification courses.

6. Order transcripts from your college or university. Your academic record is part of the application package.

7. Include a copy of your updated resume with your application for the Certified Mortgage Banker (CMB) distinction. There are separate certifications for residential and commercial mortgage loan officers.

8. Have two business associates and your company's senior executive write recommendation letters in support of you becoming certified.

9. Earn points toward certification. Points are awarded for work experience and courses taken. You need a minimum of 150 points in order to qualify to take the certification exam.

10. Prepare for the written exam. The MBA will also assign someone to you as your sponsor. Your sponsor will give you an outline of topics to study and will help you prepare for examination.

11. Set the date and complete your written exam. The MBA assigns someone from your place of business to be the proctor for your test.

12. Take a 1-hour oral exam after you have passed the written portion of the test.

13. Maintain your certification by taking continuing education credits as needed.

Tips & Warnings

• As with many other types of banking jobs, a higher degree or certification is recommended for a mortgage loan officer wants to aim for top management positions. Some people choose to earn a Master's in Business Administration (MBA) while others become certified as a Certified Mortgage Banker (CMB).

Resources

• HUD website