How to Become a Licensed Loan Officer
If you have ever thought about becoming a loan officer, it's important that you know a few things. First, it is a very demanding career that requires long days and sometimes restless nights as you work hard to sell and close mortgage loans. Also, you usually work on a commission basis--this is especially true if you work for a mortgage broker instead of a direct lender. So if you don't sell anything, no matter how many hours you work at it, you don't get paid. A lender is more likely to pay you a regular salary or hourly rate in addition to commission. Before you can sell and service loans, you first need to get licensed to become a loan officer.
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Instructions
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Contact mortgage companies in your area to see if they are hiring. Mortgage companies are much more open to hiring new loan officers when the rates are low because homeowners are more open to refinancing their loans; thus, there is more work available. (If you can't find a mortgage company that will hire you, you can still go on to independently become licensed in hopes of getting a job later on down the line.) It is easier to become licensed as a loan officer when you go through an already-established loan company because it already has contacts in place.
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Attend mortgage training classes. These are usually held by the mortgage company that you want to work for, or you can go to independent mortgage training classes. At these classes you will learn the basics of mortgage loans and be taught selling tactics. You will have to pay a fee when you train independently, and in either case you will need to pay for your loan officer license.
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Take the mortgage loan officer exam that is required by your state in order to become a licensed loan officer. When you pass it you will be given a loan officer's license. You will most likely have to pay a fee for both the test (each time you have to take it) and for the license itself.
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Tips & Warnings
When you get your loan officer's license you are required to renew it regularly (usually annually), according to your state's requirements. You are generally required to be employed by a mortgage company or licensed as your own mortgage broker in order to operate as a loan officer.
