How to Become a Loan Officer

Video Transcript

"So, you've been thinking about changing careers and becoming a loan officer and you're wondering how to go about it. No problem. I'll be able to tell you. My name's Adriel Torres. I'm the owner of Ultimate Credit Today.com. A loan officer or a mortgage broker are individuals who broker loans from lenders to their clients, to their borrowers. Now, the main difference between a loan officer and a mortgage broker is a mortgage broker has to have a license. A loan officer does not. Also, a loan officer can work for a lender or a correspondent lender without any licensing at all. They cannot work for a mortgage broker business, unless they have a license. Where a mortgage broker, a licensed individual, can work for any lender where there's a lender or a correspondent lender or a mortgage broker business and even own their own brokerage business if they have their license for at least a year in the state of Florida. It depends on timing in some other state, but for the most part, in order to have your own business, you have to have a license. So, that's basically the difference between a loan officer and a mortgage broker and how to be one. Most lenders out there do have training programs for new loan officers. That's how you become a loan officer. Again, my name is Adriel Torres. I'm the owner of Ultimate Credit Today. Thank you very much."