Learn how to become a mortgage loan officer, a professional who helps borrowers get loans for their homes. Find out how to choose your niche, get your education, obtain your license, and more.

Nobody can be the expert in everything at the beginning so like a language you must immerse yourself and lean on your leadership and colleagues for answers.

After years of trying to figure out what industry and career was right for me, I’d say choosing the niche can be a difficult starting point and potentially send you down the wrong path. Figure out if you want to be a broker first. I found my way in by working in a call centre for a mortgage comparison service. I was pre qualifying leads for brokers. It wasn’t pretty, but it exposed me to the industry without any prior qualification or experience. The pay wasn’t the worst either. Some companies like the one I was at can even facilitate cert IV/diploma training for the right person once they know they want to progress further. From there it’s just about experience and a willingness to go further in the career. The opportunities are there.

Last updated on Sep 3, 2024

How do you become a mortgage loan officer?

If you are interested in helping people buy their dream homes, you might want to consider becoming a mortgage loan officer. A mortgage loan officer, or MLO, is a professional who assists borrowers in applying for and obtaining loans to finance their property purchases. As an MLO, you will need to have certain skills, education, and licenses to succeed in this competitive and rewarding field. Here are some steps you can take to become a mortgage loan officer.

1 Choose your niche

The first step to becoming a mortgage loan officer is to decide what kind of loans you want to specialize in. There are different types of loans, such as conventional, FHA, VA, USDA, and jumbo loans, each with their own requirements, benefits, and drawbacks. You will also need to choose whether you want to work for a bank, a credit union, a mortgage broker, or an independent lender. Depending on your niche, you will have different opportunities, challenges, and commissions.

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Jeff Johnson

We just launched our newest brand and company Remark Homes Inc. remarkhomes.com Please take some time to check our website and follow us. Also our facebook page as well.
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Nobody can be the expert in everything at the beginning so like a language you must immerse yourself and lean on your leadership and colleagues for answers.

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Grant Kirton

Mortgage Broker at Lending Association
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After years of trying to figure out what industry and career was right for me, I’d say choosing the niche can be a difficult starting point and potentially send you down the wrong path. Figure out if you want to be a broker first. I found my way in by working in a call centre for a mortgage comparison service. I was pre qualifying leads for brokers. It wasn’t pretty, but it exposed me to the industry without any prior qualification or experience. The pay wasn’t the worst either. Some companies like the one I was at can even facilitate cert IV/diploma training for the right person once they know they want to progress further. From there it’s just about experience and a willingness to go further in the career. The opportunities are there.

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Kaymarie E. Matthews,

Team Lead - Manager, Loan Operations - Corporate & Mortgage Unit at JMMB Bank (Jamaica) Ltd
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In my experience I have a satisfying career in all loans retail, commercial, SME and Corporate loans (all types of loan). It is possible to become an expert in all. Yes it takes some time to reach that level (a number of years). It is especially helpful to work for a bank if you want to developed diverse skills instead of focus on a niche. Working with a bank provides the opportunity to process all different type and forms of mortgages, challenges and unique experiences. I have worked for mortgage company and Banks and I find the experience very rewarding.

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Shahzad Qamar

Assistant Manager | Credit Risk | FINCA Bank(USA based Bank)
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Practice makes a man perfect, the first step to becoming a mortgage loan officer is to decide what kind of loans you want to specialize in. There are different types of loans, such as conventional, FHA, VA, USDA, and jumbo loans, each with their own requirements, benefits, and drawbacks. You will also need to choose whether you want to work for a bank, a credit union, a mortgage broker, or an independent lender. Depending on your niche, you will have different opportunities, challenges, and commissions.

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2 Get your education

The second step to becoming a mortgage loan officer is to get the necessary education and training. You will need at least a high school diploma or equivalent, but some employers may prefer a bachelor's degree in finance, business, or a related field. You will also need to complete a pre-licensing course that covers the basics of mortgage lending, such as federal and state laws, ethics, loan products, and underwriting. You can find approved courses online or in person through various providers.

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Jeff Johnson

We just launched our newest brand and company Remark Homes Inc. remarkhomes.com Please take some time to check our website and follow us. Also our facebook page as well.
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Skip the formal education in this field. The best of the best do the most volume by hard work and thick skin and keep on the phones.

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3 Obtain your license

The third step to becoming a mortgage loan officer is to obtain your license. To do so, you will need to pass the National Mortgage Licensing System and Registry (NMLS) exam, which tests your knowledge and competency in mortgage lending. You will also need to submit your fingerprints, background check, and credit report, and pay the required fees. Additionally, you will need to comply with any state-specific requirements, such as bonding, insurance, or additional exams.

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Jeff Johnson

We just launched our newest brand and company Remark Homes Inc. remarkhomes.com Please take some time to check our website and follow us. Also our facebook page as well.
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The licensing is a must. The more the better. Push yourself to see how many you can get. Here are some of mine. Broker 02093158 Company NMLS 2471530 Personal NMLS 342179 Also a Certified Trust and Probate Specialist and have helped north of 6,000 people achieve home ownership and financial goals in 24 years

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4 Gain experience

The fourth step to becoming a mortgage loan officer is to gain experience in the field. You will need to find a job or an internship with a reputable lender or broker and learn the ropes of the industry. You will also need to build your network of clients, referrals, and partners, such as realtors, appraisers, and title companies. You can use various marketing strategies, such as social media, email, or direct mail, to promote your services and generate leads.

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5 Advance your career

The fifth step to becoming a mortgage loan officer is to advance your career. You can do this by continuing your education, renewing your license, and obtaining certifications. For example, you can take courses offered by the Mortgage Bankers Association (MBA) or the American Bankers Association (ABA) to enhance your skills and knowledge. You can also pursue certifications, such as the Certified Mortgage Banker (CMB) or the Accredited Mortgage Professional (AMP), to demonstrate your expertise and professionalism.

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6 Enjoy the benefits

The sixth step to becoming a mortgage loan officer is to enjoy the benefits of your career. As an MLO, you can earn a good income based on your performance and commission. According to the Bureau of Labor Statistics, the median annual wage for loan officers was $63,960 in 2019, with the top 10% earning more than $132,680. You can also enjoy the flexibility and autonomy of setting your own schedule and working from home or office. Most importantly, you can help people achieve their homeownership goals and dreams.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you become a mortgage loan officer?

1

2

3

4

5

6

7

1 Choose your niche

2 Get your education

3 Obtain your license

4 Gain experience

5 Advance your career

6 Enjoy the benefits

7 Here’s what else to consider

Real Estate

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How do you become a mortgage loan officer?

1

2

3

4

5

6

7

1 Choose your niche

2 Get your education

3 Obtain your license

4 Gain experience

5 Advance your career

6 Enjoy the benefits

7 Here’s what else to consider

Real Estate

Rate this article

Thanks for your feedback

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