Being a Loan Officer Can Be Really Lucrative First and foremost, it is not an easy job. Sure, a mortgage broker or bank may tell you that it’s simple. And yes, you may not have to work very hard in the traditional sense, or take part in any back-breaking work.

Mortgage Loan Officers need to be licensed by the state in which they do business, which means they must complete the pre-licensing education requirements, pass the state and national SAFE / NMLS exam, then take eight hours of annual continuing education courses to maintain their license.

How to Get Your Mortgage License in Tennessee

1. Apply For Your NMLS Account and ID Number. Complete Your NMLS Pre-License Education. Need to Pass the SAFE MLO National Test.
2. Complete Background Checks and Pay All Fees. Apply for Your Tennessee Mortgage License. Associate Your NMLS Account with Your Employer.

The time it takes to become a loan officer depends on what kind of schedule works best for you and how quickly you can work through the licensing requirements. Typically, it takes 45 days to complete the necessary requirements to become a licensed mortgage loan officer.

How difficult is the NMLS SAFE Act exam? Passing the exam is not easy… in fact, according to NMLS SAFE test passing rate, the first time pass rate is 54%, and only 46.7% for subsequent attempts.

To do business as a mortgage loan originator, you need to:

1. Apply for an NMLS account and ID number.
2. Complete your mortgage Pre-license Education (“PE”).
3. Pass a licensing exam.
4. Apply for a license with the NMLS.
5. Complete background checks and pay all fees.
6. Associate your NMLS account with an employer.

A mortgage loan originator, or MLO — sometimes just known as a loan originator — is an individual or entity integral to the mortgage loan origination process, or the initiation of a loan. A “loan officer” generally describes just the professional you work with.

Loan officers are the main point of contact for borrowers throughout the mortgage application process at almost every mortgage lender. That’s an important job, right? In return for this service, the typical loan officer is paid 1% of the loan amount in commission. On a $500,000 loan, that’s a commission of $5,000.

Meet the testing and continuing education requirements. The SAFE Act requires all state licensed loan originators to pass a written qualified test.

Mortgage originators must be licensed or registered with the Nationwide Mortgage Licensing System & Registry, or NMLS. A federal agency, the NMLS is a one-stop source of standard information regarding mortgage companies and their originators.

In some states, a real estate agent can also be a mortgage originator. For example, in California, a person who aspires to originate mortgage loans must obtain a real estate license. In other states, an originator should be licensed under the Mortgage Licensing Act to work with a Realtor.

What Is a Mortgage Loan Originators Function? Job Duties. As the name suggests, mortgage loan originators help to create original mortgage transactions between lending institutions and potential borrowers. Role in the Lending Process. Licensing and Regulations. Job Outlook and Pay.