Are you thinking about becoming a loan officer?
If you want to know how to become a loan officer, this page outlines everything you’ll need to do to ensure your licensure. The three components of your licensure include pre-licensing education, the national mortgage loan originator test, and annual continuing education. LoanOfficerSchool.com provides the training you need for each step and will best prepare you to become a loan officer through our industry-leading instructors and course material. Our test preparation packages also come with a 100% money back guarantee!
Steps to become a loan officer
1. Pre-licensure Education (PE)
This is your first step to becoming a loan officer. The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) requires that state-licensed mortgage loan originators (MLOs) complete 20 hours of pre-licensure education. Many states require additional state law education, as well. View the current state-specific requirement chart (PDF).
Regardless of your state or requirement, we have it available for you. We offer this training in several formats. View our NMLS licensing page for detailed information on each.
2. SAFE Mortgage Loan Originator Test
The next step in becoming a loan officer is passing the SAFE Mortgage Loan Originator Test. A score of 75% or higher is needed to meet this requirement. If you do not pass, you must wait 30 days before retaking the exam. After three failed attempts, a 180 day wait period is required. This is a difficult exam that you do not want to take lightly. The pass rate for first timers is only about 60% and only 44% in subsequent attempts.
We provide everything you need to fully prepare for and pass this Loan Originator Test. The pass rate for students who use our test preparation package is 92%. Our courses and products have a long and proven track record of success! The test prep package includes all of the following and is included for those who take the 20-hour course with us or provided separately if you only need to pass the exam:
- 7-hour video covering the business A-Z with everything you need to know to pass the test and succeed in the industry.
- Additional 3 1/2 hour video just recently shot covering TRID and all the recent laws and changes.
- All the slides (870) from your 20-hour webinar course.
- MP3 audio of the entire 20-hour course for listening in the car or on the move.
- Several hundred practice questions along with case studies.
- An additional 705 slides all designed around the NMLS test outline and what you need to know entering the business.
- Our entire 350-page textbook
- 50 pages of exam study notes to review before taking your exam
- An additional 13 pages on the Dodd Frank Act
- Several additional pages dedicated to Mortgage Math
The final steps for licensure involve authorizing a criminal background check, submitting fingerprints, and authorizing a credit report check. View details of the entire process.
3. Continuing Education
Once you’ve become a loan officer you’ll need to complete annual continuing education. The SAFE Act requires that state-licensed MLOs complete 8 hours of education annually to maintain your license. Many states require 1-3 hours of state law to be part of or in addition to this requirement. View the current state-specific requirement chart (PDF).
The SAFE Act has a successive year rule that mandates that an MLO may not take the same course two years in a row. All our CE courses are brand new each year so this rule is not a concern. Regardless of your state or requirement, we have it available for you. View our CE training options.
Start Your Training Program Today!
LoanOfficerSchool.com has been in business since 1987 and trained tens of thousands of mortgage industry professionals. Check out what our students are saying by reading our testimonials and our TrustLink reviews.
Don’t take chances on your education and licensing. We are the best in the industry and stand behind everything we offer. Visit our shop to order online or contact LoanOfficerSchool.com today to get started on becoming a loan officer!