Getting a mortgage license allows you to work as a mortgage broker or loan officer. This means you can help people get home loans from lenders. Every country or state has rules, but some basic steps apply everywhere.
You must complete a pre-licensing education course. Most states require at least 20 hours of training in mortgage laws, ethics, and lending practices.
After completing the course, you must pass the National Mortgage Licensing System (NMLS) exam. It tests your knowledge of mortgage laws and ethical lending.
A background check is required to ensure you have no criminal history related to fraud. Your credit report is also reviewed to check your financial responsibility.
Many states require you to work with a licensed mortgage company. They act as your sponsor and help you complete the licensing process.
Once you meet all requirements, you can apply for your mortgage license. You will need to pay application and processing fees.
After getting your license, you must complete continuing education every year. This keeps you updated on new mortgage laws and practices.If you're wondering how to get a mortgage license, start by checking your state’s specific requirements. Completing education, passing the exam, and meeting background checks are key steps.