Where do Mortgage Loan Officers work?
Did you know there is a positive outlook for the demand for mortgage loan originators? Mortgage loan originators work at banks, credit unions, savings institutions, and mortgage companies. During 2019, the number of state-licensed mortgage companies grew 3.9 percent.*
Employment of loan officers is predicted to grow 8 percent from 2018 to 2028, faster than the average for all occupations, according to the Bureau of Labor Statistics**. The mortgage market is very sensitive to interest rates, which means job opportunities may increase during periods when mortgage interest rates are decreasing.
The median annual wage (2019): $63,270 ***
Tips for Entry for Mortgage Loan Officers:
There are many professional areas that prospective mortgage loan originators can focus on in preparation for a career in mortgage loan origination.
Tips for Entry include:
- Research about what it’s like to work in this industry
- Check for job opportunities at one of the many banking industry websites for available positions
- Attend job fairs sponsored by state mortgage bankers associations to get to know potential employers
- Contact employers in your area directly for informational interviews
- Ask for referrals from friends or associates
Mortgage Staffing sample sites to explore:
Requirements to become an Employed Mortgage Loan Officer:
There are several mandatory requirements that candidates must meet in order to become an employed mortgage loan originator.
Requirements for employment include:
- Must be 18 years or older and demonstrate financial responsibility
- A bachelor’s degree and some experience in finance and sales is helpful to getting hired, but is not required
- Pass a written exam developed and administered by the Nationwide Multistate Licensing System & Registry (NMLS).
- Not have been convicted of, or pled guilty or no contest to, a felony within the seven years preceding the date of the license application
- Not have been convicted of, or pled guilty or no contest to, a felony involving fraud, dishonesty, breach of trust, or money laundering, at any time preceding license application
- Not have a record of loan originator license revocation in another state
- Provide fingerprints to the NMLS for an FBI criminal background check and authorize the NMLS to obtain a copy of their credit report
- Take 20 hours of prelicensure education courses approved by the NMLS. Certain states also require that MLOs complete state-specific education
To learn more about the mortgage loan officer profession, explore the following professional development courses and career resources:
- The Mortgage Profession
- Mortgage Loan Processing 101
- Loan Originator Compensation
- The Mortgage Loan Cycle
- Career Insights Center
- New License Requirements
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Sources:
*Nationwide Multistate Licensing System and Registry, 2019 SRR Annual Report