Tips for Entry and Requirements for Mortgage Loan Originators

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 ***


Read Mortgage Loan Originator 101

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

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

Read 5 Steps to Prepare for the Mortgage Exam

Read Lifelong Education for Mortgage Loan Officers

Tips for Entry and Requirements for MLOs

To learn more about the mortgage loan officer profession, explore the following professional development courses and career resources:



*Nationwide Multistate Licensing System and Registry, 2019 SRR Annual Report

**U.S. Bureau of Labor Statistics 1

***U.S. Bureau of Labor Statistics 2

By |2020-05-13T08:06:25-06:00May 8th, 2020|Financial Services, Money Services Business, Mortgage|Comments Off on Tips for Entry and Requirements for Mortgage Loan Originators