One of the jobs that are in the most demand right now is to be in the real estate field working as a mortgage loan originator (MLO). The job typically comes with great job security, benefits, a flexible schedule, and the opportunity to meet with lots of people.
Texas has a booming real estate market and is a great place to go to become an MLO. Here are the six steps to becoming a professional MLO in Texas.
Get Your NMLS Account and ID Number
Before you can start on your MLO training, you have to first apply for a Nationwide Multistate Licensing System (NMLS) account. If your account is approved, the NMLS will then give you an ID number that is associated with your name and background. You will then use it when you are applying for courses, the licensing exam, and future jobs.
Complete Your NMLS Pre-License Education
Texas requires you to take at least a 20-hour pre-license training course on mortgage laws and procedures. This is due to the SAFE Act. While this is the very least, you should take additional courses for more extensive licenses.
Pass the NMLS Mortgage Licensing Exam
Once you have completed your course or courses, you are ready to take the exam. Log into your NMLS account and look for exams being administered near you. You should be sure to give yourself time to study for this 115-question exam.
Background Checks and Fees
State and federal MLOs need a criminal background check done before they are able to be certified. Fees will depend on the certification that you are applying for. Once you have filed a notice for a criminal background check through NMLS, you’ll have to have your fingerprint scanned.
Apply for Your License
After you get your notice that you have passed the exam, you can apply for your mortgage license online through the NMLS site. If you already have a job lined up you can leave this step to your future employer.
Associate Your NMLS Account with New Employer
After you have all the previous steps complete, it’s time to link your account with your employer. You will want to go to the NMLS site, click on the filing tab, click the company access link, hit the add button, search and find your employer, check the box with the name of the company, and hit save!
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