Are you interested in becoming a loan officer in Louisiana? If so, you’ve come to the right place! In this article, we will guide you through the steps to obtain your mortgage loan officer license in Louisiana.
How to become a loan officer in louisiana
How to become a loan officer in louisiana? Becoming a loan officer involves completing the necessary education, passing a licensing exam, and going through background checks. We’ll break down each step for you and provide helpful information to kickstart your career as a loan officer.
So, let’s dive in and explore how you can become a loan officer in Louisiana!
How much does a mortgage loan officer make in Louisiana?
According to the available information, the average salary for a loan officer in Louisiana is $194,414 per year, along with an additional commission of $35,500 per year. This data is based on a report that includes 1.6k salary entries and was last updated on June 7, 2023. It’s important to note that these figures represent the average earnings and can vary based on factors such as experience, location, and qualifications.
how to become a mortgage loan officer
Here are the steps you can follow to become a Mortgage Loan Officer (MLO):
Step 1: Meet the basic requirements To start your journey as an MLO, you need to be at least 18 years old and have a high school diploma or GED. It’s also beneficial to take math and finance classes during school to build a foundation of knowledge and skills necessary for the role.
Step 2: Complete pre-licensure courses The National Mortgage Licensing Service (NMLS) requires aspiring MLOs to complete specific pre-licensure courses. These courses usually take around 20 hours to finish and cover various topics. You’ll learn about federal laws and regulations, ethics (including fraud, fair lending, and consumer protection), non-traditional mortgage product market lending standards, and mortgage origination. Additionally, there may be state-specific courses on mortgage lending laws you need to complete. You can find more information about your state’s education requirements on the NMLS website.
Step 3: Research your state’s licensure requirements After completing the pre-licensure courses, the next step is to understand and meet your state’s licensure requirements for MLOs. Each state has its own guidelines for obtaining MLO licensure, and you’ll need to research and fulfill these requirements. Additionally, there may be fees associated with obtaining the license, which can vary from state to state.
Step 4: Pass the SAFE MLO test To receive your MLO licensure, you must pass the SAFE MLO test with a minimum score of 75%. This exam evaluates your knowledge of federal and state mortgage lending laws. If you don’t achieve the passing score, you can retake the test after a 30-day waiting period. However, if you take the test three times and still don’t pass, you’ll need to wait 180 days before retaking it.
During this process, you’ll also need to register with the NMLS, provide authorization for a credit report, undergo a criminal background check by providing fingerprints, ensure the accuracy and completeness of the information you provide, disclose any charges from financial regulatory agencies, and provide a comprehensive employment history of ten years in the financial services sector. You’ll also need to provide various forms of identification.
Step 5: Fulfill NMLS requirements To become a mortgage originator, you’ll need to be sponsored by a company that will supervise your MLO duties. Your sponsorship must be approved by your state’s regulatory body. Additionally, you’ll receive a unique NMLS Identifier, which is a permanent number assigned to you, your employer, and your branch. This identifier helps track licensees and companies and must be included in any advertisements for mortgage origination services.
Step 6: Maintain active licensure Once you obtain your license, you must keep it active by meeting certain requirements. This includes keeping your information up to date with the NMLS. If you change employers, you’ll need to notify the NMLS to update your unique identifier. For more information on deadlines, fees, license renewal, and updating your MLO information, you can visit the NMLS website.
Step 7: Continue your education To be eligible for license renewal, MLOs must complete eight hours of NMLS-approved continuing education coursework annually. This education covers topics such as regulations and federal law, ethics (including fraud and consumer protection), lending standards for non-traditional mortgage products, and mortgage origination services. Additionally, you may need to complete state-specific courses to fulfill the education requirements.
Step 8: Gain experience Once you’ve completed all the necessary education and licensure requirements, it’s time to gain experience as a mortgage loan officer. You can choose to work independently, but starting your career at an established mortgage lending
Can you be a real estate agent and loan officer at the same time in Louisiana?
Yes, it is possible for real estate agents to also work as loan officers simultaneously. Licensed real estate agents have the authority to represent both home buyers and home sellers in real estate transactions. They possess extensive knowledge of various aspects of the real estate industry, including mortgage lending.
Gustan Cho Associates is currently seeking to recruit real estate agents who are interested in pursuing a career as remote loan officers. This opportunity allows real estate agents to expand their professional expertise and offer a comprehensive service to their clients. It is worth noting that real estate agents transitioning into loan officer roles do not necessarily require prior origination experience.
By combining their skills and knowledge in both real estate and mortgage lending, these dual professionals can provide a convenient “One Stop Shop” experience for homebuyers. Rather than engaging with separate individuals for home purchase and mortgage financing, clients can benefit from the expertise of a single professional who can guide them through the entire process.
At Gustan Cho Associates, we believe that knowledge is crucial to becoming a successful professional in the real estate and housing industry. Therefore, we encourage real estate agents who are interested in obtaining a loan officer license to reach out to us. Our team is dedicated to supporting hardworking real estate professionals in obtaining their mortgage loan originator licenses and joining our growing team.
What loan officer makes the most money?
Commercial Real Estate Lender: As a Commercial Real Estate Lender, you can expect to earn an annual salary ranging from $86,500 to $162,500. Your role involves providing loans for commercial properties and working with clients to finance their real estate projects.
Private Mortgage Banker Safe: If you work as a Private Mortgage Banker Safe, you can anticipate a yearly salary between $41,000 and $115,000. As a private mortgage banker, your primary responsibility is to assist clients in obtaining mortgage loans and ensuring their financial security.
Loan Originator: As a Loan Originator, your salary can fall within the range of $53,500 to $112,500 per year. Your role involves guiding borrowers through the loan application process, evaluating their financial information, and facilitating the loan origination process.
Mortgage Consultant: A Mortgage Consultant typically earns an annual salary ranging from $48,500 to $105,500. As a consultant, you provide expert advice to clients seeking mortgage options, helping them understand the various loan programs available and assisting them in making informed decisions.
Mortgage Sales Manager: If you hold the position of Mortgage Sales Manager, your salary can range from $65,000 to $100,000 per year. As a manager, you oversee a team of mortgage sales professionals, set sales targets, develop strategies to increase revenue, and ensure the successful execution of mortgage loan transactions.
Mortgage Advisor: Being a Mortgage Advisor, your salary can vary from $45,000 to $100,000 annually. As an advisor, you offer personalized guidance to clients seeking mortgage solutions, analyzing their financial situations, recommending suitable loan options, and assisting them throughout the mortgage application process.
It’s important to note that these salary ranges are approximate and can vary depending on factors such as experience, location, and the employing organization.
Conclusion
Remember that the loan industry is constantly evolving, so staying updated on regulations and market trends is essential. Continuing education and professional development courses can help you stay ahead and enhance your skills as a loan officer.
By following these steps and putting in the necessary effort, you can pave the way for a fulfilling career as a loan officer in Louisiana. Good luck on your journey!
