Question:

What are the common loan officer requirements to practice?

Answer:

To practice as a loan officer you have to cover certain requirements. Loan officer requirements will differ by state but on the whole you have to be registered and will have to pay for the right to be a first mortgage lender, a broker or a correspondent lender, or have a combination of licenses.

Loan Officer Requirements

Loan officer license application fee and branch license may exceed $500. The requirements are that the loan officer should submit audited financial statement showing high net worth, evidence of office location, a surety bond, the application fees and proof of examination. A loan officer license will usually hold for two years.

The surety bond will usually vary from $100,000 to $200,000 depending whether you are a mortgage banker, correspondent lender, broker or/and a secondary lender.

Loan officer requirements will vary by state, so you will have to check with your state regulator what the requirements to practice as a loan officer in your state are.

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