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.

Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
Link:
Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
Link:
Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Why: Find your next home and save money.
Link: Search thousands of foreclosures. Free 7-day trial.
Link this QnA Print del.icio.us Digg
Was this Mortgage QnA helpful?
Not at all
  • Currently 3.1/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
 Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA:

Common misspellings: mortage and morgage