Do I need a mortgage loan officer license?


Not always. A mortgage loan officer license is not needed when you are an exempt entity, such as banks or credit unions, or work for one. Subsidiaries and employees of entities which are exempt of the mortgage loan officer license requirement usually do not have to file to request individual exemption.

Also, the definition of Loan Officer excludes performing only administrative tasks for mortgage loan officer licensee. Only loan officers who solicit borrowers and negotiate loan terms on behalf of their employer for compensation are in fact in need of mortgage loan officer license. If you are only taking borrowers' application and are not authorized to approve loans on behalf of your employer, you do not need a license.

If you are required to have mortgage loan officer license, you will need to have a record of mortgage loan officer training and examination preceding your loan officer license application. Upon application for license, you will be asked for fingerprints and social security number and your consent to background check, including criminal and credit histories.

Mortgage Loan Officer License Fees

There are fees to pay upon application - the loan officer license fee for any remaining part of the year plus the fees involved with a background check.

Maintaining Mortgage Loan Officer License

For maintaining mortgage loan officer license, periodically attending courses and satisfying ongoing educational requirements may be required and failure to do so may result in loss of license or rejection of license renewal. Mortgage loan officer license and training requirements differ by state, and a mortgage loan officer should check and follow license guidelines outlined by the state in which they want to start practice.

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