Becoming a mortgage loan officer, specifically with an independent mortgage brokerage in the wholesale channel, is a promising career path that offers flexibility, unlimited earning potential and growth. Mortgage loan officers or mortgage loan originators are representatives of independent mortgage brokerages that evaluate and originate residential home-loan approvals for borrowers. They are personal shoppers who compare multiple lenders to assist homebuyers in making the right financial decisions. 

It’s easy to get started

To become a licensed loan officer, you'll need to be registered with the Nationwide Multistate Licensing System and Registry (NMLS), complete 20 hours of pre-licensure education courses, and pass the NMLS mortgage license exam, along with requirements determined by your state.

Becoming a mortgage loan originator (MLO) is easy with BrokerX —you can get licensed in as little as 5 weeks! BrokerX is a comprehensive prep program designed to get you equipped for a successful career in the mortgage industry with expert training supported by United Wholesale Mortgage, the nation’s #1 mortgage lender.

Once you’ve fulfilled the requirements for licensure, you can join a broker shop (if not employed by one already) and get support within the mortgage community as you start your new career. Joining an independent mortgage broker shop is a great way to set yourself up for success as expertise is often established on the job. 

Flexibility as a mortgage loan officer

Becoming a mortgage loan officer is possible to do on a full-time or part-time schedule, and it’s a great opportunity if you’re looking to change careers, need career flexibility around family or school, or if you are looking for some additional income. Most independent mortgage brokerages welcome you to join their team without requiring a college degree. It’s a career that emphasizes your dedication to succeed and provides you with the opportunity to control your own success. 

You can get licensed at your own pace

The BrokerX MLO training and licensing program offers three class structures to accommodate your busy schedule while pursing a career in mortgages. You can choose from two comprehensive live training sessions that include scheduled webinars and interactive virtual sessions. These sessions are available in the morning starting at 10 a.m. ET or in the evening starting at 5 p.m. ET. If these scheduled class times do not fit into your schedule, you can opt for our independent learning session, which allows you to watch the webinars at your own convenience within a specified number of days. All training options include a comprehensive 3-day on-site skill development session at United Wholesale Mortgage headquarters, guided by their award-winning training team. 

Cost to start out as a mortgage loan officer is relatively low

Getting licensed requires training, meeting specific prerequisites and adhering to specific guidelines and rules. BrokerX is a cost-effective way to become a certified mortgage loan originator. The program costs $399 and offers a $100 rebate incentive to those who share their exam results or the official NMLS Analysis Score Sheet. The training includes educational webinars, study materials and practice tests. Additionally, United Wholesale Mortgage offers an all-inclusive 3-day on-site skill development course at their headquarters in Pontiac, Michigan to mortgage brokers that join their network. The Success Track course trains new or established loan officers on topics such as compliance and licensing, federal fingerprinting, and registration set-up. It also provides valuable mortgage professional networking opportunities.

Outside of training, additional costs for licensing and certification could include:

• NMLS SAFE exam registration fees

• MU4 application fees

  • Background check

  • Credit check

  • State-specific fees

Visit the NMLS Resource Center for more details on individual state licensing requirements.

While there are national and state licensing requirements, there are no requirements for a minimum credit score to obtain a mortgage broker license.

Ready to get started?

If all of this sounds exciting to you, you’re probably ready to pursue a career as a mortgage loan officer! Our team at MortgageBrokerX.com is here to help you every step of the way. Email us at Info@MortgageBrokerX.com or click “Enroll Now” to register for one of our upcoming 5-week MLO training and licensing sessions.