Become a Loan Officer in Ohio

If you’re interested in starting a career as a mortgage loan officer in Ohio, you’re in the right place. In this article, we’ll guide you through the step-by-step process of obtaining your Ohio MLO license and embarking on a successful journey in the residential mortgage industry.

The Role of a Loan Officer

As a mortgage loan officer, your primary responsibility is to assist homebuyers in finding the perfect home loan that suits their needs. To excel in this role, you’ll need a solid understanding of the mortgage industry, financial regulations, and excellent interpersonal and communication skills. So let’s dive into the essential steps to becoming an MLO in Ohio.

Step 1: Request your NMLS account

Start your journey by requesting an NMLS account through the Nationwide Multistate Licensing System & Registry (NMLS). If you already have an NMLS account and want to add Ohio to your mortgage license, skip to step #3.

Step 2: Receive your personal NMLS ID number

Upon registering with the NMLS, you’ll receive a unique NMLS ID number that you’ll use throughout your career as a mortgage loan officer. This ID is not just for Ohio but also applies to other states where you may consider obtaining licenses, such as Michigan, Indiana, or Pennsylvania.

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Step 3: Review Ohio’s licensing requirements

Visit the NMLS Resource Center and Ohio’s State Licensing website to familiarize yourself with Ohio’s specific licensing requirements. Each state has its own set of additional steps to fulfill for obtaining an MLO license, so make sure to check the requirements of any other state you’re interested in.

Step 4: Complete pre-licensing coursework

To prepare for your MLO license, you’ll need to complete 20 hours of pre-licensing coursework. This coursework covers various topics, including mortgage industry fundamentals, financial regulations, ethics, and professional conduct. In Ohio, you’ll also need to complete an additional 3 hours dedicated to state-specific laws and regulations.

Step 5: Prepare for the national SAFE Exam

After completing the pre-licensing coursework, it’s time to prepare for the national SAFE Exam. Purchase SAFE test prep materials and practice tests to study for this exam, which evaluates your understanding of core concepts in mortgage lending. Morty, a licensed mortgage broker, covers the costs of test prep materials for loan officers joining their platform.

Step 6: Pass the national SAFE Exam

To obtain your MLO license, you need to pass the NMLS’s SAFE Mortgage Loan Originator Test with a score of 75% or higher. The exam lasts 190 minutes and costs $110. Schedule your test when you feel adequately prepared. If you don’t pass on your first attempt, you’ll have to wait 30 days before retaking it.

Step 7: Complete a background check and get fingerprinted

Next, complete a criminal background check and get fingerprinted. You can initiate the background check through your NMLS portal and schedule your fingerprinting appointment. Currently, the cost for both services is $36.25.

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Step 8: Submit your mortgage license application to NMLS

Once you’ve passed the exam and completed the necessary background checks, you’re ready to submit your Ohio mortgage license application. Head to your NMLS portal to complete your Individual Form (MU4) and pay the applicable fees. This includes a $30 NMLS application fee, a $200 state application fee, and a $15 credit report fee.

Step 9: Get sponsored by a mortgage company

After finding a mortgage originator to work with, whether it’s a mortgage broker like Morty or a mortgage lender, you can begin the sponsorship process by submitting the company’s credentials to the NMLS for verification. Once approved, congratulations! You’ve officially obtained your mortgage loan originator license in Ohio.

Ready to Get Started?

If you have completed the pre-licensing coursework and passed the SAFE Exam, you may now be wondering which mortgage company will sponsor your license. Morty, a licensed online mortgage broker, offers a seamless mortgage experience through their lender marketplace, competitive pricing, affordability tools, and underwriting technology. They also provide support from their processing and fulfillment teams.

Expanding Your Opportunities

If you’re already a licensed loan officer and looking to expand your business, obtaining licenses in multiple states can be beneficial. Each state has additional education requirements, but Morty is licensed in 45 states and can assist you in getting sponsored in multiple locations. They have compiled mortgage licensing guides for various states, including New Jersey, Michigan, Pennsylvania, and Delaware.

Join the Morty Platform

Morty makes it quick and easy for licensed MLOs to get sponsored and work on their platform. They even reimburse fees associated with pre-licensing, exams, and applications after you’ve been sponsored and fully onboarded to Morty. Don’t miss this opportunity to enhance your career as a mortgage loan originator.

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To learn more about joining the Morty platform, visit Simple Money Tips – Steps To Financial Freedom today.