How do I become a commercial loan officer?

Commercial loan officers handle business loans rather than residential mortgages, and they typically need a bachelor's degree plus on-the-job training, per the U.S. Bureau of Labor Statistics. The SAFE Act licensing requirement applies to residential mortgage loan originators, so commercial loan officers are not subject to MLO licensing. Many enter the field with related experience in banking, customer service, or sales.

Commercial loan officers follow the general loan officer path: the U.S. Bureau of Labor Statistics says loan officers typically need a bachelor's degree and on-the-job training. The MLO license requirement does not apply to commercial loans, because a mortgage loan originator is defined by residential mortgage loans secured by a dwelling of 1 to 4 units. Only residential mortgage activity triggers the SAFE Act testing and education requirements.

Most commercial lending is exempt from Chapter 494, Florida's mortgage licensing law, so a loan originator license is generally not required for commercial-only lending. For qualifications, the U.S. Bureau of Labor Statistics reports that loan officers typically need a bachelor's degree and on-the-job training, and about 80% work in credit intermediation such as banks, savings institutions, and mortgage companies.

Commercial loan officers do not need a Georgia mortgage loan originator license. Georgia's MLO licensing requirements apply to residential mortgage loans, and originators who work only on commercial loans are exempt from licensure.

A commercial loan officer does not need a mortgage loan originator (MLO) license, because Iowa's licensing law covers residential mortgage loans rather than commercial lending. The license requirement attaches to taking residential mortgage loan applications and negotiating residential loan terms.

A commercial loan officer is not required to hold the mortgage loan originator registration that Kentucky requires for residential mortgage work. The U.S. Bureau of Labor Statistics reports that loan officers typically need a bachelor's degree and on-the-job training, though some enter the field with experience in banking, customer service, or sales. The prelicensing education, SAFE test, and registration rules in Kentucky apply to mortgage lending, not commercial lending.

Commercial loan officers are not licensed under Michigan's mortgage statutes, because the Mortgage Loan Originator Licensing Act covers only residential mortgage loans. The SAFE Act licensing requirement likewise does not reach commercial lending. The typical entry path is a bachelor's degree plus on-the-job training, according to the U.S. Bureau of Labor Statistics Occupational Outlook Handbook.

Commercial real estate loan originators in Nevada need the same mortgage loan originator license required for residential work (NRS 645B.0127). You must complete 30 hours of approved pre-licensing education, pass the SAFE MLO National Test with Uniform State Content (75% or higher), and file the MU4 through the Nationwide Multistate Licensing System (NMLS). You must also be employed by, and sponsored by, a licensed Nevada mortgage company.

Loan officers typically need a bachelor's degree, usually in business or finance, plus on-the-job training, according to the U.S. Bureau of Labor Statistics; some enter the field with related experience in banking, customer service, or sales. New York's mortgage loan originator license applies to individuals who take residential mortgage loan applications or negotiate loan terms, not commercial lending, and it requires 20 hours of pre-licensing education, the SAFE MLO Test, and affiliation with a licensed banker or registered broker.