What qualifications do you need to get a mortgage?
The answer depends on your state. Pick yours to see it.
To get a Montana mortgage loan originator (MLO) license, you must complete 20 hours of NMLS-approved prelicensing education, including 2 hours of Montana-specific content, pass the SAFE test with a score of at least 75%, submit fingerprints for an FBI criminal background check, and authorize an independent credit report. You must also be sponsored by a Montana-licensed company, which must employ you as a W-2 employee. Most loan officers hold a bachelor's degree, though state law does not require one.
Sources: MCA 32-9-107: Prelicensing education requirements for mortgage loan originators.
To become a licensed mortgage loan originator in Virginia, you must complete 20 hours of NMLS-approved pre-licensing education, pass the SAFE exam, apply through NMLS with the $150 fee, and meet character and financial-responsibility standards. You must never have had an MLO license revoked, and you cannot have a felony conviction within the past 7 years, or at any time if it involved fraud, dishonesty, breach of trust, or money laundering.
Sources: Va. Code § 6.2-1708. Pre-licensing education of mortgage loan originators; NMLS Schedule of Fees (Nationwide Multistate Licensing System); Va. Code § 6.2-1707. Other conditions for mortgage loan originator licensing.