Starting a career as a licensed mortgage loan officer in Georgia
Are you looking to switch to a high-paying career where opportunities for growth are abundant?
Maybe you are a student and want to start working in a dynamic, growing industry.
Becoming a mortgage loan officer is a professional dream come true for anyone who wants to work in a high-demand, thriving career with the potential to earn a six-figure income.
Plus, one can enjoy a more flexible work-life schedule and even get the opportunity to work remotely.
One of the fastest-growing career paths, job opportunities for mortgage loan officers (MLOs) have been increasing significantly in the last few years.
In fact, The Bureau of Labor Statistics in the U.S. has projected that the demand for MLOs will continue to be steady in the ongoing decade.
Mortgage loan officers, sometimes also referred to as mortgage loan originators, are employed by banks, financial institutions, and credit and lending companies.
Becoming a MLO in Georgia can open up numerous opportunities for professional growth and success.
Plus, if you like helping people and are a social person, this profession will allow you to meet with clients and industry professionals from all walks of life.
Imagine the fulfillment of helping people achieve their home ownership dreams with your assistance and advice.
Did you know that experienced and skilled loan originators in Georgia can earn as much as $150K annually? Plus, they get to make extra commissions and enjoy additional perks as well.
It can give you the dream opportunity to make a thriving career in a flourishing industry, especially as home prices in GA increased by 20 percent year-on-year.
If you are curious to learn more about the prospects of working as a loan officer, the career path, and the scope of work, then this article is for you.
We have compiled all the important information related to every aspect of how to become a MLO in Georgia.
Individuals aspiring to become licensed loan officers must obtain a state-approved license to start practicing.
From general eligibility to qualifying education requirements and licensing tips to best practices, this guide will answer all your questions and give you the confidence to pursue your goal.
By the time you complete reading this article, you will have all the knowledge you need to complete the required steps for becoming a licensed mortgage loan officer.
Understanding the Role of a Mortgage Loan Officer
Before we dive deep into the specifics of obtaining a mortgage license in Georgia, it is important to give you an overview of what the job role is all about.
The job duties of an MLO are defined by their employer, however, the job role is at the intersection of mortgage lending, finance, and the real estate industry.
A loan officer (sometimes also referred to as a loan originator as the titles are used interchangeably) is a professional who is responsible for working on behalf of lenders to assist borrowers in obtaining mortgage financing.
As intermediaries between lenders and borrowers, mortgage loan officers play a pivotal role in facilitating and managing the transactions between two parties.
Mortgage loan officers deal with the financial and personal information of consumers and therefore are required to comply with state, federal, and industry-specific regulations and guidelines for professionals.
For many individuals, buying a house means making one of the most important financial decisions of their lives.
Mortgage loan officers work with clients to ensure they are choosing the right mortgage plan, and payment terms and getting the best interest rates.
To sum it up, you will be the most important point of contact for lenders as well as borrowers in a mortgage financing transaction.
What are the job duties of a Mortgage Loan Officer
Mortgage loan officers are required to juggle multiple tasks and duties as part of their job profile.
They are expected to perform a specific set of duties at work while ensuring each and every task is completed in accordance with the established rules, regulations, and compliance laws.
Before you learn more about how to become a MLO in Georgia, it is important to learn about the day in the life of a loan officer and have a good understanding of the key job responsibilities.
Here are some of the main job duties and tasks you can expect to perform on a daily basis:
- Gather personal and financial information from potential and existing clients
- Meet and interview individuals looking for a loan and understand their needs
- Determine whether individuals are eligible to apply for a mortgage loan
- Evaluate the creditworthiness of clients based on their financial reports, income, credit history, and taxation
- Work closely with clients and help them understand the various stages of applying for a mortgage loan
- Advise clients on choosing the most suitable and viable loan options and plans
- Assist clients in filling up the mortgage loan application and preparing the paperwork
- Guide clients about the various loan plans and educate them about interest rates, payment terms, and other financial terms
- Monitor the loan application process and inform clients about the key updates while helping them navigate any potential problems or hiccups
- Ensure compliance with all the industry laws, rules, and best practices for MLOs
- Liaison with industry professionals such as underwriters, property appraisers, home inspectors, attorneys, and real estate brokers
- Store all the documents related to a loan application and maintain confidentiality and privacy on behalf of the clients
- Provide post-loan assistance and help clear any doubts or queries
- Research about the industry updates, emerging trends, and latest developments
Note that your specific daily duties and tasks might vary depending on your employer’s discretion and the job profile.
As you might have figured out by now, the job of a mortgage loan officer requires a certain level of skill, experience, and training.
To become good at your job and build a successful career, you must cultivate a desirable and useful set of skills and qualities.
Ideal Skills to Become a Mortgage Loan Originator in Georgia
Successful MLOs have more than just an NMLS license and high school education in common - they are all good at managing a bunch of useful skills which makes them highly desirable and relevant.
Despite a tough market, if you are a skilled, licensed, and experienced loan officer, you can easily build a thriving career.
In Georgia, the demand for loan officers is increasing but so is the competition. If you want to stand out from the crowd and carve a space for yourself in the industry, you must focus on the following skills.
- Knowledge of finance, accounting, and business administration
- Understanding of the mortgage lending and real estate industry
- Good interpersonal and communication skills
- A confident, pleasant, and outgoing personality
- Ability to handle multiple tasks in a time-bound manner
- Solid analytical and time management abilities
- A problem-solving and curiosity-driven attitude
- A customer-oriented bent of mind
- Attention to detail and organizational skills
- Prior experience in sales, customer service, or accounting
Now that you have an understanding of what are the desirable skills and qualities and the expected job duties, let’s move on to discuss in detail the licensing requirements.
Steps to obtain a MLO license in Georgia
In Georgia, obtaining a mortgage loan originator license requires applicants to undergo a step-by-step structured process.
If you are wondering how to become a mortgage broker in Georgia, here are the key steps of the entire journey.
By completing the steps listed below, you can be assured of obtaining a state-approved license to start practicing.
Step 1: Pass the basic eligibility requirements
In order to become eligible to apply for a GA mortgage loan officer license, one must first meet the basic eligibility requirements. As an applicant, you must:
- You must be at least 18 years of age or older
- You must be a legal resident of the state of Georgia
- You must have a high school diploma in education or its GED equivalent
If you meet the above statutory requirements, you can proceed to the next step.
Step 2: Create your NMLS account
To start your licensing process, the first step is to register yourself with the NMLS (Nationwide Mortgage Licensing System).
The NMLS is a centralized repository of all licensed brokers, loan officers, and mortgage companies.
It serves as the gatekeeper to the lending and mortgage industry by overseeing the administrative, operation, and licensing aspects.
For every applicant, it is mandatory to create an account with the NMLS. You can do so by visiting the NMLS website and completing the required information.
Once you are through, you will receive a unique NMLS identification number which you should keep handy for future steps.
Step 3: Complete MLO pre-licensing education
As per the NMLS educational requirements, all applicants must complete state-approved pre-licensing education to qualify for a mortgage license officer/originator license.
In Georgia, you are required to complete 20 hours of pre-licensing curriculum from an NMLS-approved education provider.
Plus, you might be required to complete 2 additional hours of state-specific laws and regulations.
The pre-licensing education curriculum consists of mandatory courses that will give you an overview of the industry laws, rules, regulations, and practices. These include:
- Federal Laws and Regulations (3 hours)
- Ethics, Fair Lending, and Consumer Rights Protection (3 hours)
- Non-Traditional Mortgage Lending (2 hours)
- General Electives (12 hours)
To fulfill the mandatory educational requirements, you can choose to enroll in a mortgage loan officer pre-licensing class in Georgia online.
Online courses are preferred by many students as they provide an unmatched level of flexibility and convenience when compared to physical, classroom-based learning.
Enrolling in an online MLO pre-licensing course will give you the ability to learn from anywhere while getting access to professional trainers, learning resources, and valuable exam prep tools.
Step 4: Pass the SAFE licensing exam
After completing the mandatory education, you will be eligible to apply for the MLO licensing exam in Georgia.
Also known as the SAFE (Secure and Fair Enforcement) test, the licensing exam is instituted by the SAFE Act of 2008.
The exam consists of multiple-choice questions based on your pre-licensing education curriculum. Its purpose is to test your knowledge and understanding of the course curriculum.
You will get a total of 3 hours to take the test. To clear the exam, you are required to score at least 75 percent or higher.
Step 5: Complete background check
The NMLS requires all applicants to undergo mandatory background verification and criminal history checks.
This is to ensure that only qualified, honest, and earnest applicants without any history of felony or fraud are allowed to join the industry