An MLO works for lenders of residential mortgage loans after receiving a mortgage loan originator license. However, the properties must be located within the mortgage loan originator license - issuing state. Mortgage loan originators take mortgage loan applications and negotiate mortgage loan terms with consumers.
Although they are not required to be licensed, Mortgage Loan Officer Assistants and Processors may want to take a mortgage pre-licensing course online and obtain a mortgage loan originator license. With a license these individuals are in demand as salaried employees, and this would be a good starting point to launch a mortgage lending career.
Their functions involve processing mortgage loan applications, obtaining loan approvals, and closing mortgage loans. These individuals charge a fee for their services and may work under contract for more than one mortgage broker or lender.
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