What license is issued to a Mortgage Loan Originator?
A Mortgage Loan Originator (MLO) license is a state - issued license. With it, an MLO works on behalf of a lender to make residential mortgage loans secured.
The work of an MLO involves obtaining residential mortgage loan applications from consumers. These applications are then processed and terms negotiated on behalf of their employer - lender.
An aspiring MLO must complete mortgage loan originator license courses before getting a mortgage loan originator license. Licensed MLOs are employed by non-depository mortgage lenders, independent mortgage bankers, and mortgage brokers
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