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Requirements
To become a loan officer in California, you must first meet the basic requirements. All loan officers must be at least 18 years old and have a high school diploma or equivalent. Loan officers must also be citizens or legal residents of the United States.
Education
While you do not need a degree to be a loan officer in California, most employers prefer to hire loan officers with a bachelor’s degree in finance, accounting, business, or economics. Additionally, many loan officers choose to take courses or obtain certifications from the Mortgage Bankers Association or other organizations to gain further knowledge and expertise in the field.
Licensing
In California, loan officers are required to obtain a mortgage loan originator (MLO) license from the Nationwide Mortgage Licensing System and Registry (NMLS). To obtain a license, applicants must pass the Mortgage Loan Originator (MLO) Test administered by the NMLS and complete a criminal background check. Loan officers must also complete 20 hours of pre-licensing education and 8 hours of continuing education each year.
Employment
Once you have obtained your MLO license, you are ready to start looking for employment as a loan officer. Loan officers typically work in bank branches, credit unions, or mortgage companies, where they are responsible for processing loan applications and helping customers with their loan needs. Loan officers may work full-time or part-time depending on the organization.
Fees
The cost to become a loan officer in California varies but typically includes application fees, licensing fees, and exam fees. The NMLS charges a $30 application fee and $100 licensing fee. The MLO Test also has a $155 exam fee. Additionally, applicants should budget for the costs of pre-licensing education and continuing education courses, which can range from $50-$500.
Hiring Process
The hiring process for loan officers in California can vary depending on the employer. Most employers will require applicants to complete an application and provide a copy of their MLO license. Some employers may also require applicants to complete an additional test or assessment. Interviews are also commonly used to assess applicants’ skills and qualifications. After a loan officer is hired, they may go through a training period to learn the organization’s policies and procedures.
Do you need a degree to be a loan officer in California? While you do not need a degree to be a loan officer in California, most employers prefer to hire loan officers with a bachelor’s degree in finance, accounting, business, or economics.
How do loan officers get paid in California? Loan officers typically get paid through a combination of salary and commission.
How much does it cost to become a mortgage loan officer in California? The cost to become a loan officer in California typically includes application fees, licensing fees, and exam fees. The NMLS charges a $30 application fee and $100 licensing fee. The MLO Test also has a $155 exam fee. Additionally, applicants should budget for the costs of pre-licensing education and continuing education courses, which can range from $50-$500.
Is it hard to get hired as a loan officer? The hiring process for loan officers in California can vary depending on the employer. Most employers will require applicants to complete an application and provide a copy of their MLO license. Some employers may also require applicants to complete an additional test or assessment. Interviews are also commonly used to assess applicants’ skills and qualifications.