- 1). Gain experience with lending by working an entry-level position at a bank, credit union or other financial institution. Take accounting or finance classes at a college. Make certain your credit history remains free of negatives, such as delinquencies, bankruptcies and judgments; most financial institutions run credit checks on applicants and reject those with bad credit histories. Apply for a job as a loan officer, and accept other employment opportunities within the institution as given. Determine your area of specialty as a loan broker, such as mortgage, auto or business.
- 2). Contact your state's department of licensing and regulation by performing an Internet search. Call and verify that the licensing requirements on its website are current, or request more information about your discipline of loan brokerage by mail. Many states provide the information on their secretary of state's website, or a specialized website such as its state department of real estate (for mortgage brokers).
- 3). Prepare to take additional classes or undergo training, and submit to a background check by an agency such as the Federal Bureau of Investigation. Submit your fingerprints and personal information to be kept on file. Expect to have to pass a written examination upon completion of required training.
- 4). Pay fees, and obtain a surety bond. Most application fees to obtain licensing are between $100-$300, but surety bonds can be more expensive. For example, California requires its licensed mortgage brokers to have a surety bond of $25,000.
- 5). Maintain an office. In order to be legally licensed to operate, a loan broker must operate out of an office within the state for which he is applying for licensing. Likewise, that office must be manned by a properly licensed loan broker in order to legally operate.
- 6). Keep up with renewal requirements, which vary by state. Licensing must be regularly renewed in order for a person to legally operate as a loan broker.
How to Become a Licened Loan Broker
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