- 1). Obtain the necessary academic education needed for a career as a loan officer. Those who specialize in residential mortgages typically need only a high school diploma, while those who specialize in commercial mortgages need at least a bachelor's degree in finance or a related subject, becuase you will need to have knowledge of financing methods and accounting terms.
- 2). Acquire the necessary experience. Becoming a mortgage loan originator without any work experience is rare. Consider building your work experience in a related occupation, such as a bank teller, real estate agent or a bookkeeper.
- 3). Submit to a credit check as well as a criminal records check. Your credit reports must come from all three major credit reporting agencies: TransUnion, Equifax and Experian. You can get your criminal record along with the required fingerprints by registering with the security services agency L-1.
- 4). Obtain the necessary training by completing at least 20 hours of a prelicensing course approved by the Nationwide Mortgage Licensing System, and pass the SAFE Act test. A list of approved courses in your area is found on the NMLS website.
- 5). Post a surety bond to the New York Banking Department, which insures the state from any poorly executed mortgage applications. The exact amount of this surety bond depends on what type of mortgage you originate.
- 6). Begin your application for a mortgage loan originator license by registering yourself on the NMLS. You will receive a unique NMLS identification number. You will need to quote this number when sending all of your license application materials to the New York State Banking Department.
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