How and Where to Study a Mortgage Advisor

Studying to become a mortgage advisor typically involves a combination of formal education, on-the-job training, and obtaining relevant certifications.

Here's a step-by-step guide on how and where to study to become a mortgage advisor:

1. Obtain a High School Diploma or Equivalent:

To get started, you need a high school diploma or GED as a minimum educational requirement.

2. Pursue a Bachelor's Degree (Optional):

While not mandatory, having a bachelor's degree in finance, economics, business, or a related field can provide a strong foundation for your career as a mortgage advisor. Consider enrolling in a relevant program at a college or university.

3. Gain a Strong Understanding of Finance:

Even without a degree, you should have a solid grasp of financial concepts, including interest rates, credit, and basic financial mathematics.

4. Complete Relevant Courses:

Enroll in courses or training programs specifically designed for mortgage advisors. These can often be found at community colleges, online platforms, or vocational schools.

Take and pass the NMLS exam

When you have completed your pre-licensing courses and personal preparations, it’s time to take the NMLS exams. Also known as the SAFE exam, it will test you in five major categories:

• Federal law

• General knowledge of mortgage origination

• Ethics

• Loan origination activities

• Uniform state content

Most states have adopted the uniform state content (UST) to be included in the national test. These are 25 questions that gauge the applicants’ knowledge of state-specific facts and policies related to the SAFE Act.

Before taking the test, you need to create an online account in NMLS for enrollment. Once you’ve enrolled, you have 180 days to schedule an exam appointment.

5. Obtain a Mortgage Loan Originator License:

• In the United States, you will need to obtain a Mortgage Loan Originator (MLO) license to work as a mortgage advisor. To do this, you'll typically need to:

• Complete pre-licensing education (20 hours or more).

• Pass the National MLO Test with a satisfactory score.

• Undergo a criminal background check and provide your credit history.

• Fulfill state-specific requirements, as they may vary.

6. Gain Experience:

Many mortgage advisors start as loan officers or work in related financial positions to gain hands-on experience in the mortgage industry. Look for entry-level positions at banks, credit unions, or mortgage companies.

7. Continual Education:

Stay current in the field by attending workshops, seminars, or conferences related to mortgage advising. Regulations and best practices in the industry can change, so ongoing education is crucial.

8. Obtain Relevant Certifications:

Earning certifications can enhance your credibility and job prospects. The Mortgage Bankers Association (MBA) offers several certifications, such as Certified Mortgage Banker (CMB) and Certified Residential Underwriter (CRU).

9. Consider Specializations:

Mortgage advising covers various areas, including residential mortgages, commercial mortgages, and reverse mortgages. Consider specializing in a niche that interests you.

10. Join Professional Associations:

Becoming a member of professional organizations like the Mortgage Bankers Association (MBA) or the National Association of Mortgage Brokers (NAMB) can provide networking opportunities and access to resources.

11. Stay Informed:

Keep up with industry news and developments by reading publications, blogs, and regulatory updates related to the mortgage industry.

12. Comply with Regulatory Requirements:

Mortgage advisors must adhere to various regulations, so it's essential to stay compliant with state and federal laws governing the mortgage industry.

13. Start Your Career:

After completing your education, gaining experience, and obtaining the necessary licenses and certifications, you can start your career as a mortgage advisor. You can work independently or be employed by mortgage companies, banks, or credit unions.

14. Networking:

Building a professional network is essential in the mortgage industry. Attend local mortgage and real estate events, join online forums and social media groups related to mortgages, and connect with industry professionals to learn from their experiences and insights.

15. Online Mortgage Advisor Courses:

Many reputable online platforms offer mortgage advisor courses and training. These programs often cover topics such as mortgage products, lending regulations, underwriting, and sales techniques. Some well-known platforms include Udemy, Coursera, and edX.

16. Government Resources:

Check with your local regulatory agency or government department responsible for mortgage licensing. They often provide resources and guidelines for obtaining a mortgage advisor license. In the United States, you can refer to the Nationwide Multistate Licensing System & Registry (NMLS) for licensing information.

17. Industry Publications:

Stay updated with industry trends, news, and best practices by reading publications like Mortgage Bankers Association (MBA) Insights, National Mortgage News, and Mortgage Professional America.

18. Mentorship:

Finding a mentor in the mortgage industry can be incredibly valuable. A mentor can provide guidance, share their knowledge, and help you navigate the challenges and opportunities in your career.

19. Soft Skills:

Mortgage advising is not just about technical knowledge; it also involves excellent interpersonal and communication skills. Work on building these soft skills to establish trust with clients and partners.

20. Compliance and Ethics:

Emphasize compliance and ethical conduct in your practice. It's crucial to maintain a high level of integrity when dealing with clients and their financial information.

21. Continuing Education:

Mortgage regulations and lending practices change over time. Stay informed and adapt to new industry standards by taking additional courses and workshops as needed.

22. Business Skills:

If you plan to work as an independent mortgage advisor or broker, consider developing business skills, such as marketing, lead generation, and business management.

23. Job Placement Services:

Some training programs and schools offer job placement services to help you secure your first position as a mortgage advisor.

24. Local Real Estate Market Knowledge:

Understanding your local real estate market is crucial. Familiarize yourself with property values, market trends, and economic factors that can impact your clients' decisions.

25. Financial Planning Knowledge:

A strong understanding of personal finance and budgeting can help you guide clients effectively in choosing the right mortgage products.

26. State and Federal Regulatory Changes:

Keep an eye on any changes in state and federal regulations related to the mortgage industry. These changes can significantly impact your practice.

The mortgage advising profession requires continuous learning and adaptation to stay competitive and provide the best service to your clients. Stay dedicated to your education and professional development to achieve success in this field.

Remember that the specific requirements for becoming a mortgage advisor can vary by location, so it's essential to research the regulations in your area and seek guidance from local licensing authorities or industry professionals. Additionally, consider working with a mentor in the field to gain practical insights and guidance on your career path.