How and Where to Study a Mortgage Advisor
ORM Corporate Consultant
Aug 29, 2023
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:
General knowledge of mortgage origination
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.