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Mortgage Loan Training - How To Get Mortgage Loan Training

lending license real estate

The real estate industry is a magnet for those who wish to work hard and make a name for themselves. Selling homes is only half of the business; the mortgage loan office will complete the lending transaction. Working as a licensed loan officer affords the freedom to work your own hours, set up a home office, or join the group at your mortgage broker’s space. However, you need to be licensed and keep your documents current to be recognized as an official mortgage loan officer or future mortgage broker.

The first order of business is to enroll in an accredited real estate school for your training. The programs and requirements will vary from state to state, however, the basic principal is the same. Your attendance and participation is essential to master the lending tools of the trade and gain a working knowledge of the real estate industry as a whole. In some states, such as California, you will be taking the same state board examination, regardless of your intent to use your real estate license. Upon attaining a passing score, the state will ask you for which purpose do you intend to use your license, either for home sales or mortgage lending.

The study process to gain firm footing for the state exams is broken down into classroom testing and a passing score on an open book test. This test will be conducted at your real estate classroom, usually with a completion time within three hours. To supplement your studies, ask for sample test software to speed up your recognition of mortgage lending formulas and equations. Once you have scored at least a 70 percent on the real estate school test, you will qualify to sit for the state exam.

In addition to getting your mortgage lender license, many states have rules and restrictions to retain that license. At regular intervals every few years, your state board will send you a notice to maintain your license by completing a few industry courses to keep your skills current. These classes may be done via home study, and most of the course exams are taken online with an open book. The fees are nominal and the study time is light, so have no fear for the mandatory class work to maintain your mortgage lending license.

When you apply for a job at a bank or mortgage lending operation, be sure to let them know if you have special language skills. If you can speak the language of lending and real estate in a foreign tongue, this will open up the window of opportunities for clients that your colleagues cannot handle. Whether your second or third language is Spanish, Japanese, Arabic or Russian, there is a special niche for you in the lending business.

If your goals and aspirations are to shoot for the stars, your next level of achievement is to sit for the mortgage broker’s exam. This, like your preliminary license, will be conducted by the state and issued upon earning a passing score. Caveat to the mortgage licensee: the broker exam is a monster in most states and you will need to have adequate time to study and prepare for it.

Some states have restrictions as to who may take the broker exam, such as a calculation of how many lending contracts you have made or the total earnings you made for a given year. If your aim is to take the broker exam, you need to start your lending career like a firecracker and rack up as many sales as you can get. Keep your mortgage lending nose clean, careful not to have any license suspensions, revocations, or any disciplinary action against you from the state board. The mortgage lending business is here to stay, and it’s never too late to get a piece of the pie.

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