How to Become a Loan Officer

In Utah

How to Become a Loan Officer in Utah

If you are wondering how to become a loan officer in Utah, this guide reveals everything you need to know to get started. Being a loan officer is a fulfilling and challenging career that lets you make a difference in people’s lives.

You will look at a person’s credit score and financial situation to find a lending option that works for everyone involved.

You will soon discover the educational requirements you must meet before getting hired, but that is not all. You will have a clear understanding of what steps you must take to get moving in the right direction.

Step 1: Meet the Educational Requirements

Learning the educational requirements that you must meet is a good place to start when you want to discover how to become a loan officer in Utah.

The state requires you to take NMLS-approved courses that cover key areas of interest. You must get three hours of training in federal laws and regulations related to the lending process.

The course in which you enroll also needs to provide three hours of education in ethics and fair lending practices, which also includes consumer protection laws.

The completion of three hours of training on nontraditional loans and 12 hours of electives is another standard you must meet on your journey to become a Utah loan officer.

After meeting those requirements, you will then need to complete 15 hours of pre-licensing education. You can then apply to take the state exam.

Step 2: Ensure You Don’t Have any Disqualifiers

Even if you meet the educational requirements, some factors might disqualify you from becoming a licensed loan officer in Utah.

The state will not grant a license to anyone who had a license revoked in the past. If you have a felony conviction on your record from the last seven years, the state will not let you move forward with your goal of becoming a loan officer.

Any felony conviction related to fraud or dishonesty will permanently prevent you from getting licensed in Utah.

Step 3: Get Sponsored

After you have completed your education and passed your exam, you will receive an inactive license. You must apply for a position at a qualifying financial institution and get sponsored by an employer to get an active license.

Some people complete each step before getting an employment offer. If you are in that situation, your license will remain inactive until you find a position in your field.

Final Thoughts

You now have an overview of what you must do to become a loan officer in Utah.

Getting the required training and passing the state exam is the first and most time-consuming task you must complete.

You will then have an inactive license you can use to apply for a loan officer position within the state, and getting hired activates your license so that you can move forward with your new career.

Some people run into setbacks and roadblocks along the way and give up as a result, but you don’t have to repeat their mistake. Remain focused on your desired outcome and commit to the process, and you will become a loan officer sooner than you once thought possible.

Check out Utah’s official website to learn more:
https://dfi.utah.gov/non-depository/mortgage-lending/

Get In Touch

Office Address

777 E 4500 S Ste 220
Salt Lake City, UT 84107

Phone: (801) 846-8243

Email: [email protected]