How to Become a Loan Officer in Washington
Are you trying to find an all-inclusive answer on how to become a loan officer in Washington?
You don’t have to rummage through a ton of websites to find the information you need.
Here, we cover everything you need to have in your arsenal to become a Mortgage Loan Originator (MLO) in Washington.
This is a wonderful career path. You can soon make a huge difference in people’s lives.
You’ll be able to help your clients make wise borrowing decisions, maintain accurate mortgage records, as well as coordinate with other professionals in this sphere.
With a little prep, you can begin your MLO career with confidence!
Let’s explore the steps you need to take to become a loan officer in Washington.
Pre-Licensing Training
This is a must for prospective MLOs.
To get started, register online with the National Mortgage Licensing System (NMLS).
Visit the NMLS website to create an account.
This is a very straightforward process that should take you about five minutes.
The state of Washington has a few prerequisites that all aspiring MLOs must undergo.
You will need to complete an NMLS recognized 22-hour S.A.F.E. course that also covers four hours of Washington content.
The official MLO body, The Washington Department of Financial Institutions (DFI), may require you to complete additional coursework as needed.
After acquiring your loan officer license, you have to complete nine hours of training every year to retain your MLO status.
It’s important to note that you must complete all training at a certified NMLS mortgage school in Washington.
Be careful to select the right NMLS-recognized school near you to ensure that there are no roadblocks later on.
You can verify the school is approved on this list: Approved NMLS Schools
Or for the most up to date list head over to the NMLS Course Providers Page.
Loan Officer Training Schools
There are several loan officer schools to pick from. I want to talk about 3 of them.
1. Mortage Educators and Compliance
Mortgage Educators is an online school and they are an NMLS approved course provider.
You can check out their Yelp reviews here: Yelp Reviews
2. Loan Officer School
Loan officer school is an online only loan officer education school. They have some good reviews on record, but they also have some complaints on the Better Business Bureaus website.
They seem to be one of the top picks for Loan Officer training in Washington. Probably worth checking them out.
3. OnCourse Learning
Online Course Learning seems to have a high number of complaints on the BBB’s website: Complaints.
For this reason you will want to be careful if you choose this school. Most of the complaints seem to be issues with their refund policy.
The National Test Component
It’s time to put your knowledge to the test.
Don’t be nervous about this portion of the process. So long as you’ve taken the right preparatory measures, you should ace your MLO examination.
Through your NMLS online account, you have the option of taking one of two exams. These are as follows:
The National Test Component
This tests your knowledge of nation-wide mortgage legislation, Mortgage Loan Originator conduct, ethics.
OR
The National Test Component With Uniform State Content
Apart from the above, this also takes into account state-wide licensing and compliance regulations.
Passing Requirements for the Test
Aspiring MLOs in Washington must fulfill at least one of the following criteria:
- Get a passing score on the National and Washington State aspects of the exam
- Get a passing score on the National and individual UST aspects of the exam
- Get a passing score on the National Test Component With USC exam
Sponsorship By a Licensed Employer
This section covers sponsorship requirements associated with how to become a loan officer in Washington.
Once you’ve achieved a passing grade on the exam, head over to your NMLS account and complete a few final steps (including payment of filing fees) to finalize your submission.
You will also be asked to furnish additional information such as a credit report and criminal background check report.
To become fully NMLS certified, you must get sponsored by a Washington state licensed employer.
Vintage Lending offers the highest commission split in the industry, so if you want to make the most possible money in your new career give us a call.
Phone: (801) 846-8243
Now that you have all the right steps on how to become a loan officer in Washington, there’s nothing holding you back.
Final Thoughts
Congratulations! You’re soon to be a full-fledged loan officer in Washington on the cusp of an extremely rewarding career.
While this might seem overwhelming at first, the process is actually quite straightforward.
Rest assured, you have nothing to worry about.
With a little time and commitment, you will soon have a brand new NMLS MLO license to your name.
Do you want to learn more about becoming a loan officer?
Check out our comprehensive guide on How to Become a Loan Officer in 7 simple steps.
Also, we recommend Washington’s official MLO licensing website:
