How to Become a Loan Officer in Wyoming
Licensed loan officers in Wyoming enjoy a very lucrative career, one that puts them at the helm of people’s financial future.
Every day brings new challenges, and you’ll quickly learn the ins and outs of the industry.
There is a lot of information out there about how to become a loan officer in Wyoming.
We’re here to help you trim the fat and quickly get to the essentials.
Below, we answer some of your burning questions about how to become Mortgage Loan Originator (MLO) certified in the state of Wyoming.
What Pre-Licensing (PE) Education Do I Have to Complete?
The first step is to create a Nationwide Multi-State Licensing System and Registry (NMLS) account.
You can complete this formality on NMLS’s online portal.
The Wyoming Division of Banking oversees MLO licenses in the state and requires that each candidate go through a mandatory 20-hour course as part of their PE.
Most states also require an additional state-specific test, the good news is that Wyoming does not.
Your 20-hour S.A.F.E. course will include:
- Federal law and regulations – 3 hours
- Ethical MLO practices – 3 hours
- Lending rules in a non-traditional mortgage marketplace – 2 hours
- Assorted elective instructions about the MLO industry – 12 hours
To retain your loan officer status and license, an additional 8 hours of coursework will have to be completed every year by way of Continuing Education (CE) coursework.
Now that you know what to expect, it’s time to research the right schools.
Where Can I Complete My MLO PE Education?
Nothing beats a good foundation.
When thinking about how to become a loan officer in Wyoming, one of the most important steps is to pick the right school.
NMLS requires every loan officer to complete their coursework through an approved school.
Be sure to take your time with the research process to avoid hassles later on. There should be plenty of courses that work flexibly with your busy schedule.
Today, let’s talk about the two main NMLS-approved institutions for aspiring Wyoming MLOs:
1. Praedo Institute
Praedo offers an MLO pre-licensing program through their partner OnCourse Learning. New mortgage loan officers may find this a handy prep tool.
The reviews for OnCourse Learning are a mixed bag. We recommend taking a look at their BBB reviews before reaching a decision.
2. Mortgage Educators and Compliance (MEC)
Mortgage Educators and Compliance is another top pick in Wyoming. It offers an online instructor-led program. The course includes 1000 sample questions, video content, downloadable study material and more.
MEC has some pretty great reviews from previous students.
You can check them out here: Trustpilot Reviews.
What Exam Do I Have to Take to Become MLO Certified in Wyoming?
With all that studying behind you, it’s now time to ace your test.
The National exam is delivered through an online multiple-choice format which you can take through your NMLS account.
To move on to the next step, you must fulfill at least one of the following:
- Passing scores on the National and Wyoming State aspects of the test
- Passing scores on the National and Standalone UST aspects of the test
- Passing scores on the National test Component with Uniform State Content
Passing scores usually mean 75% or higher.
Don’t be too hard on yourself if you do not pass the test the first time around. You can always take it again after 30 days.
Is There a Chance of My Loan Officer Application Getting Rejected?
You’re halfway through figuring out how to become a loan officer in Wyoming. Next, we’ll explore the scenarios that could render your application ineligible.
There are certain circumstances that may disqualify you from an MLO license.
- If you’ve had your MLO license denied or revoked in any other jurisdiction
- If you’ve been served with a cease and desist order
- If you’ve been convicted of a felony that could prevent licensure
Apart from these extreme scenarios, your application should be perfectly airtight, provided you carefully follow all the steps.
How Do I Complete My MLO License Application?
We’re now on the home stretch. You’re very close to becoming a full-fledged loan officer in the state of Wyoming.
You will have to login to your NMLS account, and submit a credit report and Criminal Background Check (CBC).
You will also be required to pay the mandatory application fees at this juncture.
The final step is to get employed by an NMLS-approved employer in Wyoming, letting the government know that you will be practicing under their guidance.
And with that, you now have the main insights on how to become a loan officer in Wyoming.
These simple steps will set you on your way to a very fulfilling career.
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.
To receive the latest updates, drop by Wyoming’s NMLS website:
http://wyomingbankingdivision.wyo.gov/home/areas-of-regulation/mortgage-loan-originator
