If you’re a mortgage loan officer looking to significantly expand your client base and income, getting licensed in multiple states can be a game-changer. If you’re just starting out as a loan officer, multiple state licenses can help you hit the ground running.
Here’s a complete guide to getting your mortgage loan officer license in multiple states.
The benefits of being licensed as a mlo in multiple states
Why should you get licensed as a mortgage loan originator in multiple states?
- Increase Your Client Base: The primary benefit of getting licensed as a mortgage loan officer in multiple states is the opportunity to dramatically widen your client base. More states mean more housing markets to tap into, thereby increasing your potential income streams.
- Diversify Your Business: Working in multiple states allows you to diversify your loan officer income and avoid a drop in income due to changing local market conditions. If one state’s housing market is sluggish, you can focus your efforts on providing loan options in a more robust market in a different state.
Your step-by-step guide to getting your mortgage license in multiple states
The process to getting licensed in multiple states is very straightforward after you’ve passed the national SAFE exam and have your initial mortgage loan originator license.
Step 1: Find a mortgage company sponsor
Find a sponsor in the new state you wish to be licensed in. Sponsors like Morty can help support you in expanding your licensing to a new state or getting licensed in multiple states as a new loan officer. Morty is licensed in 45 states and can help you quickly get sponsored in multiple states.
Step 2: Meet state-specific requirements
Each states have their own mortgage licensing requirements, including education, testing, background checks and fingerprinting. Check out your state’s mortgage requirements and then work to meet the state’s criteria to obtain your license.
Note: If you’re not already a licensed loan officer, you’ll also need to complete 20 hours of NMLS pre-licensing coursework and pass an exam. You can read more in our guide to becoming a mortgage loan officer.
Step 3: Application and Fees
Submit your mortgage application, known as the Individual Form (MU4), through the NMLS portal and pay any state-specific fees. These fees can vary widely and may include the cost of background checks and other administrative fees.
Step 4: Continuing Education
To maintain your multi-state licenses, you’ll need to meet the continuing education requirements for each state you’re licensed in. Keep this in mind when planning your professional development.
Getting licensed as a mortgage loan officer in multiple states can be a huge asset, whether you’re a veteran or just starting out in your career. It’s important to be aware of the added expense and educational requirements that might come with this, and have the right sponsor and support on your side.
Join Morty’s Platform, we make it easy to get licensed in multiple states. Fill out the form below to get in contact with our team and learn more.