How to Become a Loan Officer in Missouri and Start a New Career

Becoming a loan officer in Missouri can be a rewarding career, but it requires the right education and training. To get started, you'll need to meet the minimum education requirement of a high school diploma or equivalent.

To become a licensed loan officer in Missouri, you'll need to pass the SAFE Act exam, which is administered by the Missouri Division of Finance. This exam tests your knowledge of mortgage laws and regulations.

The SAFE Act exam requires a minimum score of 75% to pass, and you'll need to complete a training course before taking the exam. The Missouri Division of Finance also requires you to complete continuing education courses every two years to maintain your license.

To become a loan officer in Missouri, you don't need to complete the MLO license, you just need to follow 5 simple steps.

You'll work with borrowers to get the right mortgage for a real estate transaction, from application and approval through closing.

As a loan officer, you'll be the original lender for the mortgage and can work for banks, credit unions, mortgage brokerage firms, or other financial institutions.

You'll provide home loan options to home buyers and people looking to refinance their current mortgages, working with them to find the best mortgage option that aligns with their personal finance goals, budget, and preferred loan terms.

Your role is to help borrowers find the best mortgage option, working with them from application to closing.

As a loan officer in Missouri, you'll be responsible for helping borrowers navigate the mortgage process, finding the best loan terms for their needs.

To become a loan officer in Missouri, you'll need to go through the licensure process. To do this, you must be licensed with individual states, even if you work in one state. You can check your own state to learn about state-specific mortgage licensing.

You'll need to complete 20 hours of prelicensing education and score a minimum of 75% on the two-part nationwide SAFE Mortgage Licensing Act Exam. This exam is developed by the Nationwide Mortgage Licensing System (NMLS). Some mortgage companies may also require a bachelor's degree or high school diploma.

Here are the specific requirements you'll need to meet:

Criminal Background Checks can be a straightforward process if you know what to expect.

You'll need to complete a state and FBI criminal background check as part of the licensure process.

Missouri applicants will need to authorize a Federal Criminal Background Check by completing the fields and clicking Attest in their NMLS account.

You'll then schedule an appointment to submit your fingerprints through the portal, selecting the Criminal Background Requests module and clicking the “Fieldprint” button.

The total cost of the state and FBI criminal background check is $36.25.

To become a licensed mortgage loan originator (MLO), you'll need to meet the requirements set by the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act).

You can be licensed in multiple states, even if you work in one state. You can check your own state to learn about state-specific mortgage licensing.

To get started, you'll need to complete 20 hours of prelicensing education. This is a requirement for non-bank lenders, like credit unions.

You'll also need to score a minimum of 75% on the two-part nationwide SAFE Mortgage Licensing Act Exam, developed by the Nationwide Mortgage Licensing System (NMLS). This exam is a crucial step in becoming a licensed MLO.

In addition to education and exam requirements, you'll need to agree to a criminal background check and a credit check.

Some mortgage companies may also require a bachelor's degree or high school diploma, so be sure to check with your employer for specific requirements.

Here are the key licensing requirements to keep in mind:

To become a loan officer in Missouri, you'll need to complete 20 hours of pre-licensure education. This includes coursework in Federal Law, Ethics, Non-Traditional Mortgage Lending, and General Electives.

The Missouri Division of Finance requires a specific breakdown of the 20 hours, which includes 3 hours of Federal Law, 3 hours of Ethics, 2 hours of Non-Traditional Mortgage Lending, and 12 hours of General Electives.

You can take this education online, and there are several approved providers to choose from, including The CE Shop, Knowledge COOP, American Realty Academy, Champion School of Real Estate, and OnlineEd.

In Missouri, you're required to complete 20 hours of NMLS-Approved Pre-Licensure Education to meet the education requirements.

The required coursework includes 3 hours of Federal Law, 3 hours of Ethics, 2 hours of Non-Traditional Mortgage Lending, and 12 hours of General Electives, as dictated by the Missouri Division of Finance.

You can take this online, and there are several approved providers to choose from, including The CE Shop, Knowledge COOP, American Realty Academy, Champion School of Real Estate, and OnlineEd.

To increase your chances of getting hired by a top company, consider having a Bachelor’s degree in finance, business, accounting, or a related field.

Here are the specific courses you'll need to complete:

Becoming a successful Mortgage Loan Officer (MLO) requires more than just technical knowledge. Having strong interpersonal skills is essential to building relationships with clients and helping them reach their financial goals.

Empathy, compassion, and patience are all key qualities for an MLO to possess. Seeing the happy faces of a family that's just closed on their dream home is what makes the job so satisfying for many successful MLOs.

Strong networking skills are also crucial, as they help connect with potential borrowers and grow relationships with real estate agents even beyond a traditional 9-to-5 day. Knowing how to get referrals and ask for testimonials from happy clients can help grow your business even more.

Real estate knowledge and an interest in the current real estate market are also essential skills for an MLO to have. Staying up-to-date on marketing trends and social media can also help you stay ahead of the game.

To become a loan officer in Missouri, you'll need to pass the SAFE Mortgage Loan Officer Test. The test has 115 scored questions, and you must answer at least 75% correctly.

You can schedule the exam by visiting the NMLS website and using your existing account number. The exam costs $110 and takes 3 hours and 10 minutes to complete. You can learn more by reviewing the MLO Testing Handbook.

To prepare for the test, consider taking a comprehensive course. The 20 Hour SAFE Comprehensive course is available in various formats, including a 10-day training program, an online instructor-led video course, and an online instructor-led course with a package format.

Here are some course options to consider:

Additionally, you can use the PLATINUM: Mortgage Exam Prep Suite with Prep xL Personalized Learning (OSP) tool to reinforce your concepts learned in the 20 Hour National Pre-Licensing course.

To become a loan officer in Missouri, you'll need to create an NMLS account, which will give you a personal NMLS number that you'll use throughout your career.

Before you can submit your application, you'll need to pay the Missouri portion of the licensing fee, which is $50, and also submit a credit report for a fee of $15.

To associate your NMLS account with an employer, have your employer request sponsorship through NMLS once you're hired.

Here's a breakdown of the fees associated with completing the Individual Form (MU4):

To request an account, you'll need to create an NMLS account on the State Mortgage Registry website.

The NMLS is a national database where all Missouri MLOs must register.

After creating your account, you'll receive a personal NMLS number that will be used for the duration of your time working as a Loan Officer.

This number will be maintained in the NMLS database.

To complete the individual form, you'll need to log in to your NMLS account. This is where you'll fill out the MU4 form, which is a crucial step in the licensing process.

First, go to the 'Filing' tab, then the 'Individual' submenu, and click on 'Request New/Update'. This will take you to the form where you'll need to provide all the necessary information.

You'll be asked to fill out the form with your personal details, including your employment history and company sponsorship information. Don't worry, this is a standard part of the process.

A criminal background check and credit report will also be required. These are standard checks that are done for all loan officers in Missouri.

You'll need to answer disclosure questions, and if you answer 'yes' to any of them, you'll need to provide the proper documents or complete the necessary orders.

In addition to the form, you'll also need to pay the required fees. These include:

Once you've completed the form and paid the fees, you'll be one step closer to securing your MLO license.