Do you want to know how to become a mortgage loan officer in Massachusetts? Find out the requirements and steps you need to take when you read this article
If you want to enter the mortgage broking business in Massachusetts, becoming a mortgage loan officer is the way to go. This career path can provide personal and professional growth while helping you gain connections with top performing mortgage professionals in your area. You can even expand your brand and get acquainted with successful home loan officers who are recognized nationwide.
In this article, Mortgage Professional America will talk about how to become a mortgage loan officer in Massachusetts. We will cover the role of a mortgage loan officer as well as the steps on how to become one. We will also discuss the income potential of mortgage loan officers in Massachusetts. If you think that this profession suits your career objectives, read on for more.
What is the role of a mortgage loan officer?
A mortgage loan officer is a professional who helps people get loans to buy homes. They work with clients to understand their financial needs and guide them through the mortgage application process. Their day-to-day tasks include:
- checking whether clients are eligible for a home loan
- explaining different home loan options to clients
- gathering necessary documents and information
- submitting applications to mortgage lenders
Mortgage loan officers also communicate with banks and other lending institutions to find the best loan products for their clients. Just like in any other state, a mortgage loan officer in Massachusetts should aspire to help people secure financing for their dream homes.
Before we discuss each step on how to become a mortgage loan officer in Massachusetts, watch this video about nine things you should know before working as a mortgage loan officer:
Planning to take the path to how to become a mortgage loan officer in Massachusetts can be challenging—just like becoming a mortgage broker. However, both options can be rewarding as careers. Learn how to become a mortgage broker in this article.
Steps on how to become a mortgage loan officer in Massachusetts
If you want to become a mortgage loan officer in Massachusetts, you should be able to pass the criteria needed to work as one. First you should obtain a license, finish the exam, and take all the steps required by the state.
To help you get started, check out these six steps on how to become a mortgage loan officer in Massachusetts:
- request an NMLS account
- finish NMLS-approved pre-licensure education
- pass Secure and Fair Enforcement Act (SAFE) mortgage loan officer test
- have the state and FBI run criminal background checks
- finish NMLS application
- get employer sponsorship
Let us take a closer look into each requirement to further understand how to become a mortgage loan officer in Massachusetts:
1. Request an NMLS account
Your first step is to request an account with the Nationwide Multistate Licensing System or NMLS. This system is used not only in Massachusetts but across the country to register and track mortgage loan officers. Once you have requested an account with the NMLS, you should now take the mortgage loan officer exam for Bay Staters—which is also administered by the NMLS.
This test will cover details about the mortgage sector in general and cover important topics like ethics plus fraud, consumer protection, and fair lending issues. Other topics include:
- federal law
- general electives
- state-specific Massachusetts law education
- non-traditional mortgage lending
There is also a three-hour course imposed by the Massachusetts state licensing agency. This is known as the Division of Banks.
As for the necessary licensing fees, you need to pay for the following:
- application fee
- first-year licensing fee
- credit report fee
2. Finish NMLS-approved pre-licensure education
Finishing the NMLS-approved pre-licensure education is required if you want to become a mortgage loan officer in Massachusetts. With this educational program, you will be able to improve your skills and formulate strategies to be successful in your career.
3. Pass Secure and Fair Enforcement Act (SAFE) mortgage loan officer test
The third step is to take the SAFE Mortgage Loan Officer Test after finishing the NMLS pre-licensure education program. You must pass this test since this will assess your knowledge and understanding of all that you have learned from the NMLS program.
This exam will also evaluate whether you can apply these lessons once you become part of the mortgage broking sector. The SAFE test will then determine if you are ready to work as a mortgage loan officer in Massachusetts.
4. Have the state and FBI run criminal background checks
After passing the SAFE mortgage loan officer test, the state and the FBI must have your consent to conduct criminal background checks on you. This is necessary if you want to become a mortgage loan officer in Massachusetts. They will analyze your profile and check if you have or are involved in any criminal activity from the past or present.
If state authorities or the FBI find anything suspicious, you might have some difficulties. This is because any criminal activity discovered might cause the denial of your license application. So, make sure that your record is clean to avoid problems when applying to become a mortgage loan officer in Massachusetts.
How to make a criminal background check request to the FBI
The FBI has provided three ways for requesting a criminal background check (“rap sheets” or “identity history summary checks”) on your profile. This is an essential step to prove that you have a clear record.
- online
- FBI-approved channeler
Let us briefly discuss each option:
Online
This option is the fastest way to submit your request to the FBI. First, visit the Electronic Departmental Order - Criminal Justice Information Services (CJIS). After that, complete the steps under the “Obtaining Your Identity History Summary” section provided on the page.
You can also choose to mail your request. You can download the Identity History Summary Request or FD-1164 through the FBI website for free.
FBI-approved channeler
For the third option, an FBI-approved channeler will make the request for you. These channelers are private businesses that assist in the delivery of the information needed for criminal background checks on behalf of the FBI. Some of these channelers include:
- VetConnex
- Fieldprint, Inc.
- TRP Associates LLC
- Biometrics4All, Inc.
- Accurate Biometrics
- National Credit Reporting
- National Background Check, Inc.
- Digital Trusted Identity Services LLC
5. Finish NMLS application
Finishing your NMLS application is the fifth step. Once you complete this, all your vital information and completed requirements will be compiled in a single location. This will allow you to work legally as a mortgage loan officer in Massachusetts.
6. Get employer sponsorship
The final step on how to become a mortgage loan officer in Massachusetts is getting employer sponsorship. This means connecting with financial institutions like banks and mortgage lenders that will help you complete the application process.
You should also learn some techniques on how to get hired as a mortgage loan officer. Watch this video to help you look for the right bank or mortgage lender to work for:
Bonus tip: You should try connecting with top lenders and the biggest banks in the US. Make your mark to increase your chances of getting hired as mortgage loan officer. Be sure to showcase your knowledge and skills aside from your educational background and certifications.
How much do mortgage loan officers make in Massachusetts?
In Massachusetts, mortgage loan officers can earn up to $73,673 yearly on average. The lowest possible income is $63,622 while the highest is $86,278. The earning range of mortgage loan officers in Massachusetts is based on numerous factors. Some of them include:
- city or location
- education and certification
- level of expertise
- additional skills
Would you like to learn the salary range of mortgage loan officers in other US states? Check out these guides on:
- How to become a mortgage loan officer in California
- How to become a mortgage loan officer in Florida
- How to become a mortgage loan officer in Georgia
- How to become a mortgage loan officer in Texas
Working part-time or full-time as a mortgage loan officer in Massachusetts
Whether you’re aiming to work part-time or full-time, you need to take the steps listed above and comply with both state and local regulations. While working full-time can give you better chances of success, you can still thrive while being a part-time mortgage loan officer in Massachusetts.
For instance, if you do 20 hours per week in the business, make sure that you give your all and work twice as hard if you can. This way, you might be able to hit your targets and eventually work full time.
Knowing how to become a mortgage loan officer in Massachusetts
Knowing how to become a mortgage loan officer in Massachusetts is a tough journey that requires dedication and effort. Like many professions, it is not simply a walk in the park. Becoming a mortgage loan officer calls for careful planning and the right steps to succeed.
Despite many challenges, launching your career as a mortgage loan officer can be incredibly rewarding. This role offers the opportunity to help people achieve their dreams of homeownership, which can be fulfilling to your clients. Success in this field often comes from hard work, perseverance, and a commitment to providing excellent service so that you can reach the top.
Mortgage loan officers in Massachusetts thrive because they are dedicated to their work and continue to improve their skills and knowledge. This career is also inclusive and does not favor one gender over the other. You can find both men and women who are successful in their profession as mortgage loan officers.
If you are looking for inspiration, you can find some of the top female mortgage professionals featured on our special report for Female Leaders in the Mortgage Industry. Their stories can provide you with valuable insights and motivate you as you build your own career in the mortgage industry.
With the right mindset and determination, you can achieve your goals and grow your business—all while helping your clients fulfill their homeownership dreams.
What do you think about this guide on how to become a loan officer in Massachusetts? Feel free to share your thoughts in the comments section below.
