Do you know how to become a mortgage loan officer in Ohio? Find out everything about this career in this guide
The mortgage market in the United States has been tougher for aspiring house buyers as years go by. Property prices have surged along with interest rates. These factors caused a drop in home sales and additional challenges for mortgage professionals across the country. Still, working as a mortgage loan officer can make you a living, especially in Ohio.
The city of Columbus in Ohio was hailed as the most searched housing market in the country. With a climbing number of prospective clients, you might enjoy an influx of earnings and commissions as a mortgage loan officer here. Career growth opportunities and personal fulfillment are also possible.
So, how do you become a mortgage loan officer in Ohio?
In this article, Mortgage Professional America will talk about the steps to becoming a mortgage loan officer in Ohio. We will also discuss how much you can earn and how to make money right from the start. Curious to find out what to expect on your first month as a mortgage officer in Ohio? Read on for more.
Become a mortgage loan officer in Ohio in 6 steps
Here are the six steps on how to become a mortgage loan officer in Ohio:
- request an NMLS account
- finish the NMLS-approved pre-licensure education
- pass the SAFE test
- have the state and the FBI run criminal background checks
- Finish the NMLS application
- get employer sponsorship
Let us take a closer look into each step to better understand how to become a mortgage loan officer in Ohio:
1. Request an NMLS account
First, you have to request an account with the Nationwide Multistate Licensing System (NMLS). This system is used not only in Ohio but also across the US. It is for the registration and tracking of mortgage loan officers.
Once the NMLS accepts your request, you need to pass the initial test for mortgage loan officer. This examination is also administered by the NMLS. The exam will cover important principles about the mortgage industry and will focus on these topics:
- 3 hours of federal law
- 2 hours of non-traditional mortgage lending
- 12 hours of general electives
- 4 hours of Ohio-specific defined electives
The Ohio state licensing agency or the Department of Commerce Division of Financial Institutions sets the requirement for the Ohio-specific 4-hour coursework.
2. Finish the NMLS-approved pre-licensure education
As for the second step, you must finish the pre-licensure education program approved by the NMLS. This will help you develop the skills and knowledge needed to thrive as a mortgage loan officer in Ohio.
3. Pass the SAFE test
Once you have completed the NMLS pre-licensure education program, you have to take and pass the Secure and Fair Enforcement Act (SAFE) mortgage loan officer test. This exam will assess everything that you have learned from the NMLS program. It will also review your knowledge of the mortgage industry.
4. Have the state and the FBI run criminal background checks
For step number four, you are required to submit a criminal background check. In turn, you must give your consent to the state of Ohio and the Federal Bureau of Investigation (FBI) to conduct the needed evaluations. Once you provide the needed information, they will analyze your profile and check if you have or are involved in any criminal activity.
How to make a criminal background check request to the FBI
The FBI calls their criminal background checks “rap sheets” or “identity history summary checks.” Check out these three ways for requesting your criminal history to be reviewed:
- online
- FBI-approved channeler
Let us discuss these options one by one:
Online
Making an online request is the fastest way to have the FBI check your criminal history (or lack of it). First, go to the website of Electronic Departmental Order - Criminal Justice Information Services (CJIS). Follow the steps under the “Obtaining Your Identity History Summary” section.
The second option is by mailing your request to the FBI. Here are the steps:
- complete the applicant information form
- get your fingerprints on a standard fingerprint form (FD-1164)
- pay the Rap Sheet fee of $18 per person
- review your requirements
- send your required materials
- wait for a response by first-class mail via the US Postal Service
FBI-approved channeler
For the third option, an FBI-approved channeler will make the request on your behalf. These channelers are private businesses that have contracted for such a function with the FBI. They will:
- receive your fingerprint submission and other vital details
- collect the payment
- forward your fingerprint submission along and other vital details to the FBI for a national Identity History Summary check
After this process, a channeler will receive the outcome of the electronic summary check and share it with you. Want to know how long it takes for the FBI to conduct their background checks? Watch this video:
Whether you live in Ohio or not, this guide on how to become a mortgage loan officer will help you get started.
5. Finish the NMLS application
The next step is to finish your NMLS application. This is required so that all your necessary information (such as your qualifications) will be consolidated in one place. This will also enable you to legally work as a mortgage loan officer in Ohio.
6. Get employer sponsorship
After completing all the requirements above, you can get an employer to sponsor you. This step is highly beneficial for mortgage loan officers in Ohio since they need to be employed by a home loan provider. Most of these employer-lenders are commercial banks, credit unions, or other financial companies. Your employer-lender will also help complete your application.
Once you are employed, your main job is to introduce your employer-lender's property loan products and services to potential borrowers.
If you want to know more about how to become a loan officer in Ohio, our Best in Mortgage section might help. You can learn a thing or two about the mortgage professionals highlighted in our reports. Their profiles, experience, and testimonies might also inspire you to go for this career.
How much does a mortgage loan officer make in Ohio?
The average income of a mortgage loan officer in Ohio is $188,264 per year. You can also earn more through commissions. This extra income can go up to $35,500 annually. As for the lowest possible earnings, you can get a pay of $84,104 per year.
Seasoned mortgage loan officers might enjoy the higher end of the income bracket at $421,420 per year. All figures are sourced from Indeed.
Aside from this income range and commissions, mortgage loan officers are given the opportunity to earn millions of dollars through hard work and effective strategies. To prove that this is possible, here is a clip about the simple formula that makes mortgage loan officers millionaires:
How do you make money starting out as a mortgage loan officer?
If you want to make money once you get started as a mortgage loan officer, you have to acknowledge the fact that it is not instant. Being patient is a must. You must also strive to always improve your craft.
Here are some of the things that you can do to generate income as a mortgage loan officer:
- build a network of good connections
- collaborate with experienced mortgage loan officers
- take advantage of free seminars and workshops
- market your brand and utilize online advertising
- follow up with potential clients in your area
- leverage social media and other online tools
What to expect during your first month as a mortgage loan officer
During your first month as a mortgage loan officer, you can expect a combination of training and onboarding processes from your employer-lender. Familiarize yourself with their home loan offerings so that you’ll know what to say when a client makes an inquiry. This is also a time for you to set up and dig deeper about Ohio’s mortgage market.
Be sure to connect with your colleagues and other mortgage loan officers. Try to be open-minded whenever they give some tips and advice. To get a glimpse of reality on what to do on your first month as a new mortgage loan officer, watch this video:
You might also want to seek a mentor to guide you through the initial phases as you get comfortable with your new job. While the mortgage industry is a male-dominated field, there are many success stories of mortgage loan officers who are women. Our special report on female leaders in the industry listed the top names in the US mortgage sector. Any one of these experts can help you!
Starting your journey as a mortgage loan officer in Ohio
Starting your journey as a mortgage loan officer in Ohio is not an easy path. A mortgage loan officer’s job will begin once a commercial bank or home loan provider offers employment. Like other careers, this job requires dedication, effort, and following the right steps to succeed.
Whether you plan to work part-time or full-time, you must meet all necessary qualifications. You should also comply with both state and local regulations to work without legal impediments. If you combine these tips while developing your own strategies, you might see your name with the top mortgage professionals sooner than expected.
Want to work as a mortgage loan officer but not in Ohio? We have other guides on how to become one in other states:
- 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 Massachusetts
- How to become a mortgage loan officer in Michigan
- How to become a mortgage loan officer in Pennsylvania
- How to become a mortgage loan officer in Texas
Do you find this guide on how to become a loan officer in Ohio helpful? Feel free to share what you think in the comments section below.
