A Loan Originator is defined as someone who takes a residential mortgage loan application and offers to negotiate terms, such as rates and fees of the loan for compensation or gain. They are the primary contact for a borrower and help the borrower complete any paperwork for the loan.
There are four main requirements for obtaining a Mortgage Loan Originator license:
- Register with NMLS (Nationwide Mortgage Licensing System)
- Complete the 20-hour Mortgage Pre-License course (along with any State-specific requirements)
- Pass the National Exam
- Complete background check and credit checks with the NMLS
- Apply for license(s)