The main role of a mortgage loan originator (MLO) is to help educate and assist loan borrowers with their application and closing processes. New York MLOs and loan officers make a good living guiding residential mortgage applicants in the city. These professionals play essential roles in enabling New York home buyers select the right loan types for their needs. Becoming an MLO in NY requires you take state-approved courses from trusted institutions. Several schools, including RealEstateU, offer comprehensive online classes for aspiring New York MLOs to streamline their license journey, making it essential to choose the right place to take your pre-license courses. This ultimate guide to NY online MLO courses will help you learn everything you need to become a licensed professional mortgage loan originator.
How Do Mortgage Originators Work in New York?
New York MLOs are responsible for creating mortgages. They often work with retail banks, mortgage bankers, and mortgage brokers. Many banks use traditional funding sources to close loans. However, mortgage bankers typically use a warehouse line of credit to finance loans. While banks access their traditional sources of funding to close loans, mortgage bankers use what is known as a warehouse line of credit to fund loans. The majority of mortgage bankers sell newly originated mortgages into secondary markets. Depending on key factors, such as size and sophistication, New York MLOs may aggregate mortgages for a defined period before selling the entire package. They also sell individual loans while originating.
One key fact you should know about mortgage loan originators is that they navigate multiple risks when holding onto mortgages after interest is quoted by borrowers.
20-Hour SAFE New York MLO Pre-Licensing Course
New York requires potential MLOs to complete hours of SAFE comprehensive courses provided by accredited schools, such as RealEstateU. Becoming a Mortgage Loan Originator in NY doesn’t have to break the bank if you choose an affordable package. RealEstateU offers the most cost-effective online MLO courses in the US, starting from as low as $199. Their 20 hours of NMLS-approved mortgage loan originator course includes three hours of New York-centered content. You can find more info on their official website.
Here are a few easy steps to become a licensed MLO in NY
- Take and Pass the National MLO Exam
You must sit for and pass the National Loan Originator exam after completing the 20-hour SAFE course. The Nationwide Multistate Licensing Service (NMLS) requires students to pay applicable license fees to become MLOs.
- Submit Your Fingerprint for Criminal Background Check
It’s vital to submit your fingerprint information and pass criminal background check with state and federal authorities when applying for MLO license
- Demonstrate Your Financial Responsibility
Aspiring New York MLOs should submit their credit reports and demonstrate their financial responsibility. They should also be covered under an employer lending bond or have an individual surety bond. Once you are at least 18 years old and have the requisite qualifications, the New York Department of Financial Services (NYDFS) will issue you an MLO license after meeting the right conditions.
Becoming an MLO in New York is a lucrative career for those who want to make money by guiding borrowers through their residential loan application process from start to finish. Sign up for RealEstateU NMLS-approved online courses to gain the fundamental knowledge you need to thrive in this competitive industry.
