Breaking into the Mortgage Industry: A Beginner’s Guide

• Mortgage professionals help people secure home financing and navigate complex loan processes.
• Most roles require an NMLS license, which involves training and an exam.
• You don’t need a degree to get started.
• This guide outlines how to break into the industry from scratch.

Why Consider a Mortgage Career?

The mortgage industry is an excellent path for career changers, recent grads, or anyone looking to grow their income and work with purpose. You’ll help people achieve homeownership and much more.

According to the U.S. Bureau of Labor Statistics, the median pay for loan officers was around $73,000. Commission-based roles can yield significantly higher earnings with experience and strong firm performance.

What Do Mortgage Professionals Do?

Mortgage professionals connect borrowers with lenders and guide them through the home loan process. Common roles include:

• Loan Originator (also called MLOs): Work directly with borrowers, gather financial info, and recommend loan options.

• Mortgage Brokers: Independently shop for the best loan deals across lenders.

• Underwriters: Review and approve or deny mortgage applications based on risk.

• Processors and Closers: Handle documents and ensure compliance through the final steps.

What Skills Do You Need?

You don’t need a finance degree, but these skills matter most:

• Strong communication: You’ll explain financial topics clearly to clients.

• Attention to detail: Precision matters in documentation and compliance.

• Problem-solving: Every client has unique needs and challenges.

How to Get Licensed (NMLS Steps)

Most mortgage roles (especially MLOs and brokers) require a license from the Nationwide Multistate Licensing System (NMLS). Here are the basic steps:

1. Complete 20 hours of NMLS-approved mortgage education

2. Pass the SAFE MLO licensing exam

3. Submit a background check and fingerprints

4. Apply for your license via the NMLS website

5. Complete any continuing education annually to stay licensed

You can find the full licensing process on the NMLS Resource Center.

How to Gain Real-World Experience

Once licensed, you can start in assistant or trainee roles like:

• Loan Officer Assistant

• Junior Processor

• Entry-level Sales or Intake roles at mortgage firms

You can also gain exposure through:

• Online mortgage training programs

• Joining national organizations like the Mortgage Bankers Association

• Attending mortgage webinars or online expos

Where to Get Educated

To legally work as a mortgage loan originator, you must complete a pre-licensing education. Aceable offers an online course designed to help you prepare for a mortgage career. It’s user-friendly and built to support you throughout the entire licensing process.