How to get an NMLS License?

It is a mandatory requirement for all loan lenders in the US. Before we guide you through the process to obtain an NMLS license we encourage you to read ahead to learn more about what it takes to build a successful career in personal loans. 

Becoming a Loan Manager

Before you set out to apply for an NMLS license and officially launch your career as a loans professional, it is useful to analyze your motivations, skills, and experiences and if you see this career path as a good fit for your personal and professional growth. 

What makes a successful loan lender?

At E Mortgage Capital we pride ourselves in providing excellent customer service to our clients. First and foremost if you are a people person then you´re off to a good start. We serve people and help them succeed in their personal projects and achieve their dreams. 

This can go as far as providing them with a loan to buy their dream home, a new car, or carry out a home renovation project. If you enjoy meeting new people, listening to their queries, attending to their personal situations, and providing them honest answers and constructive solutions then you´re off to a promising start. 

A Good loans manager is foremost a good listener. You must be empathic and a keen observer of each client’s situation and guide them through the most beneficial financial product that might suit them. This might be different from what they had initially envisioned when they contacted you. As long as it’s the right choice you´re doing your job.

What’s good for the client is good for you

Remember with personal loans, what’s good for your client is good for you. If you issue a loan that’s higher than what your clients are capable of paying back, then your success will be short-lived. As soon as the repayments start defaulting, it will hurt the company which will have to employ extra resources in debt collection services or legal services if the situation worsens. 

Secondly, you must be honest and candid with your clients. If their personal situation recommends a lower loan, (or none at all)  then be sure to recommend that. You should be sincere and offer them a personalized solution that makes sense with full transparency. 

Personality traits aside, it is important to check you have a working knowledge of financial products, state laws, and organizational skills. These skills will help you shine in a different light as a reliable and successful loan manager. 

You don't need to be a financial wizard, but having some basic working knowledge in loans and finances helps. An open and curious mind goes a long way in this industry and you can always pick up key skills and knowledge as you move forward in your career.

Another skill that will help to develop a successful career as a loans manager is being consistent. Some months will be better than others but a steady and regular effort helps to ride through weaker months. 

If you see this career as the right fit for you, congrats, all of these skills combined with the right attitude will pave a successful future with EMortgage. 

NMLS Licenses 

Obtaining an NMLS license is a straightforward and mandatory requirement for all loan professionals. Here is a step by step break down of the process:

1. Review your requirements

Go to the State Licensing Requirements page for your State. You will find details of the documentation you will need which will need to be uploaded and sent to the state agency. Please bear in mind all loan professionals are obliged to

All state-licensed Mortgage Licensed Officers (MLOs) must comply with the following conditions before they submit their NMLS application:

  • Pass the National SAFE MLO test
  • Complete pre-licensure education
  • Submit to a criminal background and credit check  2. Coordinate with your company

NMLS is the official system that will issue your license so it is important to be aligned with your employer. If your company is licensed with or registered in a state through NMLS, either of you can complete your first Individual Form (MU4) in NMLS. 

Whichever party creates the first Individual Form (MU4) must pay any associated fees when it is submitted to the state agency. If your company is completing your first Individual Form (MU4), wait for their confirmation before proceeding. 

3. Create an account

Please ensure when creating your NMLS account that the information you provide is accurate and true. Inaccurate information can lead to duplicate accounts. If this happens, then the responsible individual or company is​ liable for all fees associated with resolving the error.

4. Log into NMLS

If your company created your first Individual Form (MU4), log in with the credentials provided, review your Individual Form (MU4), make any necessary corrections, and attest to its accuracy. 

On your Road to Success as a Loan Manager

We hope these tips and advice have been useful to you and shed some light on the requirements to become a loan manager. If you see this as a good fit to build a successful career, get in touch, we will guide you through the process to join our successful network of loan officers and managers.

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