Virginia lenders typically hire mortgage loan originators (MLOs) to assist borrowers with their mortgage application process. An MLO is usually not responsible for approving your loan. Instead, they act as an official who guides you through the paperwork and loan terms and conditions. Remember that you should be licensed by your state or appropriate federal authority before you can operate as an MLO to serve your consumer’s best interests. Launching a successful mortgage career in VA requires you to take the relevant courses to excel. Top online schools, like RealEstateU, offer affordable Virginia MLO courses that you can sign up for to learn vital information that will transform your MLO career.

Steps to Become a Mortgage Loan Originator (MLO) in Virginia

Here are a few easy steps to get your MLO license in VA:

1. Be at Least 18 Years Old and Have a Bachelor’s Degree in Finance

Experience in finance and sales is vital for becoming a successful MLO in VA, but this is not always required.

2. Complete 20 Hours of Pre-Licensing Education at an Approved Institution

Aspiring VA MLOs must take a 20-hour SAFE comprehensive course at an accredited school to earn their licenses. You can get a Virginia MLO license for under $200 if you attend RealEstateU, one of the leading and most affordable schools in the state. Students who want to fast-track their MLO courses usually choose RealEstateU, as the school enables you to complete your pre-licensed education within two weeks.

3. Pass Your National Exam

Virginia MLO candidates must pass a national exam specified under the SAFE Act. Some states also require students to meet specific state testing requirements to get an NMLS license. If you don’t complete your course materials in time and are unable to pass your final exam on your first attempt, you can always repurchase the course and restart your studies from the beginning.

Some good news about RealEstateU is that their MLO course packages come with a 100% satisfaction guarantee. Instructor-led MLO online courses are recommended for those looking for convenient ways to earn their licenses and save money.

4. Complete Criminal Background Check

You should provide your fingerprints to the NMLS for criminal background check. MLOs licenses in VA must also authorize the NMLS to get a copy of their credit report.

5. Create an NMLS Account to Obtain Your ID

Another important step to get a Virginia MLO license is to create an account to obtain your NMLS ID. You can apply for an NMLS ID through your employer or individually if you don’t have one.

MLOs work for depository institutions, including federally-insured banks, credit unions, and savings and loans companies. They are required to register themselves with the Nationwide Multistate Licensing System (NMLS) and Registry. It’s advisable to check your state’s specific MLO licensing requirements specified under the Secure and Fair Enforcement (SAFE) Act for the Mortgage Licensing Act (2008). RealEstateU’s comprehensive mortgage loan origination courses include useful e-textbooks and National SAFE Exam Prep Guide. You can subscribe today and find everything you need to pass your exam and begin your MLO career.