Loan Factory | Becoming a loan officer

HOW TO BECOME A LOAN OFFICER

STEP 1: EDUCATION COURSES

Sign up to take online pre-license education 20-hour courses. At Loan Factory, we have amazingly discounts from many NMLS-approved schools:
- Mortgage Educators and Compliance (MEC)
- Mortgage-Education.com
- OnCourse Learning

STEP 2: SAFE TEST WITH PROMETRIC

Schedule and pass your Safe Test with Prometric.
Request an account and check your results on the NMLS database after 72 hours.

STEP 3: APPLICATION

Submit your payment and MU4 application with NMLS.
Clear a credit check and background check to qualify.

STEP 4: STATUS

Request ‘approved-inactive’ status for licensing on the NMLS website.

Obtain a license and join Loan Factory, we currently have a promotion to reimburse up to $700 as soon as you close a first loan with Loan Factory.

After obtaining a license, you should carefully choose a mortgage broker to work with. Check out how Loan Factory compares to other mega brokers

Note: Loan Factory is more than just a broker. We are a tech startup with our proprietary platform built for loan officers.

	Loan factory	Other brokers	Retail lenders
Compensation	High and flexible	High and flexible	Low and inflexible
Technology	Proprietary. The Best and only all-in-one Platform	Software compatibility issues	Software compatibility issues
Monthly Fees	None	Technology-use fees	None
Pricing	Excellent	Good	Worst
Turn times	Fast	Fast	Slow
Support	Dedicated Team	Maybe	Varies
Training	Yes	Yes	Yes
Mentoring	Yes from #1 Loan officer in the country	Maybe	Varies
Relationship type	Mostly 1099	Mostly 1099	W-2

HOW TO BECOME A LOAN OFFICER

STEP 1: EDUCATION COURSES

STEP 2: SAFE TEST WITH PROMETRIC

STEP 3: APPLICATION

STEP 4: STATUS

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