Getting licensed as a mortgage loan originator (also called an MLO, or mortgage loan officer) has immense potential, and is much cheaper than many types of professional education. Having a skill for which a license is required makes your skill set unique and in greater demand, which is why doctors and lawyers often have high incomes. However, becoming licensed as an MLO is significantly easier than getting a medical degree. As a licensed MLO, you’re a highly skilled employee with significant pay potential, but you don’t need to spend $500,000 going to seven years of school.
You can find all sorts of information about how much mortgage loan officers make online. Most websites will confidently tell you they know precisely how much MLOs earn across the US, but these estimates are often based on non-representative self-reported salaries. In reality, there is a wide range of salaries and compensation structures for MLOs, so averages are very region-dependent and vary widely between companies. MLOs can make well over $200,000 per year, but they can also have a starting salary of $50,000 per year. There is no way to predict precisely how much you will make. There is immense potential to earn hundreds of thousands, but this will take time; do not lease a Maserati after you pass your MLO NMLS exam. At least, not yet.
A nice part about becoming an MLO is that you can always move up and do better, and your skills will always have value.
To get started as an MLO, you need to sign up in the Nationwide Multistate Licensing System (NMLS), and take 20 hours of national education and anywhere between 0-4 hours of state-specific education (depending on the state). You’ll then need to pass an exam and a background check.
This career path is challenging, math-oriented, and exciting, and can help you achieve your income goals much more quickly than many other professions!
To start your MLO journey, click here.