Become a Mortgage Broker in Washington, D.C.

Washington, D.C. mortgage brokers are companies that serve as an intermediary between borrowers and lenders for Washington, D.C. mortgages. District of Columbia mortgage brokers accept mortgage applications and negotiate with lenders. If you enjoy working in finance and lending, you should learn how to become a mortgage broker or work for a mortgage broker as an originator in Washington, D.C.

Steps

Getting the Right Certifications

1. Pay the necessary fees. To become a licensed mortgage broker in the District of Columbia, you'll need to pay some fees to cover the various costs of your license and other required applications. These fees include:
   • $100 investigation fee
   • $500 licensing fee
   • $500 non-refundable application fee
   • A continuous Surety Bond ranging between $12,500 and $50,000, depending on the volume of loans
2. Request a criminal background check. A criminal background check is a necessary requirement to become a mortgage broker in D.C. This will also include presenting your fingerprints to the NMLS for processing by the FBI.
   • Check the results of the criminal background check at the NMLS website at http://mortgage.nationwidelicensingsystem.org/ from your individual account.
3. Give authorization for a credit report through the NMLS. In order to become a licensed mortgage broker, the licensing agency wants to ensure that you are capable of managing finances, as is evinced by your own personal credit score.
4. Attain your broker license. Know that a license is a requirement of any Washington, D.C. mortgage broker or lender that solicits or makes an offer to solicit a Washington, D.C. mortgage.
   • The District of Columbia authority for regulating Washington, D.C. mortgage brokers is the Department of Insurance, Securities and Banking (DISB).
   • The National Mortgage Licensing System (NMLS) has a secure website that facilitates the licensing of mortgage brokers for Washington, D.C. and other states.

Becoming a Certified Mortgage Loan Originator

1. Complete education requirements. While a bachelor's degree is preferred for a mortgage loan originator (MLO), it is not a requirement. These educational requirements are determined by the 2008 Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). Mortgage loan providers must have at least 20 hours of mortgage loan education approved by the NMLS with three of those hours relating specifically to the District of Columbia. Education hours must include:
   • 3 hours of ethics
   • 3 hours of federal regulations and law
   • 2 hours about lending standards
   • 12 hours in origination of mortgage loans
   • 8 hours of continuing education are required each year in laws, regulations, ethics, and lending standards
2. Pass the national and Washington, D.C. mortgage loan origination tests. This exam certifies that you have the knowledge and experience to be gainfully employed as a MLO. This is a pass/fail test and you can receive your results upon leaving the testing center, though official test results are emailed within 72 hours.
   • NMLS can provide you with a testing handbook and an outline of test content for test preparation.
   • Test retakes require a waiting period of at least 30 days.
3. Submit your Form MU4. To become an MLO in Washington, D.C., you'll need to submit a Form MU4 as a District of Columbia mortgage loan originator through the NMLS website at http://mortgage.nationwidelicensingsystem.org/.
   • Create an individual account at the NMLS website.
   • Pay appropriate NMLS fees as required.
   • Notify the DISB within 30 days of any change to documents submitted for the application.

Getting Origination Experience

1. Search for originator positions online. One way to find jobs as an MLO in D.C. is by searching for job postings online. This is a simple way to gather the information you'll need to start applying.
   • There are many websites to check out for postings including Indeed, Monster, etc.
   • You can also apply directly to positions you find online. Financial institutions are a great place to start looking.
2. Use your networking skills. Ask around to people that you already know in the field if they have heard of any originator openings. People want to hire people that they know are skilled and reliable. Knowing someone on the inside will give you a leg up on getting any position you may apply for.
3. Maintain your training and certifications. Once you have become licensed as a MLO in Washington, D.C., you'll need to keep up with yearly requirements to maintain your license. For Washington, D.C., this means taking a required 20 hours of continued education in the field every year.
   • You'll also have to renew your license every year. The renewal process is much less time consuming (provided you didn't let your old license expire) and just involves reapplying through the NMLS.
4. Get an internship with an existing MLO. A great way to gain experience in most fields is by working as an intern for someone who already works in the position you want to eventually fill. Finding an internship with a MLO will help you learn from someone who already knows the ropes of the industry and help you gain the experience and confidence you'll need to begin the work on your own.
   • Internships are also a great way to network with other people who work in the same field. This will be beneficial when you begin looking for jobs or working on your own.
5. Spend time working in a financial institution. Since MLOs function as the financial expert who represents the buyer in a real estate transaction, it is reasonable to assume that the MLO will have a significant history of working in the financial arena.
   • In preparation for becoming a MLO, you might want to consider working in a bank or other financial institution for a period of time. This will help you gain some experience in the field, as well as make you more desirable to potential employers.

Tips

• Update your Form MU4 information with NMLS if you change employers after becoming a licensed Washington, D.C. MLO.
• Request a free annual credit report at https://www.annualcreditreport.com/ in order to fix any credit report errors before completing NMLS and state licensing requirements for mortgage brokers or MLOs.

Related Articles

• Become a Loan Originator

References

See also

• Prepare for a Banking Job
• Generate Promising Leads as a Loan Officer
• Become an Equity Analyst
• Become a Mortgage Loan Officer
• Become a Broker
• Prepare for IBPS Written Exam
• Find Legitimate Banking Jobs in Nigeria
• Get Mortgage Clients
• Become a Junior Stockbroker
• Be a Financial Planner

Read more ...