How To Become A Loan Officer In New York - Work It Daily

How To Become A Loan Officer In New York - Work It Daily Anyone who has been thinking about becoming a mortgage loan officer in New York in 2014 should be taking action now instead of waiting any longer. Right now is a great time to work in mortgage banking, but there are certain federal and state-level requirements that prospective loan officers must be aware of. First of all, future loan officers need to understand why this is a great time to enter the mortgage origination market. Related: 6 Signs You’re On The Wrong Career Path The housing and residential mortgage markets in the United States suffered a period of great downturn during the Great American Recession and the global financial crisis. It took the Federal Reserve considerable effort to stimulate the housing economy, and the first glimpse of a real recovery arrived in late 2012. After years of mortgage loan modifications and refinancing activity thanks to government initiatives such as the Home Affordable Modification Program (HAMP) and others, the 2013 mortgage market actually expanded to include home purchases. The bottom line is this: Americans are once again buying home and the housing economy is growing and adding jobs. This is happening in the Empire State and across the U.S. This is good news for mortgage loan officers who stand to earn quite a bit of money in 2014 and beyond. This is how to get started: 1. Education In the heady days of the housing bubble prior to the Great American Recession, mortgage lending institutions did not require much in the way of education and training from their loan officers. Things have definitely changed in that regard, and loan officers need to understand mortgage banking. Luckily for loan officer hopefuls, some mortgage lenders still offer entry-level positions that involve education and training. 2. Registration The New York Department of Financial Services (DFS) is the state regulator in charge of licensing and oversight of mortgage loan officers. The Empire State uses the National Mortgage Licensing System (NMLS), which all loan officers must become familiar with. Registration is a bit of an intricate process that requires considerable background checks. The best way to approach this stage is with a mortgage lender as a sponsor. Major retail lenders such as Prospect Mortgage sometimes hire future loan officers and guide them through the education, registration and licensing process through on-the-job training. 3. Experience And Professionalism Mortgage lenders who sponsor loan officers in New York make a sizable investment in their futures. License application processing fees, mandatory education, exam preparations, registration fees, and surety bond premiums are major requirements covered by lenders who expect to recoup their investment with dedicated mortgage banking professionals. It is very important for loan officers to start networking with Realtors, financial planners and community leaders for the purpose of growing a book of business that their lenders can work with. This is one of the best ways to establish expertise and establish a good reputation in this lucrative, yet highly competitive, field of finance. Related Posts The Best Kept Secret In The Job Market 5 Dynamic Ways To Reinvent Your Career Path The Worst Reasons To Pick A Career Path   Photo Credit: Shutterstock Have you joined our career growth club?Join Us Today!