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Mortgage Licensing
Posted on 9/19/12 at 11:26 pm
Posted on 9/19/12 at 11:26 pm
What's the best way to go about obtaining MLO credentials? Is the exam hard, what are the preferred study materials, etc? Do people typically take classes for this? I don't have much of a background in finance currently, but I'm strongly considering a career in banking and this seems like a basic first step.
4
Posted on 9/20/12 at 12:17 pm to Dead Mike
the exam has changed the last couple of years and can be a pain in the arse. Remember this if you are going to work for a depository bank you do not need a mortgage license.
Posted on 9/21/12 at 11:30 am to hawkeye007
I have a lot of contacts in the industry and I was talking to a friend of mine about this the other day. He said that it takes most people between 30-60 days of studying if you study one hour a day. He is supposed to be supplying me with some study material this week, and I'll try to remember to bump this thread with some info on what he provides me with.
Posted on 9/21/12 at 5:47 pm to supadave3
I'd appreciate that. I could probably ask around but most of the people I know would've gone through the process a long time ago.
Posted on 9/24/12 at 12:31 pm to Dead Mike
the exam is a pain in the a$$,
banking side no need for exam but as a broker you'll need to take state and federal exam, take bob brooks courses in BR to start out.
banking side no need for exam but as a broker you'll need to take state and federal exam, take bob brooks courses in BR to start out.
Posted on 9/24/12 at 12:57 pm to Ziggy
that's where i got my appraisal stuff done...local company that really knows what they are doing
you will likely need some educational hours to be certified first, then you can take the exam
I don't think you can take the exam without taking the course first...most license agencies operate that way....
you will likely need some educational hours to be certified first, then you can take the exam
I don't think you can take the exam without taking the course first...most license agencies operate that way....
Posted on 9/24/12 at 9:10 pm to Shankopotomus
This is correct from what I can remember....
Posted on 9/26/12 at 9:10 pm to Dead Mike
You don't need a license if you work for a bank or at least you used to not have a license.
Posted on 9/27/12 at 6:59 am to La Place Mike
I had worked for a year and a half in the industry before they required you to take the broker's test. I was actually affiliated with a bank prior.
I did not study at all. The experience in the industry made the test a breeze. It was very basic, but we're talking about a test that has obviously gotten tougher in the past 6 years since I aced it.
Good luck!
I did not study at all. The experience in the industry made the test a breeze. It was very basic, but we're talking about a test that has obviously gotten tougher in the past 6 years since I aced it.
Good luck!
Posted on 9/27/12 at 10:18 am to GFunk
just reminds me of how scary it was for a time when mortgage personnel never had to take a class or a test to get a license....
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