How to Become a Loan Officer in Texas

People who are interested in becoming loan officers in Texas can find the necessary information and requirements to do so here.

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Introduction

Are you passionate about working with people and helping them reach their financial goals? If so, a career as a loan officer might be a perfect fit for you. Loan officers work with individuals and businesses to provide them with the financing they need to make major purchases.

Becoming a loan officer requires completing some education and training, as well as passing a state-level exam. In Texas, loan officers must complete 20 hours of pre-licensing education before taking the state exam. Once you have passed the exam and met all other requirements, you will be able to apply for your license and begin your career.

The Loan Officer Role

In Texas, loan officers are needed to help individuals and businesses obtain financing for everything from buying a home to expanding a company. Loan officers typically work for banks, credit unions, and other financial institutions. There are many different types of loans that loan officers can specialize in, such as mortgage loans, commercial loans, and consumer loans.

Becoming a loan officer usually requires at least a bachelor’s degree in finance, economics, or a related field. Some employers may also prefer candidates who have experience in customer service or sales. In addition to educational requirements, loan officers must be licensed by the state of Texas.

The role of a loan officer is to act as a middleman between potential borrowers and lenders. Loan officers typically begin their careers working in the banking industry. They may be promoted to positions such as assistant manager or branch manager after gaining experience.

Loan officers typically work full time during regular business hours. Some positions may require overtime hours during busy periods.

Duties of a Loan Officer

As a loan officer, you will be expected to meet with potential borrowers, evaluate their financial needs and recommend the type of loan that best suits their situation. You will also be responsible for processing the loan application, submitting it to underwriting and working with the borrower to get the loan approved. In some cases, you may also be responsible for funding the loan.

Steps to Becoming a Loan Officer in Texas

In order to become a loan officer in Texas, you will need to complete the following steps:

1. Earn a high school diploma or equivalent.

2. Enroll in and successfully complete an accredited loan officer program. Some programs may be completed entirely online, while others may require some on-campus coursework.

3. Sit for and pass the Texas Loan Officer Exam administered by the Texas Department of Banking.

4. Obtain surety bond in the amount of $10,000; this bond must be maintained throughout your career as a loan officer in Texas.

5. Register with the Nationwide Mortgage Licensing System (NMLS). You will be required to provide fingerprints and passes a credit check as part of this process.

6. Complete 20 hours of continuing education (CE) every year; 4 of these hours must be related to federal law and regulation, 2 hours must be related to ethics, and the remaining 14 hours can be electives chosen from a variety of topics approved by the NMLS.

Education and Training Requirements

In Texas, as in other states, you’ll need at least a high school diploma to become a loan officer. In addition, many employers prefer to hire loan officers who have taken some college courses related to business, economics or accounting. If you’re interested in earning a higher salary and more responsibility, you may want to pursue a bachelor’s degree in business administration or a related field.

While not required, taking the time to get licensed as a mortgage loan originator (MLO) may give you a leg up on the competition. The Nationwide Mortgage Licensing System (NMLS) administers the MLO licensing process in Texas. To qualify for an MLO license, you’ll need to complete 20 hours of approved education, pass an examination and submit to a background check. Once you’re licensed, you’ll be required to complete 8 hours of continuing education every year to maintain your license.

Licensing

In order to become a loan officer in Texas, you must first obtain a license from the Texas Department of Savings and Mortgage Lending. To do this, you must:
-Complete 20 hours of pre-license education through an approved provider
-Pass the national and state exams
-Submit a completed application and pay the appropriate fees

Once you have obtained your license, you must complete 8 hours of continuing education every year in order to keep your license active.

Job Prospects and Salary Expectations

In Texas, loan officers are in high demand. The state is home to many large banks and financial institutions, and these organizations are always looking for talented and ambitious loan officers to join their team. If you’re thinking about a career in finance, becoming a loan officer in Texas is a great option.

job prospects for loan officers in Texas are excellent. The state’s economy is strong, and the banking industry is booming. In fact, there are currently more than 9,000 loan officers employed in Texas, and this number is expected to grow by 11 percent in the next decade. This means that there will be more than 1,000 new job openings for loan officers in the state every year.

The salary expectations for loan officers in Texas are also very good. The average salary for a loan officer in the state is $85,000 per year. However, experienced loan officers can easily earn six-figure salaries. In fact, the top 10 percent of earners in this field make more than $130,000 per year.