How to become a mortgage loan officer in Virginia

Find out how to become a mortgage loan officer in Virginia with our step-by-step guide! Discover pre-licensing requirements, NMLS processes, and more

How to become a mortgage loan officer in Virginia

Are you searching for a rewarding profession? Do you have passion for helping individuals and families secure property loans for their dream homes? Becoming a mortgage loan officer in Virginia might be the perfect path for you. This role combines financial expertise with a knack for negotiating. It also offers an avenue for personal and professional growth. 

In this article, Mortgage Professional America will guide you on how to become a mortgage loan officer in Virginia. From understanding the educational requirements to meeting state licensing regulations, we’ll cover everything you need to know to start your journey.  

How do I get my MLO license in Virginia? 

To get your mortgage loan officer license in Virginia, you need to follow the right steps and comply with the state requirements. You should be ready to learn the ins and outs of being a mortgage loan officer. Keep in mind that the initial stage is not a walk in the park so give it your best shot—especially when taking the examinations. 

To help you prepare for the role, here are nine things you should know before becoming a mortgage loan officer in Virginia: 

If you’re looking for a more general guide on how to become a mortgage broker in the US, read this article. 

Steps on how to become a mortgage loan officer in Virginia 

To work as a mortgage loan officer in Virginia, you must get a license. The process is very similar to the other US states’ requirements. 

Take a quick glance at the six steps on how to become a mortgage loan officer in Virginia below: 

  1. Request an NMLS account 
  2. Finish NMLS-approved pre-licensure education 
  3. Pass the SAFE test 
  4. Have the state and FBI run criminal background checks 
  5. Finish the NMLS application 
  6. Get employer sponsorship 

We will further discuss each step below: 

1. Request an NMLS account  

The first step is to request an account with the Nationwide Multistate Licensing System and Registry (NMLS). Aspiring mortgage loan officers need to create an NMLS account on the State Mortgage Registry website. The NMLS is a US-wide database where all loan officers, not just in Virginia, are required to register. 

Once you have created an account, you will receive your NMLS number. Be sure to keep it because you will need this number even after the pre-licensing stage. Your NMLS number must be kept for the duration of your career as a mortgage loan officer. 

2. Finish NMLS-approved pre-licensure education  

Next, you are required to complete a pre-licensure education program approved by the NMLS. In Virginia, you must finish 20 hours of pre-licensure courses to meet the standard qualifications. The program includes: 

  • 3 hours of federal law 
  • 3 hours of ethics 
  • 2 hours of non-traditional mortgage lending 
  • 12 hours of general electives 

The Virginia State Corporation Commission, the state’s licensing agency, has approved and required these courses before you can move on to the next step.  

Need help in getting ready? Check out this guide on the basics of loan officer training

3. Pass the SAFE test 

For the third step, you are required to take and pass the Secure and Fair Enforcement Act (SAFE) Mortgage Loan Officer Test. To get a schedule for taking the SAFE test, you can go to the NMLS website and use your NMLS number to set the date for your exam. 

What should I expect from the SAFE test? 

First, you need to prepare $110 as payment to take the SAFE test. It has 115 score questions, and you will be given three hours and ten minutes to finish and submit it. To pass the SAFE test, you must get at least 75% of the questions correctly. 

The purpose of the SAFE test is to evaluate if you have fully understood what you have learned from the Virginia State Corporation Commission’s coursework. 

The SAFE test also assesses your understanding of the course material and evaluates your readiness to work as a mortgage loan officer. Passing this test is a mandatory step under the SAFE Act legislation. This law has established the standard for the registration and licensing of loan officers. 

4. Have the state and FBI run criminal background checks  

To request a federal background check, you can open your NMLS account and go to the Filing section. After that, choose the Criminal Background Check tab. Then, fill out the required fields and click on “Attest” to authorize a Federal Criminal Background Check. 

Next, you need to schedule an appointment to submit your fingerprints. While still logged in your NMLS account, select the Composite View button then drag your cursor and choose Criminal Background Requests. When you’re on that page, select the Fieldprint button to enable you to set up a schedule for the submission of your fingerprints. 

How to make a criminal background check request to the FBI 

There are three ways provided by the Federal Bureau of Investigation (FBI) for requesting your criminal history (“rap sheets” or “identity history summary checks”) or proof that you have none: 

  • online 
  • mail 
  • FBI-approved channeler 

Let us look at the steps per option: 

Online 
This option is the fastest way to submit your request to the FBI. 
  1. visit the Electronic Departmental Order - Criminal Justice Information Services (CJIS) 
  2. follow the steps under the “Obtaining Your Identity History Summary” section provided in the link above 
Mail 

You can also choose to mail your request. 

  1. complete the applicant information form 
  2. get your fingerprints on a standard fingerprint form (FD-1164) 
  3. pay the Rap Sheet fee of $18 per person 
  4. review your requirements 
  5. send your required materials 
  6. wait for a response by first-class mail via the US Postal Service 

You can download the Identity History Summary Request or FD-1164 through the FBI website for free. 

FBI-approved channeler  

For this option, an FBI-approved channeler will make the request on your behalf. These channelers are private businesses that have contracted with the FBI for such a function. They will: 

  1. receive your fingerprint submission and relevant data 
  2. collect the fees 
  3. forward your fingerprint submission with the necessary information to the FBI for a national Identity History Summary check 
  4. receive the electronic summary check result and share it with you 

The FBI criminal background check costs $18. 

5. Finish the NMLS application  

To finish your NMLS application, open your NMLS account and pay the required licensing fee. The Virginia portion of this fee is $150. You also need to submit a credit report and pay another fee of $15. 

Once you are finished with the application process, all the necessary details about your background and qualifications will be saved in the NMLS database. 

6. Get employer sponsorship 

After completing the required education, passing the exam, and getting the state and federal criminal background checks, the final step is to get an employer to sponsor you. This is critical because you cannot get your license until you have the necessary sponsorship from an employer. 

This is what will happen: your Virginia Loan Officer license will stay pending until your employment sponsorship is confirmed in the NMLS portal. 

So, to complete the final step on how to become a mortgage loan officer in Virginia, open your NMLS account again. Go to the Form Filing Home screen and select Company Access. Submit your employment information to add your employer sponsorship. 

The NMLS will send a notice of the verification request to your sponsor-employer and once they approve the sponsorship, you’re good to go! After six steps, you can finally work as a licensed mortgage loan officer in Virginia. 

What to do next? 

Your next move should be to formulate your game plan and develop strategies to succeed in this profession. You must also learn about the average salary so that you can make adjustments with your financial objectives if needed. This is especially true if you are still a newbie. 

But before that, watch this video about how to get your first deal fast as a mortgage loan officer: 

How much does a mortgage loan officer make in Virginia? 

Mortgage loan officers can earn up to $69,732 every year in Virginia. As for the earnings per month and per week, you can expect an average monthly pay of $5,811 and an average weekly pay of $1,341. 

Currently, Virginian loan officers are paid approximately $33.52 on an hourly basis. These numerical figures are from ZipRecruiter’s report on the average loan officer salary by state. 

Curious to find out the average salary in other states? Take a look at these guides on how to become a mortgage loan officer in the following states: 

Launching your career as a mortgage loan officer in Virginia 

Becoming a mortgage loan officer in Virginia is not an easy feat. It requires maximum effort and following the right steps. Whether you choose to work part-time or full-time, you need to meet all the necessary qualifications and follow state and local rules. 

Still, launching your career as a Virginian mortgage loan officer can be greatly rewarding. It can fulfill your passion for helping others achieve their dream of homeownership while giving you a steady cash flow. 

But like any other job in the mortgage broking sector, you need to show that you have what it takes to succeed in this profession. Mistakes should be treated as opportunities to improve your brand and hone your skills. The same goes when you experience failure. 

Successful mortgage loan officers in Virginia give their best shot and persevere to get to the top. They thrive due to their hard work and commitment. Want to be inspired by their journey and get valuable lessons to apply to your craft? You can find the best in the industry on our Best in Mortgage page. 

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