How to Become a Mortgage Loan Officer in Virginia: A Step-by-Step Guide

If you want to start a career as a mortgage loan officer (MLO) in Virginia, you’re making a great choice. Virginia is a thriving real estate market, with plentiful opportunities for mortgage professionals. As a loan officer, you’ll help homebuyers navigate the mortgage process to purchase their dream home.

But how exactly do you get licensed as a loan officer in the state of Virginia? What are the requirements and steps to take?

In this comprehensive guide, I’ll walk you through the entire process of becoming a mortgage loan originator in VA. Let’s get started!

Overview of Becoming a VA Loan Officer

Here is a high-level overview of what’s required to get your MLO license in Virginia:

• Register for an account on the Nationwide Mortgage Licensing System (NMLS)

• Complete 20 hours of NMLS-approved pre-licensing education courses

• Pass the National SAFE Mortgage Licensing Act test

• Submit fingerprints and authorize a background check

• File your loan originator license application through NMLS

• Get sponsored by a mortgage company

• Receive your VA loan officer license after state approval

Now let’s look at each of these steps in more detail.

Step 1: Create Your NMLS Account

The first step is to set up your account on NMLS, the online licensing system used by VA and most other states. You’ll use this account to take required courses, schedule exams, and submit your license application.

To create your NMLS account:

• Go to the NMLS Resource Center website
• Click “Create an Account” in the top right corner
• Provide your name, email, date of birth and other info
• Agree to the terms of use and submit

After registering, you’ll be issued a unique NMLS identification number. You’ll use this ID forever for your licensing, so keep it in a safe place.

Step 2: Complete Pre-Licensing Education

Virginia requires loan officers complete 20 hours of NMLS-approved pre-licensing education. These courses cover topics like ethics, lending standards, regulations, and mortgage products.

You can take classes from any NMLS-approved provider. Some top options include:

• OnCourse Learning
• Mortgage Educators
• 360training

Check individual course costs, as they vary by school. Group package discounts may be available as well. I recommend budgeting $200-300 for pre-licensing education.

Once done, the education provider will report your completion to NMLS.

Step 3: Pass the National SAFE Mortgage Loan Originator Test

After finishing your pre-licensing courses, the next step is passing the National SAFE Mortgage Licensing Act test. This exam is administered by NMLS and covers core mortgage industry concepts.

Here are some key tips for passing the SAFE exam:

• Schedule your test date through NMLS when you feel ready
• The exam is 190 multiple choice questions
• You’ll have 210 minutes to complete the test
• A passing score is at least 75% correct answers

Be sure to thoroughly study using exam prep materials before sitting for the test. If you don’t pass on the first try, you must wait at least 30 days before retaking the exam.

Step 4: Submit Fingerprints for a Background Check

All mortgage loan originator license applicants in Virginia must complete a fingerprint-based criminal background check. Here’s how to accomplish this:

• Request your background check through NMLS
• Find an approved fingerprinting site near you
• Schedule an appointment to be fingerprinted
• Provide fingerprints along with processing payment

You can expect to pay approximately $35-50 in total for the background check and fingerprinting services. Ensure you complete this step, as VA will not approve your license without the background clearance.

Step 5: File Your VA Loan Officer License Application

Once you’ve passed the SAFE exam and submitted fingerprints, it’s time to officially apply for your Virginia mortgage loan originator license. This is also done through NMLS.

To submit your application:

• Login to your NMLS account
• Click the “Filing” tab at top
• Select “Individual” then “Initial” application
• Complete all steps shown for VA
• Submit application and pay $195 VA application fee

Virginia aims to process and issue mortgage loan originator licenses within 60 days of application. You’ll be able to check your status on NMLS throughout the process.

Step 6: Get Sponsored by a Licensed Mortgage Company

The final requirement is having your MLO license sponsored by a licensed mortgage broker or lender. This sponsoring company essentially oversees your lending activities.

Some options for sponsorship include:

• Large banks like Wells Fargo or Bank of America
• Independent mortgage brokerages
• Online lenders like loanDepot or Quicken Loans

I recommend Morty as an awesome licensed broker focused on supporting top loan originators with great technology.

Submit your sponsor request through NMLS and once approved, your Virginia loan officer license will be issued! Now you’re ready to start assisting borrowers.

Helpful Tips for Becoming a VA Loan Officer

Throughout the licensing process, keep these tips in mind:

• Carefully review all Virginia-specific MLO requirements on NMLS
• Select pre-licensing courses that fit your schedule and budget
• Give yourself ample time to study for the SAFE exam
• Double check your application information before submitting
• Be prepared to pay licensing fees along the way
• Reach out to NMLS or VA regulators with any questions

If you follow each step carefully, you should be able to get your new mortgage loan originator license within 2-3 months.

Additional Requirements for Maintaining your VA Loan Officer License

Even after you’re approved as a licensed MLO in Virginia, there are ongoing requirements to legally work in the state:

• Complete at least 8 hours of NMLS approved continuing education annually

• Keep your surety bond and E&O insurance active at the minimum coverage amounts

• Pay your yearly VA MLO license renewal fee by December 31 each year

• Report any new addresses, workplace changes, legal issues or complaints promptly

• Only conduct VA mortgage business when properly sponsored by an approved entity

Don’t let your hard work obtaining an initial license go to waste! Be sure to stay current on all obligations for licensed mortgage loan originators in the state.

How Much Do Loan Officers Earn in Virginia?

Once licensed, you’ll be eager to start earning income as a mortgage loan officer. Virginia offers solid earning potential compared to many other states.

Here are some key earnings stats for MLOs in Virginia:

• Average Base Pay: $56,000 per year

• Commission Rate: 0.25% – 1% of loan volume

• Total Pay Potential: $75,000 – $150,000+ per year

Your actual income will depend on your experience, work ethic, lending market, and borrower network. Strive to build your business to maximize your earnings.

Ready to Become a VA Loan Officer?

While the process does take some time and effort, it’s completely manageable if you follow the proper steps. And the career opportunities, flexibility, and income potential make getting licensed so worthwhile.

Virginia is a fantastic state to begin your loan officer career. The housing market is thriving, and borrowers genuinely need your help to navigate home financing.

If you’re ready to get started, simply follow this guide to work your way through the licensing process. Before you know it, you’ll be a fully licensed MLO originator helping Virginia families realize the dream of homeownership.

Good luck on the journey! With focus and dedication, you will become a successful mortgage loan officer.