Mortgage and Loan Education

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New Jersey Loan Officer Training

Written by Dana Hinders
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While the only official requirement to become a New Jersey mortgage loan officer is registration with the New Jersey Department of Banking and Insurance, employers desire individuals with some form of education, training, or on-the-job experience. Training seminars, correspondence courses, or related college course work will make a job seeker more attractive to employers. Previous employment in a sales or banking position is also helpful preparation for a career as a mortgage loan officer.

In New Jersey, mortgage loan officers are referred to as mortgage solicitors for legal purposes. They must be registered with the New Jersey Department of Banking and Insurance. There are no specific educational requirements, but applicants must pay a registration fee of $100.

New Jersey law states that anyone employed as a mortgage solicitor may only work for one mortgage broker, mortgage banker, or correspondent mortgage banker at a time. Registered mortgage solicitors must be United States citizens 18 years of age and over. New Jersey mortgage solicitors must also submit to a credit and criminal background check.

Mortgage Broker Licensing Requirements

New Jersey mortgage solicitors who wish to open their own business must fulfill mortgage broker licensing requirements. They must have a net worth of $50,000, hold a $100,000 surety bond, and pass a written examination. Applicants who wish to use their home as a place of business must submit photographs and floor plans showing that the office will be adequately separated from the primary residence. New Jersey does not accept mortgage broker licenses from other states; receipt of a New Jersey mortgage broker license normally takes about 90 days.

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