Best Way to Become a Mortgage Broker in St. Louis, MO

Step 1: Understand the Role of a Mortgage Broker

Before diving into the requirements, it’s essential to understand what a mortgage broker does. Your primary responsibilities will include:

• Assessing clients’ financial situations
• Connecting borrowers with suitable mortgage lenders
• Navigating loan applications and negotiations
• Ensuring compliance with federal and state regulations

Step 2: Meet the Basic Requirements

To become a mortgage broker in Missouri, you must:

• Be at least 18 years old
• Have a high school diploma or equivalent
• Pass a background check

While a college degree is not required at all, a background in finance, business, insurance, title, work as a notary, appraiser, or real estate sales person can be beneficial.  There are many different backgrounds that can transition into mortgage loan origination.  Sales, marketing, or even working in residential construction have proven to be great experiences for new mortgage pros.

Step 3: Complete Pre-Licensing Education

Missouri requires mortgage brokers to complete at least 20 hours of pre-licensing education through an NMLS (Nationwide Multistate Licensing System & Registry)-approved provider. These courses cover topics such as:

• Mortgage lending laws
• Ethics and fraud prevention
• Loan origination procedures

Where to Take Pre-Licensing Courses

24hourEDU stands out as the premier online training school for Missouri pre-license MLO education by combining comprehensive federal laws, ethics training, and loan origination curriculum with flexible, prerecorded video learning that fits busy schedules. Their courses are meticulously designed to meet NMLS requirements while providing interactive content, real-world case studies, and instructional practice exams that ensure students not only pass the SAFE MLO exam but truly understand mortgage lending principles.

What sets 24hourEDU apart is their dedicated student support team, industry-expert instructors, and cutting-edge learning platform that tracks progress and identifies areas needing additional focus, all delivered at competitive pricing with immediate course access and lifetime customer support that continues even after licensing.

Step 4: Pass the NMLS Exam (SAFE Mortgage Loan Originator Test)

After completing your coursework, you’ll need to pass the SAFE Mortgage Loan Originator Test, which includes:

A National Component (125 multiple-choice questions, covering federal mortgage laws, loan origination, and ethics)

In person testing at Prometric Test Facilities in St. Louis, Springfield, Jefferson City, or Kansas City, KS.

The test fee is $110 for the national component. To pass, you must score at least 75%.

Step 5: Apply for a Missouri Mortgage Broker License

Once you’ve passed the exam, you’ll need to apply for your license through the Missouri Division of Finance via the NMLS website.

MU4 Application Requirements:

• Submit your fingerprints for a background check
• Provide a credit report
• Pay licensing fees
• Obtain a Surety Bond to comply with Missouri regulations

Step 6: Get Sponsored by a Bank or Mortgage Brokerage

Once licensed, you can either:

1. Work for an established mortgage brokerage firm in St. Louis
2. Open your own brokerage (which requires additional business licensing)

Top Mortgage Brokerage Firms in St. Louis Hiring New Brokers

• USA Mortgage
• Gershman Mortgage
• Cornerstone Mortgage
• Paramount Bank
• Loan Factory
• Mortgage Calculator

Step 7: Build Your Network and Grow Your Business

Success as a mortgage broker depends on building relationships with lenders, real estate agents, and potential homebuyers. Consider:

• Joining Local Associations: Missouri Association of Mortgage Professionals (MAMP)
• Attending Real Estate Events: St. Louis Real Estate Investor Association (SLREIA)
• Leveraging Social Media & Online Marketing
• Join NAMB! NATIONAL ASSOCIATION OF MORTGAGE BROKERS

Final Thoughts about Becoming a Mortgage Broker in St. Louis

Becoming a mortgage broker in St. Louis, MO, requires dedication, education, and networking. By following these steps, you’ll be on your way to a successful career in the mortgage industry. Whether you decide to work for an established firm or start your own brokerage, the key to long-term success is continuous learning and strong client relationships.