About Tennessee Mortgage Licensing - And How To Become A Mortgage Broker In Tennessee

Looking to become a Loan Officer, Mortgage Broker, or Mortgage Underwriter In Tennessee? Then you've come to the right place!

The Mortgage Training Center offers a variety of Tennessee mortgage licensing and training courses to help you earn your Tennessee mortgage license or Tennessee continuing education credits.

What Does A Mortgage Loan Officer Do?

A visit to a Mortgage Loan Officer is the first step in getting a loan. Essentially, Mortgage Loan Officers starts the mortgage application process by gathering from potential borrowers the information needed to start that borrower's loan review process. This includes things like W2s, 1099s, bank statements, tax returns, etc.

They are responsible for working with the borrower to complete mortgage loan application, submitting the application to underwriting, following up on any additional information needed or requested from the underwriter, then communicating the loan decision to the potential borrower.

What Is The Difference Between A Mortgage Loan Officer And A Mortgage Loan Originator?

In simple terms, a Mortgage Loan Officer or a Mortgage Broker works for a licensed mortgage broker, whereas a Mortgage Loan Originator is typically an employee paid by a bank to originate mortgage loans.

What Does A Mortgage Broker Do?

A mortgage broker acts as a middleman between lenders and purchasers. The broker works to find a mortgage lender with terms and rates that best fit the customer's needs.

How Do Mortgage Brokers Make Money?

Mortgage brokers make money by dealing with lenders who discount the cost of their mortgage product to allow a mortgage broker the ability to charge a fee by submission of a loan package for funding. This relationship between a mortgage broker and a lender is called wholesale lending.

What Does A Mortgage Underwriter Do?

A Mortgage Underwriter verifies your income, assets, and debt, then reviews your credit scores and tax returns to approve or decline mortgage applications. As part of their process, a Mortgage Underwriter reviews bank statements for sources of funds, tax returns to see sources of income, and credit card expenditures to determine risk.

Essentially, a mortgage underwriter reviews an applicant's financial condition to assess how much risk a lender will take on if they decide to approve a loan.

What Does A Mortgage Lender Do?

A mortgage lender is a bank, credit union, or financial institution that offers and underwrites home loans. They have specific guidelines to verify the borrower's creditworthiness and ability to repay a loan, then, if approved, they set the terms, interest rate, repayment schedule, and other aspects of the mortgage.

About The Mortgage Broker Licensing Requirements In Tennessee

How To Become A Mortgage Broker In Tennessee

Mortgage Loan Officers need to be licensed by the state in which they do business, which means they must complete the pre-licensing education requirements, pass the state and national SAFE / NMLS exam, then take eight hours of annual continuing education courses to maintain their license. Check below for applicable mortgage licensing options, as well as recommended courses to help you succeed once you get licensed.

To Comply With Common Mortgage Regulations

The federal government regulates the mortgage industry through a series of acts passed by Congress. These include:

• Regulation Z / TILA
  The federal Truth-In-Lending Act (TILA) requires that lenders disclose the terms of a mortgage in writing. TILA is designed to protect consumers by ensuring clear disclosure of the key terms of the loan, as well as any costs or fees involved.
• UDAAP
  UDAAP is an acronym referring to unfair, deceptive, or abusive acts or practices by those who offer financial products or services to consumers. Under the Dodd-Frank Act, it is unlawful for any provider of consumer financial products or services or a service provider to engage in any unfair, deceptive, or abusive act or practice.

To Close The Loan

• Appraisal Review Workshop
  By taking this course, you will learn the details on what the industry looks for in these reviews to prevent fraudulent appraisal practices, plus gain the details and a complete understanding of the Sales Comparison Approach, Income Approach, and Cost Approach

• Personal And Business Tax Return Analysis
  Learn to interpret tax returns for both commercial and consumer lending purposes.
• Loan Officer Boot Camp
  Our "Loan Officer Boot Camp" training program provides excellent training for new and experienced Loan Officers - and even includes sales pitches and advanced calculations!

To Get A Mortgage License In Tennessee

You earn your Tennessee mortgage license by:

• Applying for an NMLS account and ID number
• Completing your pre-licensing course requirements
• Passing the SAFE licensing exam
• Applying for your license with the NMLS

Get started by selecting a mortgage pre-licensing course from the list below.

Recommended Tennessee Mortgage Broker And NMLS Licensing Courses

Learn at your own pace with our convenient, cost-effective, state and NMLS-approved mortgage loan officer license training courses.

The Mortgage Training Center offers both online and in-person NMLS licensing and NMLS training courses in Tennessee. Simply choose your preferred option from the recommended courses listed on this page, or you can choose "NMLS" and your resident state from the "Licensing" section of the search box herein.

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