If you’re an aspiring mortgage loan officer or mortgage loan originator (MLO) hoping to kickstart a successful career in the mortgage industry, choosing which state to get licensed in can be complex because each state offers different opportunities and challenges. This article analyzes the top 10 states prospective loan officers may consider obtaining their licenses from. Factors such as available jobs, typical salaries, NMLS requirements, weather/climate, and whether a condition is family-friendly are considered.
Key Takeaways
- The best states for a new Mortgage Loan Officer or Loan Originator (MLO) to obtain a license can vary depending on several factors.
- When deciding where to get licensed, consider the market demand, licensing requirements, average salary, job growth, and work-life balance.
- The right state is out there for you to build a thriving mortgage career and reach your personal and professional goals.
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How to Choose Where to Get Licensed
Consider these crucial factors before deciding on which state to obtain your Loan Officer license from:Market Size and Market Demand
Assessing the state’s market demand and economic outlook is crucial. What is the population size? Are there multiple big cities with high competition? Are prospects looking to move outside the city? Are developers moving in?
The size of the mortgage market in a state can significantly impact your success as a loan officer. States with larger populations and higher home values typically have larger mortgage markets. This can mean more opportunities for loan officers to generate business and earn commissions, but it can also mean heightened competition.
The market constantly changes, but making informed decisions is vital to building a thriving mortgage business.
Regulatory Environment
Each state has its own licensing standards and procedures. Some states are stricter than others and require additional education credits, higher licensing examination scores, and increased fees. It’s essential to do your research ahead of time so you don’t encounter surprises later down the road.
Average Wages and Benefits
The typical pay and benefits for loan officers can differ significantly from state to state. These specific ranges are outlined below within the Top 10 List. It’s also important to consider pay structure as this may vary by brokerage or agency.
Preston has extensively discussed this in his live weekly coaching calls with mortgage loan originators nationwide. Remember: more on the front end is always less on the back end.
Employment Growth and Sector Trends
The mortgage industry is expected to grow over the next decade (people will always need a roof above their heads). And despite the rumors, no, loan officers will not be automated anytime soon. However, you can gain a competitive edge by focusing on your specialty or market.
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Cost of Living
Consider each state’s cost of living. Your overall quality of life may be impacted if a higher cost of living offsets a higher salary. This is especially important if you’re supporting a family.Networking Possibilities
Some states offer better networking opportunities than others. This can help you grow your clientele and advance your career quickly as a budding loan officer.
State Laws and Regulations
Become familiar with the rules and laws governing loan origination in each state. Just as it’s essential to stay updated with industry trends, it’s important to remain informed about legislation changes at the state and federal levels.
Personal Preferences
Consider your preferences, including your preferred location, climate, and way of life. You are more likely to experience job satisfaction and a sense of fulfillment by choosing a state where you feel comfortable and content.
1. New Mexico
New Mexico is an excellent place to live for several reasons. Some are listed below:
- Bountiful outdoor recreation opportunities, including national parks and monuments
- Affordable cost of living
- Rich cultural heritage
- Good food and wine
- Abundance of natural beauty
- Low population density
Overall, New Mexico offers a unique blend of outdoor recreation, affordability, cultural richness, and natural beauty, making it an attractive place to live for many people.
Average Annual Salary: $58,667
Population: 2,088,070
# of LOs employed: 1510
Number of Jobs Available: 42
NMLS Requirements: View the NMLS Requirements for New Mexico.
Weather: Due to its varied geography and elevation changes, New Mexico experiences wide seasonal variations in climate. During the summer months, the state usually experiences warm temperatures ranging from 80°F to 100°F (27°C to 38°C). In the winter season, the climate is generally moderate, with temperatures ranging from 40°F to 60°F (4°C to 15°C). However, winters can be colder, and snowfall is more frequent at higher elevations. The pleasant weather and mild spring and fall temperatures make these seasons popular travel times. Remember that different regions of New Mexico may experience other weather conditions.
Family Friendly? New Mexico is generally regarded as family-friendly due to its rich culture and lively outdoor scene. However, some areas in New Mexico may have higher crime rates and lower-quality schools, making them less family-friendly. Additionally, the public education system consistently ranks in the bottom percentile in the United States for some regions within the state. The cost of living in New Mexico can vary significantly depending on the location and may be higher in some areas, so it’s important to weigh the pros and cons.
Find Jobs: Find Loan Officer Jobs in New Mexico.
2. Maine
According to various sources, Maine is an excellent place to live for several reasons. Some of the reasons include:
- Beautiful natural scenery, including a rocky coastline, dense forests, and picturesque lakes
- Rich cultural heritage, including a thriving arts scene and historic landmarks
- Low crime rates and high quality of life
- Affordable cost of living
- Friendly and welcoming communities
- An abundance of outdoor recreation opportunities, including hiking, skiing, and fishing
Overall, Maine is perfect for families who want a mix of city life and outdoor recreation.
Average Annual Salary: $57,334
Population: 1,335,907
# of LOs employed: 1340
Number of Jobs Available: 19
NMLS Requirements: View the NMLS Requirements for Maine.
Weather: Maine experiences four distinct seasons throughout the year:
1. Spring (March to May): Spring in Maine brings milder temperatures with occasional rain showers and blossoming flowers.
2. Summer (June to August): During summers, the weather is usually warm and humid, with temperatures averaging between 70°F to 80°F (21°C to 27°C). It’s the peak tourist season in Maine due to its pleasant weather.
3. Autumn (September to November): Fall foliage in Maine is famous as the state’s landscape transforms into a colorful red, orange, and yellow display. During this season, the temperatures begin to decrease.
4. Winter (December to February): During the winter season, temperatures drop significantly, averaging between 20°F to 30°F (-7°C to -1°C), and there is often heavy snowfall. Snowfall is expected, making it a popular destination for winter activities like skiing and snowboarding.
Remember that weather patterns vary yearly, so it’s always a good idea to check the current forecast before planning a trip or any outdoor activities. As a result of the frequent snowfall, it is a well-liked location for winter sports like skiing and snowboarding.
Family Friendly? Maine is generally considered a family-friendly place to live. Many cities boast a decent quality of schools, safety, and access to amenities. There is also a strong sense of community, a decent quality of life, and abundant outdoor recreation opportunities.
Find Jobs: Find Loan Officer Jobs in Maine.
3. Rhode Island
According to various sources, Rhode Island is an excellent place to live for several reasons. Some of the reasons include:
- Beautiful coastal scenery, including beaches and harbors
- Rich cultural heritage and history, including colonial architecture and landmarks
- The abundance of outdoor recreation opportunities, including hiking, biking, and water sports
- High quality of life, including low crime rates and good healthcare
- Access to top-rated universities and colleges
- Convenient location in the Northeast, with easy access to major cities like Boston and New York
Overall, Rhode Island offers a unique blend of coastal beauty, cultural richness, outdoor recreation, and quality of life, making it an attractive place to live for many people.
Average Annual Salary: $54,195
Population: 1,059,639
# of LOs employed: 1720
Number of Jobs Available: 10
NMLS Requirements: View the NMLS Requirements for Rhode Island.
Weather: Rhode Island experiences a humid continental climate of four distinct seasons. During the spring season, which spans from March to May, temperatures are generally mild and fall within the range of 40°F to 60°F (4°C to 15°C). The summer (June to August) is warm and humid, while the fall (September to November) is calm and pleasant. From December to February, the climate tends to be cold and snowy in winter. The temperatures usually range from 70°F to 80°F (21°C to 27°C).
Family Friendly? Several cities and towns in Rhode Island are considered good places to raise a family based on factors such as the quality of schools, safety, and access to amenities. However, some areas in Rhode Island may have higher crime rates and lower-quality schools, which can make them less family-friendly. Additionally, the cost of living in Rhode Island can be higher than the national average, making it more challenging for families on a budget.
Find Jobs: Find Loan Officer jobs in Rhode Island.
4. South Dakota
According to various sources, South Dakota is a good place to live for several reasons. Some of the reasons include:
- Affordable cost of living
- Low crime rates
- Access to beautiful natural scenery, including national parks and monuments
- Strong economy, with low unemployment rates and a business-friendly environment
- Friendly and welcoming communities
- Good schools, including top-rated colleges and universities
Overall, South Dakota offers a unique blend of affordability, safety, natural beauty, economic opportunity, and community, making it an attractive place to live for many people.
Average Annual Salary: $56,776
Population: 869,666
# of LOs employed: 1890
Number of Jobs Available: 31
NMLS Requirements: View the NMLS Requirements for South Dakota.
Weather: South Dakota experiences a variety of seasons. Winters are chilly, with regular snowfall and average temperatures below zero. The summers are warm to hot, with average highs of 70 to 90 °F (20 to 30 °C). With their mild temperatures, spring and fall are good times to travel. Remember that the weather can change, so checking the most recent forecasts before making travel arrangements is a good idea.
Family Friendly? South Dakota boasts a relatively low cost of living, making it easier for families to manage their finances and enjoy a good quality of life. It also offers abundant outdoor recreation opportunities, including hiking, fishing, hunting, and camping, which can provide families with opportunities to spend time together and enjoy nature.
Find Jobs: Find Loan Officer Jobs in South Dakota.
5. Arkansas
According to various sources, Arkansas is an excellent place to live for several reasons. Some of the reasons include:
- Affordable cost of living, including lower housing costs compared to the national average
- Beautiful natural scenery, including national parks and forests
- Friendly and welcoming communities
- Rich cultural heritage and history, including Civil War landmarks and museums
- The abundance of outdoor recreation opportunities, including hiking, fishing, and hunting
- The growing economy, with job growth in various sectors
Overall, Arkansas offers a unique blend of history and innovation, making it a special place to raise a family while pursuing a lucrative career as a mortgage loan originator or mortgage loan officer.
Average Annual Salary: $57,632
Population: 3,004,279
# of LOs employed: 3240
Number of Jobs Available: 28
NMLS Requirements: View the NMLS Requirements for Arkansas.
Weather: The climate in Arkansas varies from season to season. Generally speaking, you can anticipate hot and muggy summers, with temperatures frequently reaching the 90s F (30s C) and occasionally seeing thunderstorms. With average wintertime temperatures in the 30s to 50s Fahrenheit (0s to 10s Celsius), southern states typically experience milder winters than northern states. Spring and fall seasons are pleasant, with mild temperatures and sporadic rainfall. Remember that there may be local variations, so it’s best to check a dependable weather source for the most recent data.
Family Friendly? Arkansas is typically regarded as a family-friendly state. It is rather affordable, with a relatively low cost of living and housing costs below the national average.
Find Jobs: Find Loan Officer jobs in Arkansas.
6. New York
According to various sources, New York State is a good place to live for several reasons. Some of the reasons include:
- Access to world-class cultural amenities, including Broadway shows, museums, and galleries
- The abundance of outdoor recreation opportunities, including state parks and natural landmarks
- The strong economy, with diverse industries and job opportunities
- Excellent healthcare facilities and resources
- Rich cultural diversity and history
- Access to top-rated colleges and universities
Overall, New York State is much more than just New York City, offering a blend of cultures and educational opportunities, making it an attractive place to live for many people.
Average Annual Salary: $59,699
Population: 19,849,399
# of LOs employed: 13850
Number of Jobs Available: 154
NMLS Requirements: View the NMLS Requirements for New York.
Weather: Various weather can be found throughout the year in New York. The summer is usually humid and warm, with temperatures averaging between 80-90°F (26-32°C). In winter, the temperature may plummet to as low as 20 to 30 degrees Fahrenheit (-6 to -1 degrees Celsius), and occasionally it can dip even more inadequate. This can make the weather quite chilly. 50–70°F (10–21°C) is the temperature range during spring and fall. The weather can change yearly, so it’s always best to check local forecasts for the most accurate and recent information.
Family Friendly? New York provides access to world-class cultural institutions, such as museums, theaters, and galleries, which can provide families with educational and entertainment opportunities. It also offers excellent public transportation, including buses, subways, and trains, making it easier for families to get around the city. Additionally, New York City is known for its diversity, vibrancy, and opportunities for personal and professional growth, all of which can contribute to a rich and rewarding family life. While the cost of living in New York can be high, many affordable neighborhoods and resources are available to families.
Find Jobs: Find a Loan Officer job in New York.
7. North Carolina
According to various sources, North Carolina is an excellent place to live for several reasons. Some of the reasons include:
- Beautiful natural scenery, including mountains, beaches, and forests
- The strong economy, with diverse industries and job opportunities
- Affordable cost of living, including lower housing costs compared to other states
- Excellent healthcare facilities and resources
- Rich cultural heritage and history, including historical landmarks and museums
- The abundance of outdoor recreation opportunities, including hiking, fishing, and water sports
Overall, North Carolina is known for its beautiful landscape, weather, and infrastructure, making it perfect for families.
Average Annual Salary: $57,184
Population: 10,273,419
# of LOs employed: 13880
Number of Jobs Available: 132
NMLS Requirements: View the NMLS Requirements for North Carolina.
Weather: The climate in North Carolina varies from season to season. It typically experiences mild winters and hot summers. Mountainous regions have cooler temperatures, while coastal areas have more humidity and milder winters. The best seasons are usually spring and fall. You should check a reputable weather website or app for more precise and up-to-date information as conditions change.
Family Friendly or Not: North Carolina is known for its diverse economy, with opportunities in industries such as technology, healthcare, and education, which can provide families with stable and rewarding careers. The state is also home to several major universities, including Duke University and the University of North Carolina, which can offer educational and cultural opportunities for families. Overall, North Carolina offers a combination of outdoor recreation, education, healthcare, affordability, community, and economic opportunity, making it a great place for families to live and thrive.
Find Jobs: Find Loan Officer jobs in North Carolina.
8. Vermont
According to various sources, Vermont is an excellent place to live for several reasons. Some of the reasons include:
- Beautiful natural scenery, including mountains, lakes, and forests
- Strong sense of community and social support
- High quality of life, with low crime rates and good healthcare
- The abundance of outdoor recreation opportunities, including skiing, hiking, and biking
- Progressive and inclusive culture with a focus on sustainability
- Access to top-rated colleges and universities
Overall, Vermont offers a high quality of life, plentiful outdoor recreation opportunities, and progressive values, making it an attractive place to live for many people.
Average Annual Salary: $52,792
Population: 623,657
# of LOs employed: 430
Number of Jobs Available: 4
NMLS Requirements: View the NMLS Requirements for Vermont.
Weather: Vermont has four distinct seasons that last the entire year. Temperatures gradually warm up in the spring (March to May), with sporadic rain. During the summer months of June through August, the weather is usually hot and humid, with average highs of 80°F (21°C) and lows of 70°F (21°C). Temperatures start to cool off during the fall, which lasts from September to November. Winter spans from December to February, characterized by crisp air, snow, and thrilling skiing prospects. The temperature typically falls between 20°F to 30°F (-6°C to -1°C) on average.
Family Friendly? Vermont is known for its strong sense of community, friendly people, and commitment to sustainability and environmental stewardship, all of which can contribute to a welcoming and supportive family environment. The state is also home to several major universities, including the University of Vermont and Middlebury College, which can offer educational and cultural opportunities for families.
Find Jobs: Find Loan Officer jobs in Vermont.
9. Maryland
According to various sources, Maryland is an excellent place to live for several reasons. Some of the reasons include:
- Rich history and culture, with numerous museums, landmarks, and historic sites
- The strong economy, with high median household income and low unemployment rates
- Excellent healthcare facilities and resources
- The abundance of outdoor recreation opportunities, including beaches, parks, and hiking trails
- Access to top-rated colleges and universities
- Diverse and vibrant communities with a mix of urban and suburban areas
Overall, Maryland’s unique blend of history, economic opportunity, healthcare access, education opportunities, and community diversity makes it an attractive place to live for many families.
Average Annual Salary: $55,216
Population: 6,052,177
# of LOs employed: 5180
Number of Jobs Available: 98
NMLS Requirements: View the NMLS Requirements for Maryland.
Weather: Maryland experiences all four seasons. In the summer, temperatures typically range between 70°F to 90°F (21°C to 32°C), and it can occasionally become scorching and humid. With its cooler temperatures and attractive foliage, autumn is a pleasant season. During winter, temperatures can get quite cold, with an average range of 25°F to 45°F (-4°C to 7°C), and there may be occasional snowfall. During the spring season, the weather is usually enjoyable and temperate, with temperatures ranging between 50°F to 70°F (10°C to 21°C). Because weather patterns can change, checking the local forecast for more precise information is always good.
Family Friendly? Maryland is known for its diverse economy, with healthcare, technology, and education opportunities, which can provide families with stable and rewarding careers. The state is also home to several major universities, including Johns Hopkins University and the University of Maryland, which can offer educational and cultural opportunities for families. Additionally, its proximity to major cities, including Washington, D.C., and Baltimore, can provide families with access to cultural and educational opportunities.
Find Jobs: Find Loan Officer jobs in Maryland.
10. Massachusetts
According to various sources, Massachusetts is a good place to live for several reasons. Some of the reasons include:
- The top-notch education system, with highly ranked public schools and prestigious universities
- The strong economy, with diverse industries and job opportunities
- Rich cultural heritage and history, including landmarks, museums, and historical sites
- Access to world-class healthcare facilities and resources
- Beautiful natural scenery, including mountains, beaches, and forests
- The abundance of outdoor recreation opportunities, including hiking, skiing, and water sports
Overall, Massachusetts offers a unique blend of educational excellence, economic opportunity, cultural richness, healthcare access, natural beauty, and outdoor recreation, making it an attractive place to live for many people.
Average Annual Salary: $54,687
Population: 6,859,819
# of LOs employed: 5410
Number of Jobs Available: 80
NMLS Requirements: View the NMLS Requirements for Massachusetts.
Weather: Massachusetts experiences a variety of seasons. Average highs in the summertime hover around 80°F (27°C), which is warm for the time of year. Average lows in the winter are around 20°F (-6°C), and it snows a lot. Milder temperatures, ranging from 40–60°F (4–15°C), are available in the spring and the fall. Remember that weather patterns can alter, so it’s wise always to check a local weather forecast for the most recent information.
Family Friendly? Massachusetts is typically regarded as family-friendly because it provides families with various activities, excellent schools, and secure neighborhoods. However, the degree of family friendliness can differ depending on personal preferences and geographical areas within the state.
Find Jobs: Find Loan Officer jobs in Massachusetts.
You Get to Decide
Choosing where to get licensed as a loan officer is a personal decision based on many factors, such as job opportunities, living costs, and work-life balance. Many loan officers go on to get licensed in multiple states to expand their career opportunities and client base. Ultimately, you are in charge of mapping out your career path within the mortgage industry.
