Mortgage Specialist in Seattle (Vancouver: real estate, mortgage broker, loans)

[sleeplesspeach]

I have been doing well as a realtor in Vancouver BC for 12 years. I want to relocate to Seattle and become a mortgage specialist.

How does it work here? Must a bank hire me. As a Canadian with no US status, will these company shy away from Canadians. Is there a website for hire. Please assist.

I wish to focus on China new immigrant mortgage loans. I am from Asia and speak fluent Chinese. These are the type of clients I deal with in Vancouver thus makes my job slightly easier.

Is it possible to hold both realty license and mortgage license in Seattle.

Do realtor have to split commission with brokerage in Seattle?
How much commission are mortgage specialist paid in Seattle.

[Ira500]

Originally Posted by sleeplesspeach

I have been doing well as a realtor in Vancouver BC for 12 years. I want to relocate to Seattle and become a mortgage specialist.

How does it work here? Must a bank hire me. As a Canadian with no US status, will these company shy away from Canadians. Is there a website for hire. Please assist.

I wish to focus on China new immigrant mortgage loans. I am from Asia and speak fluent Chinese. These are the type of clients I deal with in Vancouver thus makes my job slightly easier.

Is it possible to hold both realty license and mortgage license in Seattle.

Do realtor have to split commission with brokerage in Seattle?
How much commission are mortgage specialist paid in Seattle.

To be a home loan person in this state, you must have either a state issued loan originator or mortgage broker license. I might be wrong on this, but if you hold such a license from another state in the US, you only have to take the state part of the exam, otherwise both the national and state parts. I don't think they'll recognize a Canadian license. Some education is required before they let you take the test, something like 22 hours worth. You don't have to get hired by a bank. There are plenty of non bank home loan businesses, such as mortgage brokers and correspondent lenders.
It is possible to hold both a lender license(at least one of them) and a real estate broker license.
The way the commission works with real estate brokers(formerly called agents) varies tremendously by brokerage. A couple of the larger real estate brokerages here are Windermere and John L Scott. They start agents off with a 70/30 percent split, and you get to keep 100% after you've brought in a certain amount of revenue in a one year period. If you don't produce, you get fired. Some brokerages charge "desk fees" where you pay them a certain amount per month, and you can keep 100% commission, and some do a combination. Some will offer you a choice, like " Pay us 200 per month, and keep 100% commission, or pay us 50 per month and keep 80%.
I don't know how the loan folks get paid, other than that it's by commission. The banks are the ones who employ loan originators, not the mortgage brokerages. Supposedly the requirements are a little more stringent for mortgage brokers.

[sleeplesspeach]

Originally Posted by Ira500

To be a home loan person in this state, you must have either a state issued loan originator or mortgage broker license. I might be wrong on this, but if you hold such a license from another state in the US, you only have to take the state part of the exam, otherwise both the national and state parts. I don't think they'll recognize a Canadian license. Some education is required before they let you take the test, something like 22 hours worth. You don't have to get hired by a bank. There are plenty of non bank home loan businesses, such as mortgage brokers and correspondent lenders.
It is possible to hold both a lender license(at least one of them) and a real estate broker license.
The way the commission works with real estate brokers(formerly called agents) varies tremendously by brokerage. A couple of the larger real estate brokerages here are Windermere and John L Scott. They start agents off with a 70/30 percent split, and you get to keep 100% after you've brought in a certain amount of revenue in a one year period. If you don't produce, you get fired. Some brokerages charge "desk fees" where you pay them a certain amount per month, and you can keep 100% commission, and some do a combination. Some will offer you a choice, like " Pay us 200 per month, and keep 100% commission, or pay us 50 per month and keep 80%.
I don't know how the loan folks get paid, other than that it's by commission. The banks are the ones who employ loan originators, not the mortgage brokerages. Supposedly the requirements are a little more stringent for mortgage brokers.

In Vancouver it used to be on split. But brokerage operation changed. Now 80% if not more of brokerage are on 100% you keep what you earn and you pay office $200-$300 per transaction fee. Some office you need pay monthly desk fee, some you don't. Is there one which is similar to the 100% you keep your commission and pay only transaction fee.
How much is Error and Omission and licensing fee to maintain a realty and mortgage license?

[wrxchic]

Unless you are able to produce documentation that you are legally able to reside and/or work in the United States, you cannot move and/or work here.

I am a Canadian holding Permanent US Resident status (aka Green Card Holder) and every company I worked for required me to have the appropriate documentation.