Need online resources on working as a MLO. (loan officer, real estate, requirements)
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Where can I find online resources about working as a MLO?
My and my husband will be pursuing this within the next month. We already met with a company that explained what all would be required to get licensed as a MLO. We decided on taking the 20hr course online. I've been through MLO training back in early 2000 before the crisis hit. But it has been over 10years so I will need to be refreshed on what all is happening now.
His biggest question is what would be required for him to run his own office and not work for anyone else. I am perfectly fine with working for a mortgage broker but he believes in working for himself. I told him to give it time because first we need to work in the business for a while.
Only those that are well established are bringing in loans. The real estate community has been burned by loan officers without track records. They are advising their sellers to go with the buyer with the known lender. It only takes losing a home or two before the buyers catch on. The last one I saw wrote over their lender letter, "we will get this loan from lender of your choice." Guess which contract won that round?
Yes, I've read all the "beware" warnings about the industry now and have had my own run-ins with shady mortgage brokers. We will still be moving forward.
Generally running your own office requires that someone in the office has been in the business for 3 years recently, in some capacity. Also, you will have bonding requirements.
If you get in with the right company, you can make a great living and not have the bs that an "owner" has to deal with.
For me, it feels like I'm self employed, but without having to pay the overhead or deal with personnel issues.
You need to treat it like a marketing job and spend the majority of your efforts in locating people who need your services, solve their problems, and let the office staff handle the processing, doc drawing, and fundings. Those Loan Originators who spend their time processing their own loans and stressing over the details make much less and have higher stress than those who focus on marketing and sales.
My first company had an owner who was too cheap to hire a processor or even someone to work the front desk. It was really tough to run appointments and market when you are elbow deep in loan conditions or funding issues. I stayed long enough to find something better. I've been here ever since.
Yes, I've read all the "beware" warnings about the industry now and have had my own run-ins with shady mortgage brokers. We will still be moving forward.
I dont think there are any Shady Brokers out there anymore... in fact, i think most of the Shady people work for Retail companies now.
If your Shady, you will not get referrals. Therefore, you need to work for someone else.
I am going to order these 2 books from amazon.com to start reading. If anyone knows of any other books that would be good for me to read, please post them.
I think I'm going to start my 20hr SAFE course before him. I will start at the end of this month. He won't be able to start till October when he comes back into the country.
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