Can california loan originator work for more than one company?
My friend is a loan originator in california. He is till now working for a single company but wants to originate loans for more than one com pany. Does the laws in california allow him to do so?
I would seriously doubt it. If he is licensed, he should check with the state licensing board. Either way he should also talk with an attorney. If he does that, he will probably be the only one to pay a penalty if caught. So, no one he is working for will really care provided they “don’t know” and he will be hung out to dry. Look up the state licensing website for mortgage brokers. I would be shocked if he were allowed to work for more than one company on a commission basis.
Hope that helps some – but he needs to investigate more thoroughly!
In Colorado, is it legal to work for two mortgage companies as an LO at the same time?
In the state of Colorado is it legal to work for two mortgage companies at the same time as a Mortgage Loan Originator
No. NMLS (Nationwide Mortgage Licensing Systems) rules for being licensed is that you must be sponsered by one mortgage company and you can not give loans to any company except the one who hires you.
Is a loan originator good experience? What types of jobs consider this experience?
I applied for a position for a mortage and real estate company as an appointment setter/loan originator, I need more sales and customer service experience to go where I wanna go in the career industry I’m looking into.
A loan originator does sell the loan…all they do is take an application.
For what you want, go to like an appliance/electronics store that pays commission. There, you will learn how to sell, what to sell, and a GREAT deal about customer service. That is how I started out more than 20 years ago and am now a Senior Loan Officer with a mortgage broker.
What are the requirements to become a Mortgage Loan Originator in California ?
I need to know what I have to do to become a MLO. Never worked in real estate before and I’ve talked to several people and have gotten different answers. Please help.
A mortgage broker is a licensed professional field; contact the banking commissioner and or the
real estate commissioner.
What are the best states to be a Mortgage Loan Originator in?
I took the national NMLS exam and got a 74%, so I have to wait the month to take it again. While I’m waiting, I figured I’d take other state component tests. Anyone have any recommendations for which states may be preferable? So far, I passed the California exam.
All originators need an NMLS number, not all have to take the exam. It depends on who you work for. If you work for a mortgage company that is owned by a bank you are under banking regulations. I believe that is true in all states. Licensing laws vary from state to state.
No one is going to be handing you clients so it is best to work where you have connections & lots of friends & family.
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