What about a 2nd career as a mortgage originator. Where can I get on-line training and what about the pay?
I am 62 and thinking about semi-retiring. I would like information concerning mortgage loan originators. How much do they make on average? Do you have to work for a bank or other lender or can you work freelance? How do you obtain the necessary training?
I agree working under a qualified senior broker can help you tremandously. There are many brokers now looking for work and many companies laying off thousands. Get your training thru your states department of finance. And look for a good company that will take you in look for a company that provides leads to you and support.
Would like information on becoming a mortgage loan processor and loan originator or broker?
The law varies form state to state.
It is my understanding that a mortgage broker must be licensed by the Deaprtment of Real Estate in the State of California. All of the loan officers that work under that mortgage broker’s license must also be licensed by the State of California.
However if that mortage broker is what is called a direct lender (who lends money like a bank) then he can be licensed under the department of corporations and the loan officers do not have to be licensed by the department of corporations.
if my mortgage originator sell my loan to a third party , How can the orignator foreclose ?
My loan was sold to fannie Mae, Fannie mae owns the loan, How can my bank now foreclose if they don’t own the loan?
Because they still service the loan. They foreclose as agent for Fannie.
When a mortgage loan application is taken by the loan officer or originator?
Does the loan information go to the loan processor or loan underwriter first. I mean does it get decisioned first based off of the information given by the originator/officer or does the processor gather the information and give it to the underwriter where he approves/declines it?
Can vary a tad by lender, but the processor loads everything then the system will do an automated preliminary approval on credit scores. If it’s a massive fail, it can stop right there.
If it’s a pass, then it moves on to underwriters to check the fine points.
New Job as Mortgage Loan Originator?
7 weeks into new job still have not closed a loan….bills are past due..cant sleep..wondering if it is really for me…I see my co-workers getting big checks so I know the potential is there. Any advice?
Business is tough right now for everyone. 7 weeks without closing a loan is nothing. I know LO’s that haven’t done a deal in 7 months.
Yeah if you need income you may want to find another job, then start networking. If you have past due bills, commission work is not for you.
Commission is for people who have reserves for the lean times.
Loans dont just come knocking on your door. You have to market yourself, offer something others don’t and this alone is difficult enough without worring about making ends meet.
IF you’ve only been in this biz 7 weeks, how many books, marketing resource have you read or tapped? Does everyone you know now know that you are helping people with loan needs??
It’s lean times for the seasoned. Muchless the new.
Borrowers are more savy. They dont want just anyone advising them. What makes you the go to person? This is what you need to market.
Lots of LO’s have gone back to regular jobs. Not a good time to get in.
LET ME ADD….
You can go back to a regular job and utilize that exposure to network with new people.
Mortgages is a numbers game. The more people you know, the higher the likelyhood will be you will know someone who needs a loan or wants to buy a home. They need to know thats what you do.
This biz is highly adaptable to a flexible schedule.
You can hang your license at a broker that allows you to work part time.
We have agents that work a regular job, say like being a teacher, and then work their pipeline from 3 – 5 pm when lenders are still open. It all hinges on having an excellent processing office support team who can manage professionally in your absence. Luckily we have that.
You should have started this biz with tips from your office manager.
You should have 1) made a list of every person you know
2) create a good letter introducing your circle of friends to you new career choice (dont go into why you got into the biz-irrelevant).
3) inform them of issues in the market that may affect them
4) let them know what programs that can help them
5) offer them all a free consultation or review of their current program.
Keep in mind people want someone who has experience.
What I mean is that if you don’t own a home yourself, still live with mom and dad, have the latest coach bag when you have no income, that will turn people off. Work on your position. You cannot impart (financial advice) what you do not possess.(financial experience)
I’ve heard it said If people like you they will listen to you, but if they trust you they’ll do business with you. Give your clients a reason to trust you. That’s what an open book advisor is and why we believe in it. It has helped us in this market.
Good luck and if you have any questions, you can always pop online a hit live chat.
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