Your Questions About Mortgage Loan Originator

Nancy asks…

mortgage loan originator?

how do you become a loan originator?

John answers:

It is the same as a mortgage broker.

I think it is best to start this career choice as an “in house rep” That means that you work directly for one lender/bank/mtg co.

Good luck

Ken asks…

I would like to know what the requirements are to become a NJ Mortgage Originator(Loan Originator)?

Such as Licensing information, working enviroment(home or office), Salary$$$,etc.

John answers:

You will get paid on how good you are, but NJ is the wild west. They have no requirements to get your license. I would suggest trying to work at a bank. They will train you, maybe in a year you can move to a brokerage firm.

It really depends on you. Most will be commission. I use to hire for banks and other mortgage companies. This was most our our mottos. I can teach anybody to fill out a loan application, but I cant teach them how to sale.

Meaning, I didnt hire people that were econ majors. I hired people that were great at sales. Its a sales job, period.

Heres the info for NJ.

Department of Banking and Insurance
Division of Banking
Office of Consumer Finance
20 West State Street
P.O. Box 040
Trenton, NJ 08625-0325
Ph: (609) 292-5360
Fax: 609) 292-5461
License required. No educational requirements. Registration $100.00.

Chris asks…

What is the difference between a mortgage broker and a loan originator?

John answers:

They’re generally the same thing… Loan officer, loan originator, mortgage broker, etc. Though, a true broker will own the company and/or be licensed by the state.

Maria asks…

Thinking of taking a mortgage loan originator job (commission only!)?

The recruiter told me $35-40 k a year. Outbound calls. Any comments? Is this fishy?

John answers:

Its a legitimate business. Can’t say if your particular opportunity is any good, but there is money to be made.

Just know what you are getting into. Its a brutal, hand to hand sales job. Nothing will come easy, and it will take years to build up a client base.

Charles asks…

Mortgage/Loan Originator..what 4 year college?

What do you need to study in the 4 year college? what courses/classes are needed?

John answers:

I was a mortgage loan officer and a mortgage broker in the state of Washington and I didn’t have degree at all. You have to pass the state licensing requirements, but that’s it.

Now, having any financial background will help a lot and if you plan on being self employed any business classes will also help. However there aren’t classes specific to mortgage lending.

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