Starting Career As Mortgage Loan Officers
In this article, we will discuss and cover starting career as mortgage loan officers at Gustan Cho Associates Gustan Cho Associates, powered by Nexa Mortgage NMLS 1660690, is a national mortgage company licensed in 48 states with over 190 lending partnerships with wholesale mortgage lenders. Gustan Cho Associates, Empowered by NEXA Mortgage, is a full-service mortgage company licensed in 48 states headquartered in Chandler, Arizona with its regional branch operations in Oakbrook Terrace, Illinois.
Control Your Own Destiny By Becoming an Independent Loan Officer
Every new hire at NEXA Mortgage is an independent loan officer and has the keys to start their own P and L branch unless they want to join an established branch. As an independent loan officer, they can either be a one-man shop or build a team and network of loan officers. NEXA Mortgage dba Gustan Cho Associates consists of over 2,000 licensed and support personnel.
As an MLO, you may be able to enjoy a flexible schedule, no cap on your earnings, and the opportunity to help people’s dreams come true. Plus, because people will always need to buy places to live, you’ll enjoy solid job security. It’s worth noting, though, that mortgage loan originating is a highly regulated industry.
Gustan Cho Associates is a mortgage company with a unique business model that most licensed loan officers do not know. Licensed in 48 states including DC, Puerto Rico, and the U.S. Virgin Islands, NEXA Mortgage has a network of over 190 wholesale mortgage lenders. Click here to get a home loan now
Licensed In 48 States Like No Other Mortgage Broker
Gustan Cho Associates is licensed in multiple states with a national reputation of not having any overlays on government and conventional loans. We are known for our no-lender overlay policy on government and conventional loans. Many loan officers were promised by national lenders that they have no lender overlays.
Is It Hard To Become a Loan Officer?
Like everything else, nothing is easy and it takes time to learn a new profession. The learning curve in training a new loan officer depends on the individual. Having a career as a loan officer is very lucrative. The sky is the limit. It all depends on the individual. Some individuals want to just work 40 hours. Others work 15-hour days, 7 days a week year after year.
How many loan officers were recruited to mortgage companies and promised no overlays?
When they got onboarded management told them, Oops, forgot to tell you that we have a few overlays on credit scores under 640 This is not the case with Gustan Cho Associates. No Overlays means ZERO overlays. We go off AUS Findings with no additional guidelines on government and conventional loans.
Over 190 Wholesale Lending Partners
Besides government and conventional loans, Gustan Cho Associates has lending partnerships with over 160 plus wholesale lending partners. We can do any loans from primary, second homes, and investment homes. All-in-one loans are one of our specialties. Fix and flix loans are very popular among our real estate investments. We have dozens of non-QM loan products ranging from no-doc loans, bank statement loans, asset depletion mortgages, non-QM loans one day out of bankruptcy and foreclosure, physicians’ loans, and alternative mortgages. Gustan Cho Associates is hiring experienced mortgage loan originators nationwide for remote loan officer positions.
What We Have To Offer Our Remote Loan Officers?
Here is what we offer:
- Five Star national mortgage company is licensed in 48 states.
- We offer exclusive branch-provided qualified screened leads.
- None of our loan officers will ever have a day without any exclusive leads.
- Wholesale lending relationships with lenders with no overlays on government and conventional loans.
- Alternative Financing Programs such as NON-QM Loans, No-Doc Loans, Stated Income Mortgages, Bank Statement Loans, Non-Warrantable Condos/Condotels, Time Construction Loans, Escrow Advance on refinances, non-QM loans one day out of bankruptcy and foreclosure, and many more unique programs not offered at other mortgage banking firms.
- Remote Loan Officer opportunity.
Full benefits include medical, dental, vision, and 401k. Connect with our loan officer with low credit scores
Experienced Loan Officers Starting Career As Mortgage Loan Officers
Loan Officers currently working at banks, credit unions, and smaller mortgage shops with at least one year of full-time mortgage loan origination experience can qualify to become a member of Gustan Cho Associates Loan Officers who work at banks and credit unions and are not NMLS licensed but registered can apply with us but will need to get licensed before they are hired. There is a five-day mandatory training program/orientation for new employees remotely via Zoom. Or if you are local, you can come to our regional headquarters in Oakbrook Terrace, Illinois.
Getting NMLS License To Starting Career As Mortgage Loan Officers
Here are the steps in getting licensing for loan officers who are exempt from licensing requirements due to working at FDIC financial institutions. Steps In Getting Your NMLS License And Starting Career As Mortgage Loan Officers. Candidates need to register with the NMLS and get an NMLS ID number.
Getting Enrolled in a 20-Hour NMLS-Approved Pre-Licensing Course
The second step is to find an NMLS-approved pre-licensing school and register and enroll in a 20-hour pre-licensing mortgage loan originator course. The 20-hour pre-licensing course can be done online or in a classroom.
Completion of the 20-hour pre-licensing course will enable the applicant to become eligible to take the federal NMLS mortgage loan originator examination.
Once candidates pass your federal NMLS exam, they can now apply for individual NMLS state licenses. Each state has its own licensing requirements and the costs and fees depend on each individual state. Each candidate applying for an individual mortgage license for a particular state needs to go through a background criminal investigation as well as credit check and financial background investigations.
Can I Have a Police Record and Get My NMLS License?
No felony conviction in the past 7 years. Any criminal convictions involving fraud and/or theft will be reasons for the denial of a mortgage loan originator’s license. Many think that just because they have bad credit that they will not be able to get an NMLS mortgage loan originator’s license. This is not the case. Each state has its own standards for an applicant’s credit requirement.
Can I Have a Prior Bankruptcy and Foreclosure To Be Eligible For NMLS License?
Bankruptcies and foreclosures do not disqualify a candidate from getting their NMLS mortgage loan originator’s license. What regulators are looking for in MLO applicants with bad credit is that the license applicant does not have total disregard for credit. Click here to apply for mortgae loan after bankruptcy and foreclosure
Navigating the Real Estate Market as a Mortgage Loan Officer
- Understanding Market Trends
Economic Indicators: Learn how interest rates, unemployment rates, and inflation impact the housing market and mortgage lending.
Supply and Demand: Recognize how the balance between available homes and buyer demand affects property prices and loan availability.
Regional Variations: Real estate markets can vary widely by location, and factors like the local economy, job growth, and population changes influence trends. - Adapting to Market Fluctuations
Interest Rate Changes: Stay informed about Federal Reserve policies and how shifts in interest rates can impact mortgage rates and loan demand.
Housing Crises: Be prepared to navigate through downturns, such as the 2008 financial crisis, by understanding their causes and consequences on lending practices.
Seasonal Trends: Real estate activity often fluctuates with the seasons, with more activity in spring and summer compared to fall and winter. - Leveraging Technology and Data
Market Analysis Tools: Utilize software and online tools to analyze market data, predict trends, and make informed decisions.
CRM Systems: Execute Customer Relationship Management systems to manage client interactions, track leads, and enhance customer service.
Online Presence: Establish a robust online presence using social media platforms, professional websites, and digital marketing to reach a broader audience. - Building Strong Relationships
Networking: Develop strong relationships with real estate agents, appraisers, underwriters, and other industry professionals to gain referrals and insider market knowledge.
Client Education: Educate clients about market conditions and how they impact mortgage options, helping them make informed decisions.
Community Involvement: Participate with the local community through events and seminars to build trust and establish yourself as a knowledgeable resource. - Staying Compliant with Regulations
Federal and State Laws: Stay updated on the latest mortgage lending regulations, such as the Dodd-Frank Act and state-specific laws.
Ethical Practices: Maintain high ethical standards in all transactions to build a reputation of trustworthiness and reliability.
Continuing Education: Regularly participate in continuing education to stay updated with regulatory updates and industry best practices. - Adapting to Changing Demographics
First-Time Homebuyers: Understand the needs and challenges of first-time homebuyers, including down payment assistance and tailored loan programs.
Millennials and Gen Z: Recognize the preferences of younger generations, such as digital communication and sustainable living, to tailor your services accordingly.
Retirees and Baby Boomers: Provide solutions for older adults looking to downsize or refinance, understanding their unique financial situations and goals.
By mastering these aspects of navigating the real estate market, mortgage loan officers can better serve their clients, anticipate market shifts, and achieve long-term career success.
Frequently Asked Questions (FAQs)
- What are the responsibilities of a mortgage loan officer?
A mortgage loan officer helps borrowers obtain loans to purchase real estate. They evaluate loan applications, assist clients with paperwork, and ensure compliance with banking regulations. They also work with clients to find the best loan products for their needs. - What qualifications are required to become a mortgage loan officer?
Education: Typically, a high school diploma is required. However, many employers like candidates with a degree in finance, business, or a related field.
Licensing: Mortgage loan officers must be licensed. This includes passing the National Mortgage Licensing System (NMLS) exam and completing pre-licensing education.
Experience: Some positions may require prior experience in banking, finance, or customer service. - What skills are essential for a mortgage loan officer?
Communication: Strong verbal and written communication abilities are essential for engaging with clients.
Analytical Skills: Knowledge of investigating and analyzing financial information and evaluating applicants’ creditworthiness.
Customer Service: Excellent customer service skills to build and maintain client relationships.
Detail-Oriented: Attention to detail is crucial for preparing and reviewing loan applications and documents. - How do I get licensed as a mortgage loan officer?
Pre-Licensing Education: Complete the required pre-licensing education (typically 20 hours of NMLS-approved coursework).
Pass the NMLS Exam: Pass the SAFE Mortgage Loan Originator Test.
Background Check: Undergo a background check and submit fingerprints.
Continuing Education: Complete annual continuing education to maintain your license. - What is the job outlook for mortgage loan officers?
The demand for mortgage loan officers can fluctuate with the real estate market. However, there is generally a steady need due to the continuous demand for home loans and refinancing. - What are the typical earnings for a mortgage loan officer?
Income can vary widely depending on experience, location, and employer. Many mortgage loan officers earn a base salary plus commission. Based on data from the Bureau of Labor, the typical yearly earnings for loan officers were $63,960 in May 2020. - What are the opportunities for career growth for mortgage loan officers?
Senior Loan Officer: With experience, loan officers can advance to senior positions.
Branch Manager: Experienced loan officers may move into management roles.
Specialization: Loan officers can specialize in different types of loans, such as commercial or consumer loans, to enhance their career prospects. - How can I find a job as a mortgage loan officer?
Networking: Leverage professional networks and connections in the industry.
Job Boards: Search for job openings on industry-specific and general job search websites.
Recruitment Agencies: Work with recruitment agencies that specialize in banking and finance.
Company Websites: Apply directly to mortgage companies, banks, and financial institutions. - What challenges do mortgage loan officers face?
Market Fluctuations: The real estate industry can be unstable, affecting loan demand.
Regulatory Changes: Staying updated with regulatory changes and ensuring compliance.
Competition: The mortgage industry is competitive, requiring constant effort to attract and retain clients. - What are the benefits of being a mortgage loan officer?
Earning Potential: Opportunities for high earnings through commissions.
Flexibility: Many loan officers have flexible work schedules.
Career Satisfaction: Helping clients achieve their homeownership dreams can be rewarding.
Getting Your State NMLS License
Once you have passed all phases of the state licensing process, the state will issue you the NMLS state license, and can start originating loans. Upon getting an approved/active status, new mortgage loan originators can Starting Career As Mortgage Loan Officers with Gustan Cho Associates.
Contact Us In Starting Career As Mortgage Loan Officers
The average loan officer at Gustan Cho Associates has been with the company for over 8.5 years. Please contact us at 800-900-8569 for a faster response or email us at gcho@gustancho.com. We love to hear from you and develop a lifelong relationship with you. We are available 7 days a week, evenings, weekends, and holidays. Again, a minimum of one year of full-time experience in loan origination is required.
