Mortgage Loan Officer Help and Careers

You now have the opportunity to run your own P and L business in the mortgage industry. You are your own boss and run your own mortgage company the way you seem fit. The sky is the limit. CEO Mike has a hands-off policy and never tells you what to do. You can run your mortgage broker business. Becoming a mortgage branch is better than owning your own mortgage company. Contact me at 262-627-1965 or email me directly at gcho@gustancho.com. Please post any questions on this forum or private message me.

https://gustancho.com/career-opportunities/

• This discussion was modified 1 month ago by  Sapna Sharma.

I must have called over two dozen state mortgage licensing agencies in the past week and I am getting nothing but the runaround. I also called Mortgage Educators and other NMLS mortgage licensing schools and still cannot get the answer I am looking for. The mortgage industry and regulators are making a huge deal about not being able to get an NMLS mortgage loan originator license if you have bad credit. They are saying if you are late on your payments or have derogatory information on your personal credit profile you are classified as being financially irresponsible and not fit to become a mortgage loan originator. People can go through bad times, divorce, medical, or times of unemployment where you can have bad credit without being financially irresponsible. Now my question is can you get a mortgage loan orignator license with bad credit, collections, and late payments? Thank you in advance.

With all these recent news about high inflation, low housing inventory, mortgage rates in the 8%, and loan officers quitting the mortgage industry by the thousands, is now a very bad time to become a mortgage loan officer? Is it true that the national number of loan officers dropped by over half due to the mortgage industry going under? Is it true over fifty percent of the mortgage companies went out of business and there are more mortgage brokers and mortgage bankers that are waiting to get out of business?

There are so many mortgage companies closing their doors and filing bankruptcy. Never in history have so many loan officers quit so fast due to skyrocketing mortgage rates. Besides the surging rates, housing inventory is low. Many homeowners who got mortgage rates at 2.5% two years ago are not budging on selling their homes. I heard in the beginning of the year 2023, there were 150,000 mortgage loan officers in the United States. A few weeks ago, the number of loan officers left in the United States was somewhere in the 70,000. I have researched this matter with hundreds of loan officers, mortgage company owners, processors, support and operation mortgage professionals, real estate agents, underwriters, wholesale mortgage account representatives, builders, and anyone directly or indirectly in the housing and mortgage industries. Please share your thoughts.

• This discussion was modified 1 year, 7 months ago by  Sapna Sharma.

Can someone please explain how the Revenue Share residual income program works for mortgage loan officers at NEXA Mortgage. I am getting conflicting answers. Thank you in advance.

Can I get an MLO licensed in TEXAS if I have a collection in my credit report and a letter saying well Fargo is suing me?

WHY DO MORTGAGE LOAN OFFICERS KEEP ON CHANGING EMPLOYERS SO OFTEN? SOME MORTGAGE LOAN ORIGINATORS HAVE CHANGED JOBS 12 TIMES IN ONE YEAR.

Absolutely 💯. I am a strong believer of positive criticism and not compliments. That’s how you learn and get better. A lot of people can’t take criticisms. With compliments most people take it to a new arrogance level. However, compliments are well served for people who deserve compliments. Kevin DeLory and Eddy G Perez Jr. Deserve respect and compliments for setting the foundation of EPM. There’s a reason why a mortgage company produces great employees like Christian Sorenson. It’s folks like Christian Sorenson that make a great company. It’s due to a strong foundation. Great leadership makes a great company and differentiates from the mediocre competition. Competition never sleeps. Thanks for everything you do Mr. Perez and Mr. DeLory. Giving us loan officers the opportunity to do tough loans gives the dream of homeownership become a reality for hard working Americans. You guys are the true silent heroes who are appreciated and not taken for granted. Love all your inspirational videos, sir. Don’t stop being you. Never try to miss Mr. DeLory’s videos no matter how hectic my day is.

If I work for another Mortgage Company besides Gustan Cho Associates, can I do commercial loans at Lending Network LLC? What are the benefits of Lending Network and Gustan Cho Associates versus working just at Lending Network LLC?

• This discussion was modified 1 month ago by  Sapna Sharma.

This thread pertains to John Parker. John, can you please explain what AXEN Mortgage is about and how AXEN MORTGAGE works. Many people are confused about AXEN Mortgage.

• This discussion was modified 1 month ago by  Sapna Sharma.

Can anyone pass the class and the test? I heard it is harder than the real estate agent’s test.

Commercial lending is such a broad field. Most commercial lenders are specialists on certain types of commercial loans. For example, some loan officers only specialize in SBA loans. Other commercial loan officers only do hard money loans. Yet, other commercial loan officers only limit to factoring or accounts receivables. One of the main benefit http://www.lendingnetwork.org differs from the competition is that lending network is a one-stop-commercial lending shop.

lendingnetwork.org

Home - Lending Network, LLC

gcho@lendingnetwork.org dianne@lendingnetwork.org

You need to first complete the 20 hour NMLS pre-licensing course from a NMLS approved course provider. We recommend you contact Angie Crippen from Oncourse Learning. The link is listed on http://www.gustancho.com on the home page on the the box that says MLO SCHOOL. You then have to pass the National NMLS 125 question exam and get a 75%. You then apply for a license in the state of your choice. Once you get licensed, you are read tobget sponsored and hired by a mortgage company.

what other mortgage companies offer revenue share and residual income and how does it work?

• This discussion was modified 1 month ago by  Sapna Sharma.

Once credit is cleared/ improved could I be approved in the state of Texas for Mortgage loan originator license? As far as the states that was mentioned, California, Illinois, & Arizona would I have to hold or establish a residency to qualify? Also I’m interested in the commercial loan officer opportunity. What is the process, and would it give me the experience and expertise needed to becoming a licensed mortgage originator ? Thank you for your time and I look forward to your reply!

Respectfully,
Vernise Green

For those who do not have a DIVVY CARD, I strongly suggest you request a DIVVY CARD through Marga. A DIVVY CARD is like a Corporate Debit CREDIT CARD. You can use it pre-tax for business-related expenses such as NMLS CE, NMLS LICENSING, CELL PHONE, OFFICE EXPENSES, MEALS on Recruitment and Realtor Partners, Fuel & Mileage, Marketing EXPENSES, Leads, Tools, Travel, Utilities for OFFICE, etc. You can start small and always increase when you see EXPENSES coming up. In our office, Carlucci, Dale, John Strange, Mike Gracz,, and all active independent loan officers sponsored by Team GCA should absolutely sign up for a DIVVY CARD IMMEDIATELY. Marga, please follow up on this urgent matter and keep a note to send out multiple reminders. I have this memo and updates posted on GCAFORUMS.COM.

Thank you.

• This discussion was modified 1 year, 5 months ago by  Sapna Sharma.

My spouse have a sealed theft conviction will this prevent her from getting a LO license?

How long does Commercial Loan Officer training usually take?

What are the pre-licensing education requirements for mortgage lenders?

I am an Experienced Mortgage Loan Originator. How Can You Approach a Home Builder and Become The Builder’s Preferred Lender. Why do home builders want to use you as their preferred lender? How do you become a Preferred Lender of a Home Builder? What do home builders want of a preferred lender. The bottom line is How Do You Become a Preferred Lender For a Home Builder? What can I do to get an opportunity to become a preferred lender for a regional or national home builder?

What is a mortgage broker? What is the role of a mortgage broker? What is the difference between mortgage brokers and mortgage bankers? What is the difference between mortgage broker, mortgage banker, Full-Eagle Mortgage Banker, direct lender, correspondent lender, and mini-correspondent lender? How Do Mortgage Brokers Get Compensated? How do mortgage bankers get compensated? How do full-eagle bankers get compensated? How do direct lenders get compensated? How do correspondent and mini-correspondent lenders get compensated? What is yield spread premium? How do mortgage companies get compensated?

• This discussion was modified 1 year, 11 months ago by  Gustan Cho.

I want to expand my team of mortgage loan originators and expand. What is the best way to recruit loan officers? What type of questions do you ask loan officers? What type of documentation do you ask to make sure the loan officer is a producer or will be a producer? On the flipside, if you are a loan officer interviewing with a branch manager of a mortgage company, how should you present yourself? What type of questions would a loan officer recruit expect from the branch manager interviewing them?

Can i get MLO licensed in TEXAS if i have collection in my credit report and a letter saying well fargo is suing me?

Ever considered becoming your own boss by opening your own company. Turn key full service business, commercial, and residential funding business. We will train you about how to open your own commercial loan brokerage business after you go through our training program. Unlimited opportunity. Contact Danny Vesokie at Affiliated Financial Partners at 916-402-2506. Text Danny Vesokie for a Faster Response. Affiliated Financial Partners is a preferred commercial loan officer school of Lending Network and Gustan Cho Associates. Affiliated Financial Partners LLC-Wholly Owned Subsidiary of Danny Vesokie Institute of Finance, headquartered in Sacramento, California.

• This discussion was modified 2 years ago by  Danny Vesokie | Affiliated Financial Partners.

Stayed tuned, people. We create, design, and develop a one-stop lending shop mortgage loan officer website. This one-in-all marketing-support-operations-business-development mega website is for select loan officers who want to be in the top 20% of the nation and belong to a team of winners. Many talented goal-oriented folks want to become top-producing loan officers but do not have the guidance, training, tools, and direction to lead them there. After a decade of research and development, making thousands of fixes, and making thousands of hours of mistakes, my team and I have mastered a mega one-stop lending shop. Training a loan officer is one of the most difficult tasks there is. There is no sure proof training program in the market place. The best way to learn to become a successful loan officer is by getting trained by a mentor. Training a loan officer is like training an attorney. Say a young lawyer graduates from an IVY LEAGUE LAW SCHOOL like Harvard, Yale, Princeton, or Stanford Law School. The young, newly law school graduate masters the Bar Exam and is now licensed to practice. What NOW? How is he or she going to represent clients in court, let along simple parking tickets or simply real estate closings? Same with loan officers. You will be clueless and lost. So the best way to train a young recruit loan officer is to take a few steps backward to go forwards. A newly licensed loan officer should not even do a single loan until they have processed three to six loans themselves under the supervision of a loan processor. The loan officer will never become a master mortgage processor and I do not recommend they be one if they want to originate loans, but loan officers will be working very closely with mortgage processors on every single loan. To this day, most loan officers are clueless on how mortgage processing works and often bitch and degrade mortgage processors if shit does not go your way. Master processing, at least how it work, before you proceed to originating. In the system we will have on http://www.viralwebsitedevelopers.com, we will have a detailed training section on processing and how mortgage processing works. Once you have the basics on how mortgage processing works, the next step is to learn origination. So one of the frequently asked questions is do I need to memorize all the mortgage guidelines before proceeding. The answer is NO. There is no way you will learn and know all of the FHA, VA, USDA, FANNIE, FREDDIE, and NON-QM mortgage guidelines. Learning the guidelines is not enough. Every lender has their own lender overlays. Lender overlays are additional mortgage guidelines above and beyond the minimum guidelines of HUD, VA, USDA, FANNIE MAE, and FREDDIE MAC. However, every loan officer should know the basic agency guidelines on government and conventional loans. Everything you need to know, you can find it on http://www.gustancho.com. AGAIN, loan officers should get familiar with the basic guideline but no need to memorize it. You will go back to it often. Again, all the guidelines will be on the master website from Viral Website Developers. Remember, our mission at Viral Website Developers is to create a one-stop mortgage lending online shop with your very one virtual digital media website. So, the next step for brand new loan officers are loan officers transferring to Gustan Cho Associates on a branch level or an independent loan officer sponsored by a member of the Gustan Cho Associates family is getting leads. Again, your newly assigned one-stop shop lending virtual mega loan origination website will have an organic lead generation system which will grow and add more value as it seasons with age and content. I will continue this part at the next time I am able to continue.

• This discussion was modified 3 years, 1 month ago by  Sapna Sharma.
• This discussion was modified 3 years, 1 month ago by  Gustan Cho. Reason: Updates

Felix, please post WHY NEXA WITH CEO MIKE KORTAS every Thursday at 1 pm CDT.and put a super sticky. Amanda, Jimmy, and Farah should definitely attend today in 50 minutes.

The truth is that all of these loans still have the overlays of each lender, and it’s what the lender requires that matters. These SBA, HUD, USDA, and conventional loans are referrals; you only need to know some things. There are so many variations, exceptions, and special underwriting. Most nonrecourse loans still require personal guarantees; it is just that if the loan defaults, they will not come after your personal property unless there is fraud. Those carve-outs usually pertain to fraud. Fannie Mae often approves loans easier than Freddie Mac senior housing, student housing, affordable housing tax credit LIHTC usually has the highest LTVs. Often a non-profit will get 5% to 10% higher LTV. I will partner with these potential borrowers using my non-profit and HUD sponsorship status, taking 25% to 50% of the project.

Small balance loans from $1MM to $7 mm have an 80% LTV for apartments

• This discussion was modified 2 years, 11 months ago by  Gustan Cho.

If you are a producing real estate agent and want to become a dually licensed realtor and loan officer, please contact Gustan Cho at Gustan Cho Associates at 844-90-RATES. Why not make commissions both as a realtor and loan officer on the same transaction. Gustan Cho contact information is gcho@gustancho.com.

Here’s the link to a guide on career opportunities as a dually licensed realtor and loan officer at GCA MORTGAGE GROUP and Gustan Cho Associates https://gcaforums.com/dually-licensed-realtor-mlo-careers/

• This discussion was modified 2 years, 5 months ago by  Sapna Sharma.
• This discussion was modified 2 years, 1 month ago by  Gustan Cho.

gcaforums.com

Dually Licensed Realtor-MLO Careers

Dually licensed realtor-MLO careers enable realtors to earn commissions both as a realtor and mortgage loan officers if they have NMLS license.

7(a) loans

SBA’s most common loan program, which includes financial help for businesses with special requirements.

Content

1. What is a 7(a) loan?
2. Am I eligible?
3. How do I use the 7(a) loan?
4. What do I need to apply?
5. How do I pay back my 7(a) loan?
6. Existing borrowers

What is a 7(a) loan?

The 7(a) Loan Program, SBA’s most common loan program, includes financial help for small businesses with special requirements. This is a good option when real estate is part of a business purchase, but it can also be used for:

• Short- and long-term working capital
• Refinancing current business debt
• Purchasing and installation of machinery and equipment
• Purchasing furniture, fixtures, and supplies

The maximum loan amount for a 7(a) loan is $5 million. Key eligibility factors are based on what the business does to receive its income, its credit history, and where the business operates. Your lender will help you figure out which type of loan is best suited for your needs.

Am I eligible?

To be eligible for 7(a) loan assistance, businesses must:

• Operate for profit
• Be considered a small business, as defined by SBA
• Be engaged in, or propose to do business in, the United States or its possessions
• Be able to demonstrate a need for a loan
• Use the funds for a sound business purpose
• Not be delinquent on any existing debt obligations to the U.S. government
• Be creditworthy and reasonably assure repayment of the loan

Some businesses may not qualify for a 7(a) loan. Read more about Terms, conditions, and eligibility.

How do I use the 7(a) loan?

Basic uses for the 7(a) loan include:

• Long- and short-term working capital
• Revolving funds based on the value of existing inventory and receivables
• The purchase of equipment, machinery, furniture, fixtures, supplies, or materials
• The purchase of real estate, including land and buildings
• The construction a new building or renovation an existing building
• Establishing a new business or assisting in the acquisition, operation or expansion of an existing business
• Refinancing existing business debt, under certain conditions

What do I need to apply?

The contents of the loan application generally vary depending on the size of the loan and the lender’s processing method. When you’re ready to apply, begin the process by working with your lender to determine which documents they will require you to provide.

The loan application documents required will generally include SBA Form 1919, Borrower’s Information Form. Use the following checklist to ensure you are prepared if your lender asks you for any of the following information:

• Borrower information form (required): Complete SBA Form 1919 and submit it to an SBA-participating lender.
• Financial statements (as applicable): The lender may require personal financial statements for the applicant(s) or owner(s) of the applicant.
• Business financial statements (as applicable): Submit the following to help show your ability to repay a loan:
  • Profit and loss statement – Current within 180 days of your application. Also include supplementary schedules from the last three fiscal years.
  • Projected financial statements – Include a detailed, one-year projection of income and finances and explain how you expect to achieve this projection.
• Ownership and affiliations: Provide a list of names and addresses of any subsidiaries and affiliates.
• Business license or certificate (as applicable): Provide a copy of the original business license or certificate of doing business. If your small business is a corporation, stamp your corporate seal on the SBA loan application form.
• Loan application history (as applicable): Include records of any loans you may have applied for in the past.
• Income tax returns (required for the lender to verify applicant’s size): Include signed business federal income tax returns of your business for the previous three years.
• Resumes (as applicable): Include personal resumes for each principal.
• Business overview and history (as applicable): Provide a history of the business and its challenges. Include an explanation of why you need the SBA loan and how it will help your business.
• Business lease (as applicable): Include a copy of your business lease, or a note from your landlord, with the terms of the proposed lease.

If you are buying an existing business, gather the following information (required):

• Current balance sheet and profit and loss statement of the business being acquired
• Federal income tax returns for the previous three years of the business being acquired
• Proposed bill of sale/purchase agreement, including the terms of sale
• Asking price with schedule of inventory, machinery and equipment, and furniture and fixtures

You may be required to submit more SBA forms based on the specific use of proceeds or fees paid on a loans package or to a broker or agent.

How do I pay back my 7(a) loan?

Loan repayment terms vary according to several factors.

• Most 7(a) term loans are repaid with monthly payments of principal and interest from the cash flow of the business
• Payments stay the same for fixed-rate loans because the interest rate is constant
• For variable rate loans, the lender may require a different payment amount when the interest rate changes

• This discussion was modified 2 months, 2 weeks ago by  Sapna Sharma.

sba.gov

7(a) loans | U.S. Small Business Administration

7(a) loans | U.S. Small Business Administration

Here is a link to top Academy for loan officers entering the mortgage loan origination business with no experience. It is held weekly. Contact Felix Nicolas, III at felix@gustancho.com for mortgage information.

https://www.google.com/url?q=https://us06web.zoom.us/j/89826931408&sa=D&source=calendar&ust=1694346718349602&usg=AOvVaw1SaYseZ2ekdT-IyEFkZRHd

• This discussion was modified 1 month ago by  Sapna Sharma.