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How Is Working For an FDIC BANK as an MLO Like
Many loan officers are often curious about working for an FDIC Bank as a loan officer versus a state licensed mortgage company
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4 Replies
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Working for a Fed Charter has it benefits. You can skip the licensing fees. You can lend in all 50 states. With a well run mortgage platform you still have the ability to Broker.
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Are rates lower working for an FDIC Bank? I know a lot of loan officers lost deals because of the low rates banks were offering. Ridiculously low. Do banks offer portfolio loans at low rates?
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I am a licensed real estate broker in three states and a real estate agent is five states and am studying for my mortgage loan originator NMLS license. I have referrals for loan officer referral partners but do not make any referral fees. Can I become a loan officer for an FDIC bank without mortgage loan orignation license and be registered in 50 states without paying each state licensing fees? I have originated loan prior to the 2008 financial crisis but we did not need to have NMLS license during the era I originated loans. I am familiar in most aspects of originating loans from government-backed loans to conventional and nonprime loans.
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Does the bank offer a draw for full time loan officers for experienced loan officers or is it commission only?