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Mortgage Loan Officer and Branch Manager Career Opportunities
NEXA Mortgage has independent loan officer branch manager opportunities and loan officer opportunities under a producing branch. 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. CEO Michael Kortas gives the entreprenuer loan officer their own keys to take it where they want to. The sky is the limit. CEO Mike has a hands off policy and never tells you what to do. CEO Kortas is there to help you and will never say NO if you have great ideas in expanding your own business. You can run your mortgage broker business as a dba of NEXA Mortgage. Becoming a NEXA 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/
gustancho.com
NEXA Career Opportunities » Mortgages » Realtor - MLO
Career Opportunities as mortgage loan originators, mortgage processors, account managers, loan processors, mortgage underwriters now available
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5 Replies
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Gustan Cho Associates offers a range of career opportunities for mortgage loan officers and branch managers, especially under the umbrella of NEXA Mortgage LLC. These opportunities are suitable for both newly licensed and experienced professionals in the mortgage industry.
For newly licensed mortgage loan originators, Gustan Cho Associates provides a mentor training program that lasts six months. To graduate from this program, you must close six mortgage loans, after which you can become an independent licensed mortgage loan originator or join an established producing branch (Gustan Cho Associates Mortgage Brokers).
For more experienced professionals, there are opportunities to run your own profit and loss business as a branch manager. This setup allows you to operate independently while still being part of a larger network, offering a significant degree of autonomy in managing your business. Gustan Cho Associates emphasizes a strong support system and access to a broad range of loan products due to their partnership with 210 wholesale lenders (Gustan Cho Associates Mortgage Brokers) (Gustan Cho Associates Mortgage Brokers).
The company culture is noted for its supportive environment, providing extensive operational, marketing, and technical support to help you succeed in your role. They also offer competitive compensation plans and benefits, including healthcare options (Gustan Cho Associates Mortgage Brokers) (Gustan Cho Associates Mortgage Brokers).
If you’re interested in exploring these opportunities, you can learn more about the specific positions available and the qualifications required on the Gustan Cho Associates career page or directly contact them for more detailed information.
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How do I go about becoming an NMLS licensed mortgage loan originator if I do not have any mortgage origination experience and I come from a totally different field? Can you go over the step by step instructions on how to get licensed, what is required to get licensed, what tests or examinations I have to pass, how to get trained, what mortgage companies I have the best chance to get hired and trained, and how to become the best of the best mortgage loan originator?
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It is a fulfilling career path to become an NMLS-licensed mortgage loan originator (MLO) without needing any previous experience in the mortgage sector. Here’s how you can successfully change careers and get into this field:
Step 1: Understand the Role of an MLO
Major Responsibilities:
- MLOs help clients find mortgages by studying their finances, offering them various loans, and guiding them through the application process.
Skills Required:
- Communication skills, organization skills, and selling ability must be teachable.
Step 2: Meet Basic Eligibility Requirements
Age Limit:
- Must be eighteen years old or older.
Background Check:
- Should not have criminal records or fail credit check.
Educational Qualifications:
- The minimum requirement is a high school diploma or equivalent.
Step 3: Complete the Pre-Licensing Education (PE)Education Prerequisites:
20 Hours of NMLS-Approved Education:
- These consist of sections on federal mortgage laws (3 hours), ethics (3 hours), nontraditional mortgage lending (2 hours), and elective coursework (12 hours).
- Choose one of these NMLS-approved institutions, such as Mortgage Educators, OnCourse Learning, etc.
Step 4: Register with the NMLS
- Sign up for an NMLS Account on the NMLS Consumer Access Page.
- You must pay fees for NMLS Registration, such as the Application Fee ($30) and the Fingerprinting Fee ($40).
Step 5: Passing the SAFE MLO Test
Requirements are as follows:
• Federal Mortgage-Related Laws cover 23%
• General Mortgage Knowledge covers 23%
• Mortgage Loan Origination Activities covers 25%
• Ethics and Fraud Prevention covers 16%
• Uniform State Content covers 13%
Preparation:
- Study guides, practice exams, and flashcards from NMLS-approved providers should suffice.
Passing Score:
- You need at least a score of 75%.
Cost:
- Around $110
Step 6: Applying for State Licensing
Requirements differ by state, but you usually need:
- A completed Licensing Application through NMLS.
- Fees for State Licensing (vary by state).
Background and Credit ChecksStep 7:Getting Sponsored by a Mortgage Company
Most states require that your license be “sponsored” by an employer. That is to say, you must be employed with a licensed mortgage company.
Step 8: Gaining Training and On-The-Job Experience
Some options include:
Internships or Mentorships:
- Look out for programs pairing up with experienced MLOs.
Entry–Level Roles:
- You can start as a loan processor, assistant, or trainee MLO to learn the ropes.
Company Specific Training
- Join companies like Guaranteed Rate, Quicken Loans, or Caliber Home Loans with elaborate training programs for new MLOs.
Step 9: Choosing the Right Employer
Look For Companies That Offer:
- Comprehensive training programs
- Lead generation support
- Competitive commission structures
- Opportunities to be guided
Step 10: Stay in Step and Keep Educating Yourself
Annual Continuing Education (CE):
- Complete 8 hours of annual CE, including updates on federal law, ethics, and nontraditional lending.
How to Excel as an MLO
Develop a Niche:
- To stand out, we specialize in VA, FHA, USDA, or non-QM loans.
Create a Network:
- Work with realtors/agents for real estate buyers, financial planners/advisors for retirees, and potential investors/buyers from another country.
Invest in Tools:
- Use CRM software to manage client relationships efficiently.
Refine Selling Skills:
- Take courses on salesmanship and negotiation for better client interactions.
Focus on Customer Service:
- Offer hassle-free one-on-one mortgage experience to build trust and earn referrals.
Stay Informed:
- Stay abreast of the trends in the mortgage market, including any changes in interest rates and regulations.
Mortgage Companies for New MLOs
Large Retail Lenders such as Quicken Loans, Rocket Mortgage, Fairway Independent Mortgage, etc., are popular among borrowers due to their low rates and great customer reviews.
Boutique Firms:
Smaller local lenders often offer personalized training and support services like these. Zillow Home Loans is known for its focus on refinancing mortgages; however, it does offer traditional loan options, which you can check out from its website.
Brokerages:
Nexa Mortgage has a good reputation for caring for its new MLOs.
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You can become an NMLS licensed mortgage loan originator (MLO) even if you have never been a mortgage origination officer. This blog will provide a step-by-step guide to help you through the entire process, from training and testing to job-hunting tips.
Step-by-Step Guide to Becoming an NMLS Licensed Mortgage Loan OriginatorStep 1: Create your NMLS Account
Visit the NMLS Registration Portal:
- Navigate to the official NMLS registration website.
Request for Account:
- Choose “Individual” and complete all the necessary details to create an account.
Obtain Your NMLS ID:
- After registering, you will be given a unique identification number, NMLS ID, which you will use during the licensing process.
Step 2: Complete Pre-License Education
Enroll in NMLS-approved courses:
Enroll in twenty hours of pre-licensing education at an approved mortgage school. It usually includes:
- 3 hours of federal law
- 3 hours of ethics
- 2 hours of non-traditional mortgage lending
- 12 hours of electives
State-Specific Requirements:
- Additional education requirements are present in some states.
Step 3: Pass the NMLS Mortgage Licensing Exam
Schedule Your Exam:
- Once you complete your education, you can schedule the National Test Component with Uniform State Content on your computer via your NMSL account.
Details of the Exam
- 120 questions – (115 counts)
- 10 minutes – Cost: $110
How to Study for the Test:
- Focus on Federal Mortgage-Related Laws, MLO Activities, and General Mortgage Knowledge.
- Get study guides and practice exams.
Step 4: Apply for your NMLS License
Submit Application:
- Sign in to your NMLS account and request a mortgage loan originator license from your state.
Complete Required Information:
- Fill out all the required details and pay application fees at a fee different from each state.
Step 5: Background Checks and Fees
Complete Background Checks: You will need to undergo an FBI criminal background check and submit your credit report.
Pay Associated Fees:
- Budget for processing fees, background checks, or even the application that sometimes add up to sums of several hundreds of dollars.
Find Employment & Sponsorship
Seek Employment:
- A state-licensed employer must be willing to sponsor you before you activate your license.
- Check out companies known to employ new MLOs where you can start looking.
Networking:
- Job boards, industry events, connecting with professionals in the field, etc, can help you find opportunities.
- Banks, credit unions, and mortgage lenders are examples of companies that often have training programs for new hires.
Tips for Achieving the Best Mortgage Loan Originator
Always learn:
- You must keep up with industry trends, regulations, and new mortgage products by taking annual continuing education courses.
Make friends:
- Clients, real estate agents, and other professionals should all be your friends.
- By doing so, you open yourself up to network referrals and repeat clients.
Skills upgrade:
- Communication, negotiation, and customer service are some of the most important traits required in this industry.
Technology integration:
- You need to familiarize yourself with the loan origination process and mortgage software/ tools that support it.
You need a leader. For instance, you will need someone who can advise you on how mortgage loans operate within different jurisdictions or share their experience handling such issues in the future.
Becoming a mortgage loan originator from another field is not very difficult if one follows the proper steps and shows dedication to it. The outlined steps must be followed, including completing the required education and testing, finding employment actively, and starting a job in mortgage origination, which will lead to successful career development here.
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Becoming a licensed Mortgage Loan Originator (MLO) is an exciting journey, even if you’re coming from a different field! Here’s a step-by-step guide to help you get started:
Step-by-Step Instructions to Get Licensed
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Meet Basic Requirements: Ensure you meet the basic requirements, such as being at least 18 years old, having a valid Social Security number, and not having any felony convictions within the past seven years.
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Complete Pre-Licensing Education: You’ll need to complete 20 hours of pre-licensing education courses approved by the Nationwide Multistate Licensing System & Registry (NMLS). This includes:
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3 hours of federal law and regulations
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3 hours of ethics, including fraud, consumer protection, and fair lending
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2 hours of non-traditional mortgage lending standards
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Submit an Application: Submit your application through the NMLS, including fingerprints for a background check and authorization for NMLS to obtain your credit report.
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Pass the SAFE MLO Test: You’ll need to pass the SAFE Mortgage Loan Originator Test, which covers federal law, state law, ethics, and mortgage-related topics.
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Get Sponsored by a Mortgage Company: Find a mortgage company willing to sponsor you. They will help you with the licensing process and provide training.
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Maintain Your License: Complete 8 hours of continuing education annually to maintain your license.
Training Programs
There are several reputable training programs available to help you prepare for the licensing exam and get started in the industry:
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: Offers comprehensive training programs, including NMLS-approved licensing courses and exam preparation.
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OnCourse Learning: Provides online and live webinar courses for mortgage loan originator training.
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Mometrix Test Preparation: Offers practice tests and study guides to help you prepare for the SAFE MLO exam.
Getting Hired and Trained
To increase your chances of getting hired and trained, consider applying to companies known for their training programs:
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Large national mortgage companies: Companies like Quicken Loans, LoanDepot, and Fairway Independent Mortgage Corporation often have structured training programs for new hires.
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Local mortgage brokers: Smaller, local mortgage brokers may also offer training and mentorship opportunities.
Becoming the Best of the Best
To excel as a mortgage loan originator, focus on:
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Continuous Learning: Stay updated with industry trends and regulations.
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Networking: Build relationships with real estate agents, lenders, and other professionals.
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Customer Service: Provide exceptional service to your clients to build a strong reputation.
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Technology: Embrace technology to streamline your processes and improve efficiency.
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