OfflineThroughout my real estate career, I have noticed that sometimes the hardest part is obtaining financing. There are many ways to finance a property and many requirements for the different loans. One way to gain experience in this area is being a mortgage loan originator.
In many states the requirements for being a mortgage loan originator are very little and in most cases no license is needed. To do this you would simply contact your local mortgage broker, and ask if they would consider hiring you for this position. In most cases they will hire you on a 1099 basis (independent contractor). The pay is negotiable; it is usually a percentage of what the broker makes. There is a list of things that you would have had to do, like obtain a loan application from a prospective client or contact the title company and set up a closing, to be able to receive compensation from the broker.
There are many things that you will learn about when being a loan originator. You will learn about government loans, investor loans, mortgage insurance and when it is needed. There is other information that is key to understand and that is the actual loan process. You will learn about the loan approval process and how someone gets pre approved and at what stage they are actually approved. You will learn about how the broker makes his money and gets paid for his work.
This is a fantastic way to gain extremely valuable experience, for free from a loan professional! So go and find you local phone book, open it up to the mortgage section and look for a company that catches your attention. Contact them tomorrow, and begin the process!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
I originated during the sub-prime bubble but refused to write a single unconventional note, other than for my personal finances. What I learned about the poor financial management and unrealistic desires of consumers made me ill. The economy today is a direct result of consumers being unrealistic and taken advantage of. Being on the lending side of money was an eye-opener and I profited more in knowledge than on the backs of consumers.
That is very honorable, to never taking advantage of people when they needed your help. If you are not educated in how a lender makes their money, you will pay dearly in some cases. You should be very proud of the fact that you earned your living originating loans! I have had to advise clients as a realtor not go through with a transaction because the lender was charging so much. It cost me money in the beginning, but in the long run it helped me by gaining respect from clients and earning repeat business.
Being honest is always the best policy. You will always sleep better at night! If you help enough people get what they want, eventually you will get what it is that you want.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125