Becoming A Loan Officer With A Lender With No Overlays

Gustan Cho Associates are mortgage brokers licensed in 48 states

This BLOG On Becoming A Loan Officer With A Lender With No Overlays Was Written By Alexander Thomas Carlucci

How to become a loan officer with a lender without overlays

If you would have told me 2 years ago that I would be studying to becoming a loan officer, I would have chuckled and thought you were crazy.

  • Now fast forward to today and I am about 24 hours away from going to take my NMLS SAFE MLO National Test w/ UST
  • I have come a long way in a short time
  • I am going to give you insight into why I am taking this route
  • A little background on me, I am an accountant by trade with 10+ years experience
  • Have held numerous management roles along the way
  • I have worked for some of the biggest companies and other small “mom and pop” companies
  • The goal has always been the same, to challenge myself and give everything 100%

In this article, we will discuss and cover Becoming A Loan Officer With A Lender With No Overlays.

Becoming A Loan Officer And Experience With Mortgage Process

When I was stuck in a rut trying to get a pre-approval from lenders to purchase a new home under the FHA Back to Work Loan Program, there was 1 person who went above and beyond to get me pre-approved and in my new home.

  • His name is Gustan Cho of Gustan Cho Associates
  • He took the best care of me and was available at any time of the day I needed him
  • Being an accountant by trade, I know I was probably a big pain given my nonstop emails and calls due to the fact I researched this program, knew the numbers, and how I would get approved for a loan
  • Once we closed on my loan, Gustan Cho and I got on a 60+ minute phone call where Gus told me he thought I had what it takes to cut it as a mortgage loan officer
  • I was a very detailed person who handled client interaction very professionally
  • I personally had the desire to help people just as Gus had taken care of me
  • Our conversation always stuck in the back of my mind, but in moving to my new phone and life going 100 mph, it was the 4th quarter of 2015 and nothing had progressed

This is when I came to the conclusion that I needed to dedicate myself to this before time completely passed me by….

Pulling The Trigger In Becoming A Loan Officer

Which means Pulling The Trigger In Becoming A Loan Officer

In December of 2015, I had a heart-to-heart with Gustan Cho, the National Managing Director at Gustan Cho Associates, and I knew it was time for me to get this done.

  • I began to start the process
  • To become a loan officer you need to take a 20 hr class either in-person or online and then pass a 125 question test with a 75% or better
  • I found a 20 hour class I could do online and at my own pace with Mortgage Educators
  • After 2 weeks time, it was 3 days before Christmas and I had completed the course
  • Now it was time for me to begin my study preparation for the test

To date, I have completed about 1,400+ questions and am averaging 83% which is good enough to pass.

Excitement In Becoming A Loan Officer

Becoming a loan officer is more than just inputting borrower’s info into a computer and spitting out a loan, anyone can do this with 800 credit scores and plenty of cash reserves.

  • My focus is just the opposite and that is I want to help people who may have come across some hard times and are back on their feet
  • These people, just like myself deserved a 2nd chance and I want to take care of them
  • My feeling is since I have lived through the tough times
  • I can have an instant connection with potential borrowers I may come across
  • I feel this will give them the comfort they are looking for after getting turned away by the big banks
  • If I can help just 1 person,
    • my job will be complete, but my goal is to help hundreds of people make their dreams come true
  • I can rest easy at night knowing I am producing some good in this world we live in
  • Now all I have to do is pass the test!

About The Author

Something more about the author

Alex Carlucci is a senior loan officer at Gustan Cho Associates. Alex is also a contributing associate editor and writer with Gustan Cho Associates Commercial And Residential Mortgage Information Center.

Alex is an attorney and veteran accountant with extensive experience in all areas of accounting and law. Alex Carlucci is also a skilled expert financial planner and knows all aspects of mortgage lending and mortgage fundamental principals and all areas of mortgage banking.  Alex Carlucci helps take and pass their NMLS national mortgage lending examinations. Alex Carlucci who many believe is a natural-born leader, plans on getting his DE Mortgage Underwriter Certification. We look forward to the upcoming blogs Mr. Carlucci will be publishing in the coming weeks. Stay Tuned!!!!!