Advice In Becoming A Mortgage Loan Originator With The Gustan Cho Team At CrossCountry Mortgage

This Article In Becoming A Mortgage Loan Originator Was Written By Bob Vogel NMLS 1446953

Having spent my entire career in the finance and accounting fields, it didn’t seem logical for me to venture into the mortgage industry, in fact it had never crossed my mind until I purchased our most recent home and was going through the mortgage process with The Gustan Cho Team at CrossCountry Mortgage. An Accountant by trade, specifically, now an auditor for our company, I had achieved the career goals I had set for myself. The only thing is, as an auditor you spend considerable time telling everybody what they are not doing correctly, nothing about hospitality or helping anyone! This is not what I imagined and helping people is what drives me, it motivates me to be better.

Becoming A Mortgage Loan Originator: My Own Home Buying Process

While going through the process of purchasing our home, I became very involved in the mortgage process out of necessity and curiosity. Sure, I could have let our loan officer do all the work, but being a control freak, that was not going to happen! I asked the silliest of questions and wanted to do all that I could so that I could become intimately familiar with what was happening, and most importantly, understand what was coming next. Let me preface this by saying, the loan officer that we had, two of the finest loan officers from CrossCountry Mortgage. Nicholas Ferrante and Michael Gracz of The Gustan Cho Team Rapid Response Group at CrossCountry Mortgage were absolutely AMAZING! Both Nicholas Ferrante and Michael Gracz took time to answer my thousand silly questions, no matter time of day or day of the week. I often joked with my wife that they probably cringed after a certain point when they saw my number show up on their phone, or an email come from me. If Mike or Nick did, they certainly never showed it, as they treated me as if I was family, as if it were their personal obligation to get this loan done.

Inspiration Of Mike Gracz & Nick Ferrante Of CrossCountry Mortgage Is What Made Me Made Becoming A Mortgage Loan Originator

Both Nick Ferrante and Michael Gracz were really an inspiration.

  • Becoming A Mortgage Loan Originator for me was because of the inspiration of both Mike Gracz and Nick Ferrante.
  • Especially Michael Gracz.
  • THAT inspired me; THAT made me want to drop whatever I was doing to get him whatever he needed from me, and then offer to do more.
  • It was by his example, his level of commitment that he showed to me, that made me decide this is something I want to do.
  • If only I could do this for one family, then I have paid it forward.
  • Both Mike Gracz and Nick Ferrante of The Gustan Cho Team Rapid Response Group At CrossCountry Mortgage never treated me as a number, a credit score per se, they treated me as a person, a friend even when it was probably not very easy.
  • It isn’t about the money for me, I don’t need it, I have a great job; it is about helping others.
  • I guess like many aspiring loan officers, the best of the best are not in it for the money, they are in it to truly help others.

Becoming A Mortgage Loan Originator: Taking The Mortgage Class

After I set my goals in Becoming A Mortgage Loan Originator, I decided to do a complete career change. When I signed up for the mortgage class, I was skeptical on if I was doing the right thing. I made a commitment to myself that I would give the class the attention I could and do the best that I could. Here is how I studied hard to reach my goal to become a loan officer with The Gustan Cho Team at CrossCountry Mortgage and do what Michael Gracz and Nicholas Ferrante do. Helping hard working families make the dream of home ownership become a reality:

  • Each night, I would read and study through each module and as far out as the system would allow me.
  • One trick that I did learn, I was always reading one module ahead since I wasn’t sure how much time I would have should something come up.
  • I read whenever I could, on planes, in airports, hotel rooms, my living room, you name it, I was reading.
  • I didn’t limit my reading to what was provided during the course, I researched items that I didn’t fully understand what the text was telling me.
  • For me, this helped me to draw the necessary lines of understanding for each topic in order to retain the information.
  • During the course, I also eliminated from my notes and cheat sheets the things that I just didn’t think would be a testing item.
  • Bits of information like case history, or outdated policy didn’t seem logical to spend time on for testing.
  • Since I had just gone through the process as the buyer, I relied heavily on my experience.
  • I saved every piece of paper that my LO emailed me from start to finish. I committed them to memory as I was studying.
  • It helps to be able to relate things for testing to real life.
  • For example, when I applied, when did I receive my first set of disclosures?
  • How accurate where they?
  • When the appraisal came back on the first house with issues, how did my LO handle that?
  • What were the rules, could they contact the appraiser and argue our case or could I?
  • How about TRID, how did that relate to my purchase, this will for sure be a testing question!
  • While taking the course, find a way to relate all of the items to your personal experience and real life application.
  • Preparing for the NMLS exam didn’t go quite as planned.
  • I thought I would be studious and study my heart out for this exam and then life happened, work happened!
  • We had some emergencies come up that required all of my time and attention and I had taken some unexpected trips due to them.
  • I hadn’t touched my material in nearly two weeks prior to the Saturday of testing.

Becoming A Mortgage Loan Originator: Studying For The NMLS Exam

Passing the NMLS Exam on my first try was my goal and failure was not an option. Here is how I studies and ACED the NMLS EXAM:

  • I spent a few hours the night before and morning of reviewing my cheat sheets and notes and that was it.
  • I don’t always suggest this method as I would normally be apprehensive going into a testing situation unprepared.
  • However, I did the best I could and I was not rescheduling the appointment.
  • Again, during the course I was able to relate the material to my purchase experience so it helped me to remember the key points.
  • I prayed my heart out that I would just pass the test so I didn’t have to do it again, I don’t particularly care for this type of testing.
  • I was fortunate, the test threw out every scenario that I had experienced during our buying process, it was almost as if all of the stuff I went through buying our home was to prepare me for this moment.
  • All of the one off items, all of the things that would not normally happen during purchasing happened, and it helped me in this instance.
  • It was not for nothing, it was to prepare me for this next adventure in life.
  • For those of you who had very easy deals, or who have not yet embarked on the home buying journey, study your heart out.
  • Make flash cards for all of the different rules and regulations.
  • Become intimately familiar with the terminology so that it does not confuse you during the test. I found that they like to refer to the same regulation in two different ways where possible.
  • For example, Truth in Lending and RESPA will likely reference Regulation Z and Regulation X respectively.
  • Make sure you recognize the regulations in both fashions and understand the key components of each.
  • Spend some time looking a different case scenarios and test yourself which regulations it may fall under.
  • For instance in my experience, we had an issue with an appraisal.
  • What are our available steps at this point?
  • Can the LO call the appraiser directly, can the client?
  • What regulates that and establishes the rules?
  • Make sure you understand the intent of the rules and regulations and it will help you quickly identify activity that may fall outside the allowable limits of certain items.
  • Those will be scenarios that you will likely face in real life and in a testing situation.
  • Above all, if you are interested in becoming a Mortgage Loan Originator, or are in the process of becoming one, ask yourself why you want to do it.
  • Do it for the right reasons, commit to doing the best that you can and you will be successful in becoming a mortgage loan originator.
  • Taking this approach and the preparation steps above allowed me to pass the NMLS exam on the first attempt with a score of 91%.
  • If I can do it, so can you!

About The Author: Robert Vogel, III NMLS 1446953

The author of this article in “Becoming A Mortgage Loan Originator” is Bob Vogel NMLS 1446953. Bob Vogel is a writer and contributing editor for Gustan Cho Associates Mortgage and Real Estate Information Center and a licensed mortgage loan originator with The Gustan Cho Team at CrossCountry Mortgage NMLS 3029, a national mortgage banking firm headquartered in Brecksville, Ohio.  Bob Vogel, based in Hampshire, Illinois, is a specialist in the following with CrossCountry Mortgage:

  • FHA Loans with no overlays
  • VA Loans with no overlays
  • USDA Loans with no overlays
  • Conventional Loans with no lender overlays
  • Non-QM Loans
  • Jumbo Mortgages
  • Reverse Mortgages
  • FHA 203k Loans

Bob Vogel’s own experience in the mortgage process has motivated him to get his national NMLS license and his mission to help others like himself who were told they could not qualify for a home loan but she did not give up and did her own research and found the right lender that could help him. Bob Vogel’s goal is to help as many families as possible to realize and make their dream of home ownership becoming a reality. The staff and management at The Gustan Cho Team at CrossCountry Mortgage is blessed to have such a talented individual like Robert Vogel, III as a member of our growing team and a lifelong friend. Bob is a great team player and natural born leader and we expect Bob Vogel to be part of our growing and expanding management team. Welcome on board, Bob Vogel to The Gustan Cho Team at CrossCountry Mortgage !!!!

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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