Becoming A Mortgage Loan Originator

Becoming A Mortgage Loan Originator at Gustan Cho Associates

Gustan Cho Associates are mortgage brokers licensed in 48 states

In this blog, we will discuss and cover becoming a mortgage loan originator at Gustan Cho Associates. 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 Gustan Cho Associates.

Career Change To Become a Mortgage Loan Originator

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. In this article, we will discuss and cover Becoming A Mortgage Loan Originator At Gustan Cho Associates.

Becoming A Mortgage Loan Originator And Experience With 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. Most importantly, understand what was coming next

My Experience With Gustan Cho Associates During My Own Mortgage Loan Process

Let me preface this by saying, the loan officer that we had, two of the finest loan officers from Gustan Cho Associates. The Gustan Cho Team Rapid Response Group was absolutely AMAZING! Both Dale Elenteny and Alex Carlucci took the 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 Dale or Alex did, they certainly never showed it. They treated me as if I was family as if it were their personal obligation to get this loan done.

What Made Me Made Becoming A Mortgage Loan Originator

Both Dale Elenteny and Alex Carlucci were really an inspiration. Becoming A Mortgage Loan Originator for me was because of the inspiration of both Dale Elenteny and Alex Carlucci. Especially Dale. 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.

The Expertise of The Team at Gustan Cho Associates

If only I could do this for one family, then I have paid it forward. Both Dale and Alex of The Gustan Cho Team Rapid Response Group At Gustan Cho Associates 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 And Taking The Mortgage Class

After I set my goal of Becoming A Mortgage Loan Originator, I decided to do a complete career change. When I signed up for the mortgage class, I was skeptical about 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 Gustan Cho Associates and do what Dale and Alex do. Helping hardworking families make the dream of homeownership become a reality. Each night, I would read and study through each module and as far out as the system would allow me.

Quick Tips And Tricks Of The Trade on Becoming a Mortgage Loan Originator

One trick that I did learn, as 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, in hotel rooms, in 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.

Impressed With Going Through The Mortgage Process at Gustan Cho Associates

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 were they?

The Steps of the Mortgage Process as a Homebuyer

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 National NMLS Examination

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 And Studying For The NMLS Exam

Becoming A Mortgage Loan Originator And 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 study and ACED the NMLS EXAM. I spent a few hours the night before and morning 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.

Should I Delay Taking The NMLS Exam?

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.

Absorbing Information From Study Guide And Applying To Real Life

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 flashcards for all of the different rules and regulations. Become intimately familiar with the terminology so that it does not confuse you during the test.

Understanding Rules and Regulations on the NMLS Exam

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 at 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?

Rules And Regulations In Mortgage Industry

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 activities 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!

Becoming a Mortgage Loan Originator at Gustan Cho Associates

The author of this article in “Becoming A Mortgage Loan Originator” is Michael Gracz. Mike Gracz is a senior loan officer with Gustan Cho Associates. Mike is also a contributing associate editor and writer for Gustan Cho Associates Mortgage and Real Estate Information Center. Michael is a producing licensed mortgage loan originator with Gustan Cho Associates a national mortgage brokerage firm headquartered in Chandler, Arizona.

Our Regional Branch Office: Gustan Cho Associates | NEXA Mortgage LLC Oakbrook Terrace, Illinois

Mike Gracz, based in our regional headquarters  of Gustan Cho Associates in Oakbrook Terrace, Illinois, is a specialist in the following with Gustan Cho Associates:

  • 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
  • No-Doc Loans
  • Non-QM Jumbo Loans
  • Non-QM Loans one day out of bankruptcy and foreclosure
  • Fix and flip mortgages
  • All in one mortgage

National Reputation of Being Able to do Loans Other Lenders Cannot Do

Mike Gracz’s own experience in the mortgage process has motivated him to get his national NMLS license. His mission to help others like himself who were told they could not qualify for a home loan inspired Mike. He did not give up and did his own research and found the right lender that could help him. Mike Gracz’s goal is to help as many families as possible to realize and make their dream of homeownership become a reality. The staff and management at Gustan Cho Associates Mortgage Group are blessed to have such a talented individual like Mike Gracz as a member of our growing team and a lifelong friend. Mike is a great team player and a natural-born leader. We expect Michael to be part of our growing and expanding management team. Welcome on board, Michael Gracz to Gustan Cho Associates !!!!

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