Starting New Career As A Mortgage Loan Officer at Gustan Cho Associates

In this blog, we will discuss and cover starting new career as a mortgage loan officer. Have You Considered Of Starting New Career As A Mortgage Loan Officer? Have you ever thought about starting a new career as a mortgage loan officer?

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In this article about starting a new career as a mortgage loan officer, I will detail what it entails in getting your federal and state NMLS licenses and how to get started in starting a new career as a mortgage loan officer. A career as a mortgage loan officer is unlike any other job due to the complexity of the job and the hundreds if not thousands of case scenarios a mortgage loan originator often faces. Any loan officer can qualify a mortgage borrower who has 800 credit scores, 40% debt to income ratios, perfect credit payment history, no prior late payments, no prior bankruptcies or foreclosures, no gaps in employment, no outstanding collection accounts, no judgments, no tax liens, no charge offs, and ample reserves and assets. However, that is not how the real world works.

Understanding Case Scenarios of Borrowers With Unique Credit/Income Situations

Hard-working Americans do run into extenuating circumstances such as loss of a job, loss of business, divorce, and medical issues where it affects their credit and financial status.

Hard-working Americans do run into extenuating circumstances such as loss of a job, loss of business, divorce, and medical issues where it affects their credit and financial status. One of the most rewarding aspects of working as a licensed mortgage loan originator is that no two borrowers are the same. The job entails always learning new guidelines in all different types of mortgage loan programs. Depending on which mortgage company loan officers work for, you not only need to know the federal minimum mortgage lending guidelines but also need to be familiar with the investor overlays your employer has. In this article, we will discuss and cover Starting New Career As A Mortgage Loan Officer at Gustan Cho Associates.

Investor Overlays Versus Agency Guidelines

Overlays also called investor overlays are mortgage lending guidelines that are on top of the federal minimum lending guidelines that each mortgage lender can impose. For example, many mortgage lenders have overlays on credit scores. FHA only requires a credit score of 580 to qualify for a 3.5% down payment FHA home purchase loan. However, a particular mortgage lender can have investor overlays where they require credit scores of 640 FICO or higher in order to qualify for FHA loans. This holds true even though the minimum required is 580. HUD does not require that outstanding collection accounts be paid off in order to qualify for FHA loans.

How Every Lender May Have Different Lending Requirements on Government and Conventional Loans

However, most banks and lenders require that unpaid outstanding collection accounts be paid in full before they will approve borrowers. Gustan Cho Associates and its team of licensed loan originators specialize in helping borrowers who had prior credit issues and higher debt to income ratios. We have no overlays and normally just go off the federal minimum mortgage lending guidelines. A large percentage of our borrowers are folks who could not qualify at other banks and lenders and come to us where we get the loan closed and funded We pride ourselves in customer service. Most of our borrowers become our lifelong friends. We are a growing group of mortgage professionals looking for quality hard-working people to train and become part of our growing family.

First Step In Starting A Career As A Mortgage Loan Officer

The first thing you need to do to start a career as a mortgage loan officer is to get your federal NMLS license. Candidates first need to contact NMLS Resource Center and register and get an NMLS number. The NMLS number is the loan officer’s permanent license number.  Candidates will need it to sign up for the 20-hour pre-licensing course which is mandatory for all new mortgage loan originators. There are actual classrooms as well as online courses for the 20-hour mortgage loan originator pre-licensing course. Prices vary between $200 to $500 depending on the school and so do schedules. There are schools that offer a three-day course, schools that offer weekends only, schools that offer night courses, and the most popular courses are the online webinars.

Taking The Federal NMLS Exam

Once candidates have completed the 20-hour NMLS pre-licensing course, your next step is to take your federal NMLS examination which is a three-hour exam and consists of 125 questions. Candidates would need at least a 75% on the national NMLS test to pass the exam. There are many prep courses and practice exams that you can purchase to help you pass the NMLS federal exam.

Starting A Career As A Mortgage Loan Officer And Licensing Requirements

After you have passed the NMLS Federal examination, you are now eligible to get licensed.

After you have passed the NMLS Federal examination, you are now eligible to get licensed. Again, candidates will have to log in to the NMLS Resource Center and apply for their federal NMLS license. The licensing process requires going through a thorough federal criminal background investigation which includes fingerprinting and credit checks. Also, candidates will have a separate criminal background check for every state they apply for by the state’s law enforcement agency. Once candidates get clearance on both criminal and financial background checks, they will get their mortgage NMLS license approved. The next step will be to get hired by a mortgage company.

Career As A Mortgage Loan Officer: Banks Versus Mortgage Brokers Versus Mortgage Bankers

Once candidates get their NMLS mortgage license, their next step is to get a mortgage lender to sponsor and hire them. Those seeking employment with an FDIC bank and/or federally chartered credit union do not be licensed and are exempt from licensing requirements. Some mortgage loan originators choose to work for a mortgage broker.

The Role of a Mortgage Broker

Mortgage brokers are third-party mortgage consultants who represent actual wholesale mortgage lenders and get paid a commission by the wholesale mortgage lender. Mortgage brokers do not fund loans and just broker mortgage loans. The commission they receive is called a yield spread premium. Loan officers working for mortgage brokers need to be licensed. Mortgage bankers are direct lenders where they fund the mortgage loans they originate and may or may not service the mortgage loans they fund. Mortgage bankers need to be licensed.

Career As A Mortgage Loan Officer: Employment Opportunity At GCA Mortgage Group

If you are interested in a career as a loan officer with GCA Mortgage Group, please contact us at Gustan Cho Associates at 262-716-8151 or text us for a faster response. Or email us at [email protected] Gustan Cho Associates is headquartered in Oakbrook Terrace, Illinois is a national mortgage banking firm licensed in multiple states with a five-star national reputation. We are aggressively hiring both experienced mortgage loan originators and select mortgage loan officer recruits.  We are looking for quality and not the number of loan officers. Candidates with at least one year of full-time loan origination experience and are a self-starter have come to the right place.  We have remote loan officer positions available nationwide for those who have at least one year of experience in full-time loan origination.

Career As A Mortgage Loan Officer: Applying For States After Passing The National NMLS Exam

Once passing the Federal NMLS exam, candidates then apply for their license with the individual states they want to get licensed in. As mentioned earlier, the licensing process takes 2 weeks and covers federal criminal background checks,  fingerprinting,  credit checks, etc. Once you get licenses, we will send an employment package and application. Once it’s completed we will send you an employment letter. We then will send you your credentials which include Corporate email address,  Encompass software,  Credit Plus software,  Fannie Mae and FREDDIE Mac Automated Underwriting System software, and all other programs needed to conduct business.

Our IT department will guide all candidates and help set up everything.  As a new mortgage loan officer, candidates will be assigned to several senior mortgage loan officers for training and the first several files will be worked together with a senior loan officer. There will be dozens of different case scenarios. No two mortgage applications will be the same and you will never be alone on any mortgage file.

Career As A Mortgage Loan Officer? How Do I Get Clients?

The products we deal with are in demand. Gustan Cho Associates is a full-service mortgage banking company with a reputation for getting loans closed and getting home loans closed on time.

The products we deal with are in demand. Gustan Cho Associates is a full-service mortgage banking company with a reputation for getting loans closed and getting home loans closed on time. We are licensed to originate and fund FHA Loans, VA Loans, USDA Loans, Conventional Loans, Jumbo Loans, Reverse Mortgages, FHA 203k Loans, Non-Warrantable Condominium Loans, and Non-Conforming Loans. A new loan officer does not need to cold call. We will provide borrowers to every new loan officer recruit. With every new borrower, the new loan officer recruit gets, the loan officer will come into contact with the home buyer’s realtor, home seller’s realtor, home buyer’s attorney, home seller’s attorney, and other professionals.

Start Your New Mortgage Career With Gustan Cho Associates

All of these new contacts can be future referral partners for the new loan officer. The borrower who just closes their loan with the new loan officer will also give friends and relatives as referrals. As time passes and the new loan officer does more and more closings, the loan officer’s name will get branded and the loan officer will develop a reputation. Our offices will help every single loan officer recruit with marketing and business development. You do not have to worry about getting started and making money with our team. We are aggressively recruiting hard-working folks who are looking to start a career as a mortgage loan officer nationwide. Please contact us at Gustan Cho Associates at 262-716-8151 or text us for a faster response. Or email us at [email protected]

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