Hi, What is the process in becoming a loan officer in MD. What kind of training do I need? exams I need to take? any information is appreciated. thanks.
2007-07-17 08:09:36 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The amount of training you will need depends entirely upon your background, but as of 2007 there is a mortgage originator's license required in the state of Maryland for loan officers who are paid via W2 compensation by a mortgage broker or locally chartered bank. This probably means you.
There is also an annual educational requirement (spend a few hours in a class each year) for loan officers.
In order to begin the process, speak to mortgage brokers in your area about what sort of business they do (prime, subprime, etc.), research them by speaking to employees both current and former, and then join. They will get you licensed.
If you work for a federally chartered bank, no licensing is required in most cases.
Good Luck!
2007-07-17 08:23:39 · answer #1 · answered by Private Client Group 2 · 0⤊ 0⤋
I am not sure of your states laws but if you work for a mortgage banker then you should not need a license try wellsfargo.com countrywide.com americanhm.com most want 2 years experience in the business but depending on your back ground they may hire you and as far as the comment about standing in the unemployment line if this is what you want to do do not let people like that discourage you this career is one i have been in for 7 years i am 27 years old and make over 100,000 a year and work mostly from home but i know some loan officers that only make 20,000 So basically to put it in a nutshell you have no ceiling on what you can do or make in this business or how far you go whether thats suceeding or failing you control your income so its up to you how much of a drive you have and how good you are at handling deadlines and hundreds of phone calls and stress if you want to know more i would be glad to help you can email me at the email on my profile
2007-07-21 08:11:36 · answer #2 · answered by Kristyw/h American Home Mortgage 1 · 0⤊ 0⤋
First of all you don't need any degree for sure. Exam is always state to state so i don't know if your state needs you to undertake some exams but let me tell you this!
ITS NOT A EASY JOB THAT YOU ARE GETTING IN NOW!
The property values are decreasing so the LTV (Loan to value) is going higher and its getting harder to close loans now. Also, sub prime loans are really acceptable by so many lenders and this makes it a complete dissaster!
I don't want to demotive you or something but think seriously before you get into this job. You should be well prepared to feed yourself for first 3-6 months and shouldn't expect any income i would say. Closing loans is not a joke now a days!
If you decide to continue make sure you start in a nice manner... Distribute business cards, start little bit of telemarketing. Talk to everyone who knows you about their mortgage, tell people that you can help them and make sure you help them and not ripp them off!
Last but not the least, you need a good Lead generation company and some investement to make sure you get some real good leads!
I would suggest you to look at this company, they can get you live transfer leads where customers looking to refinance wants to speak with a Loan officer Right now, this way you can good customers paying some money! They also guarantee you few filters that are required to close loans!
http://www.ImpressiveLeads.com
2007-07-17 08:26:10 · answer #3 · answered by Thats_me 3 · 0⤊ 0⤋
Ask all the loan officers at the unemployment line. I think you are a little late for this oppurtunity.
2007-07-17 08:13:02 · answer #4 · answered by jck_kerouac 2 · 0⤊ 0⤋
I'd start with a bachelor's degree in finance or economics, or maybe a dual degree in both.
2007-07-17 08:18:41 · answer #5 · answered by Ralfcoder 7 · 0⤊ 0⤋