Would like information on becoming a mortgage loan processor and loan originator or broker?

Answer 1

The law varies form state to state.

It is my understanding that a mortgage broker must be licensed by the Deaprtment of Real Estate in the State of California. All of the loan officers that work under that mortgage broker's license must also be licensed by the State of California.

However if that mortage broker is what is called a direct lender (who lends money like a bank) then he can be licensed under the department of corporations and the loan officers do not have to be licensed by the department of corporations.

Answer 2

Depending on what state you reside in there are a variety of laws that cover who can and can not be a loan officer.

In California there are two type lenders that are authorized to do mortgage loans.

#1 Department of Real Estate
You must work for a broker and you must be licensed to work for this broker by getting an agents license. You would be working as an independent contractor.

#2 Department of Corpration Consumer Finance Lender
You may work for this broker, you do not need a license, but the method of payment for your services might be a little different.

You might become an assistant under either license, commonly called a go-fer. You will learn a few things after which you can decide if you want the position of loan officer.

Becoming a loan processor is a bit different. There are lots of schools that will teach you the basics of the job. You will then get a position as a juinor processor. If you are good enough and a processor position open up you may apply and prehaps be hired.

A small office might take you on and train you, but this would have to be an office that are doing a few loans and have the time and are willing to do this.

Anytime a career field is in a down time is the time to get in, in my opinion, because the down time will be over and you will be in the game.

If you don't get in now and only get in when the market improve, look at the catch up you will have to do just to be even with the rest of the guys that are already going full blast.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

You're really too late to this party. Thousands of loan officers have lost their jobs over the past few months

Good Luck!