Loan Originators and Loan Origination Training : How To Become A Loan Originator
Becoming a mortgage loan originator just might be the best decision you ever make. Loan originator is one of the last professions remaining that you can enter with little out of your pocket and unlimited income potential.
This website can help you by showing all the things you have to know to be a loan originator . In the mortgage business a mortgage loan originator is the person who gets the loan. You can work as a broker or a loan officer. But to be successful you must get the proper loan origination training . On MortgageBrokerTraining.com,our website, we refer to loan origination training as mortgage broker training. The words are interchangeable. Our main loan origination training manual is a useful tool that will be a permanent guide through the loan approval process: from what you need to start you career to how you can have most of your loans approved.
Take a look at our website and look at the different subjects this manual covers. There is also a short quiz to see how much you know about being a loan originator already. After taking the quiz, you will have a much better idea of how well your loan origination training up to this point has been.
Become A Loan Originator
To help people become mortgage loan originators we have written a book titled So You Want To Be A Mortgage Broker. You can get more info about the book at http://www.mortgagebrokertraining.com/so.html. Like I said earlier a mortgage loan originator is a mortgage broker in most parts of the country. The terms mortgage loan originator, mortgage broker, and loan officer are synonymous. We could have called it So You Want To Become A Loan Originator and it would mean the same thing.
Step one to becoming a mortgage loan originator is to find out if you need a license. Most states do require them. There is a complete listing in the book mentioned above.
Step two is to get your license and find a job. That shouldn’t be too hard because you will be working on commission and if you do not produce you do not eat. So finding a company to work for will not be very difficult.
Step three is to get proper loan origination training.
Loan Origination Training
As a loan officer there are numerous things you will need to know. A short list is:
– How to fill out a 1003 loan application
– How to lock the interest rate for a loan
– How to read a rate sheet
– How to price a loan so you make money
– What disclosures need to be given to the borrowers
– How to read and analysis a credit report
– How to submit a file to the lender
All these topics should be part of your loan origination training . The sad thing is that most mortgage companies do not offer very good training to their originators. So you might be forced to get your own training. In that case, we have an excellent loan originator training manual that will teach you everything you need to know and then some.
Getting your training is not a hard process. But it will take a little time. The better trained you are, the more confidence you will have, and thus the more loans you will close.
Once you become a loan originator, you will experience the freedom I live everyday: No boss, you choose the hours, you choose the days, you can work from home, and have unlimited income.
But it starts with So You Want To Be A Mortgage Broker. Find out about the business and make sure this is something you want to do. Get info about your license as well. Then get your loan originator training, either from your own company or from ours.
After you are done training, it is time to start marketing. There are many great mortgage marketing programs available that can help you get clients. MortgageBrokerTraining.com has several you should check out.