what are the prospect of a mortgage officer as a proffesion with no experience?
813292
Actuallly pretty good. Here is what I know, depending on the state in which you live, there are going to be some requirements for education, these are relatively brief, you also need a broker who will sponsor you for a license. And it helps alot if you SPELL correctly. I think your ability to make use of your contacts in your community is almost critical, having said this, you need to do some other things in terms of your "entity", like sole proprietor, it is the way in which you pay your taxes. And if you work for someone look at the requirements for at least minimum wage, as this is now the law for mortgage originators.
1161890
don't even try. with prior exp in the field and with a conviction in fraud. never going to happen. I am a broker/loan officer and upon hiring, they didn't do any checks such as credit, residence or driving or anything like that. They DID however stress repeatedly if I had any convictions/misdemeanors in fraud. Once you are convicted of fraud, that does not go away. especially in the financial field, no one will risk it.
145848
It really depends on how well you know your market.  Do you have contacts in the industry (banker, movers, other realtors, teachers, etc.)  Getting your license can be the easiest part ...
435704
If you have no title or closing experience period, then I would suggest you apply for an entry level position at a mortgage company, title company or bank.  To the best of my knowledge, there aren't any classes you can take.  Try Lorman Education Services.  They offer classes in various industries.  Good Luck!
1075633
This is a great question!!  First of all, I'm amazed at how people WITHOUT any experience in the mortgage lending industry are offering advice to people about one of the most important issues in their life!!!  I am the General Manager of a large Mortgage Company.  Please listen!!!!!!\n\n1st of all....Congratulations on realizing that real estate is where the security of your financial being is centered!!  There are MANY programs that allow you...even a college student...to purchase a home.  I'm going to make a few assumptions.  1) Your credit score is higher than 620 and you have no serious collections over a period of the last 12 months.  2)  You can provide proof that you've been employed for at least 2 years.  3)  You're a citizen of the US.  4)  Your credit card HIGH LIMIT on at least ONE of the cards is $1000 or higher.  (If it's not, ask them to increase it to at least $1000)\n\nContact any reputable mortgage BROKER and explain your situation.  Typically, it's a broker than also has the ability to do FHA loans, though you don't HAVE to get an FHA loan.  They are monitored by the government to a greater degree and MUST be reputable!  There are MANY programs that offer 100% financing to you...that means, you will only have to pay the closing costs for the loan AND if you ask your real estate agent to locate homes where the owner is willing to provide SELLER CONCESSIONS, the seller can even pay the closing costs FOR YOU!!  MANY MANY sellers are willing to do this since it helps sell the home faster!  \n\nIF you can get a business license for ANY job or home based business through your city or county, no matter if you actually do any business through that company or not, and if you can show that you've had that business license for at least 2 years...sometimes a little less...you CAN QUALIFY FOR A "STATED" LOAN.  This is a loan that simply lets your credit score do the talking for you.  The lender assumes that you have a reasonable income (which you will "state" to them...whether it is true or not) and you don't have to provide proof of it!!  In the industry it is called a Liar's Loan.  A cute moniker that does not mean the loan won't be done.  Lenders understand that it is simply a tool that homeowners use when they can't prove their income.  The weigh the credit score and history against the risk of the overall loan amount.  Assuming your credit score is greater than 620...and it probably is much higher than that, you'll be fine.  The lender may need to see that you have 3 - 6 months worth of mortgage payments in the bank, so you're $7K will come in handy.  This is the only income verifcation they will do.\n\nInterest rates for this loan are a little higher, but not by much.  However, you can expect the overall rate to be higher than normal simply due to the low loan amount.  Any loan smaller than $100K incurs a higher interest rate.  It wouldn't be unusual for you to pay as much as 8 - 10%.  However, as scary as that sounds, keep in mind that the loan amount is VERY small (relatively) and the payments are stretched over 30 years, so the impact of a high rate on a small loan amount is negligible (comparatively).\n\nAs an example.  \n$40,000 @ 7% = $266 pmt (principle & interest)\n$40,000 @ 8% = $293 pmt\n$40,000 @ 9% = $322 pmt\n\n$30 per 1% is negligible!!\n\nIf you don't have a business license or don't want to wait that long, consider getting a co-borrower, like another party....mom, dad, sister, friend, etc.  With both of your incomes, you'll more than qualify for a standard, Fully Documented loan (Full Doc) where you have to prove your income with W-2's, etc.  After the loan is completed and closed, the other party can sign a QUIT CLAIM DEED at a title company and remove themselves from the title of the property.  They will still be a responsible party for the loan itself, but not have any rights to the property.  After 1 -
1052643
Experience.  Just go out and learn as you are working.  There will never be a course that will teach you anything that will help you in the field.  You will run into problems your first year or so, but after that the loans will start closing much more smoothly.
1048803
I agree, the answer depends.  My opinion is this.  I have a bachelors in Finance.  I graduated top of my class.  I've been recruited by tons of insurance companies and banks for sales jobs.  If you are in finance, please dont settle for sales.  Anybody, thats right, anybody can sell.  I have friends who work for banks and insurance companies as mortgage officers or in some sales related position that have degrees in chemistry and health science.  If you talk to sales recruiters they will tell you themselves that they arent looking for any particular degree holder.  If you have a finance degree, take advantage of it.
328185
I am a mortgage broker in Florida and would be happy to assist you.  It is possible to qualify for a "no doc" loan that does not include any information about your income or employment.  Your credit score determines your ability to qualify for this type of loan.  If you would like more specific information- let me know.
1077092
No. You work under the mortgage broker's license.\n\n**** The guy below who said to ignore me and the other person who answered your question is ABSOLUTELY WRONG. NONE of our Loan Officers are "licensed" and they don't have to be. I work for a broker in AZ and previously worked for one in TX. Brokers ask for nothing of the sort. Maybe CA is different, you should research the state that you live in. Even with the major lenders, like the one my husband works for which is Countrywide, does not require or even ask for a license. They train new hires like any other job would. Like I stated before, you should research the state that you live in. I highly doubt you'll need anything though. I've been in the biz for years and never heard of such a thing. \nFYI*** There are scams out there that give all sorts of "lisences" online which are jokes. Some car dealerships do the same thing to inexperienced sales people, they make them take a $400 class thats really just a waste of time. As an LO, you'll be TRAINED to read rates and choose programs. The guy below sounds like your average sucker.
591894
If you aren't already I believe you should be a lending officer for a broker for awhile first. No need to be licensed for that.
185328
Your income is unlimited!!!!  That being said, you need to work real hard.  You need to be willing to tell everyone that you know that you are now a loan originator (I prefer to say that I am a mortgage consultant).  You need to project yourself as "serving" not "self-serving".\n\nYou should make sure that you are working with people that are willing to help you out as well.  It's worth it to take less money in the beginning to work with someone who know's the ropes.\n\nGood Luck!
846042
Go to real estate offices to tell Realtors about yourself and the products your company offers.\n\nThere's a catch though......\n..... you must actually know what you're talking about, and have a product to offer that is more difficult or more expensive elsewhere.\n\nIf you are a newly licensed loan officer, or all you've done up until now is re-fi's and home equity loans and you don't really know yet how to do purchase loans,  then you  may try approaching newly licensed agents and teaming up with them.  Both of you will be eager and willing to work harder for your first few deals, and both of you will understand that you both need to be going to your respective brokers for advice and confirmation on things.
1128083
You are now into an industry where you need to work, work, work and work. Really, Mortgage business are getting more harder day by day as the Interest rate are rising like anything.\nBasically mortgage business is a referal business but most of the Loan officers do not get refrences in the beginings. So they left demotivates.\nAccording to a survey 80% of the loans are closed by 20% of the Loan officers and the rest 20% of the Loans are closed by the other lest 80% loan officers.\nSo to get a good start there are thousands of ways all you need to be is hard working and of course smart worker.\nI can get you couple of ways where you can start closing loans in just a small span of time.\n1) Start mailing your flyers, this is one of the way you can use in the begining. Target around 3000 homes in your area and hire few kids to distribute some flyers there and let everyone know that you are a new LO in this area. Also you can mail these flyers and do remember to leave your Name and phone number here. This way can really help you but it takes alot of time, because you get a call back from just 1-2 out of 100 that you just to say HI and if they need something they will contact you.\n2) The Second and the best way you can use for the beginers. Buying leads- You can buy leads from good telemarketing companies who generate leads for different Loan officers. The biggest problem with this is they sell the same leads to several loan officers and when you call the customer they already got numerous calls from other companies. But there are some reliable companies who can provedi you quality leads and ofcouse these will be give to you and only you.\nSo find out some one who can get you virgin leads and you can start closing loans soon.\nGood Luck
1099135
You SHOULD hire a real estate sales professional to work for you as a Buyer's agent.  The agent can provide market data info for you to make an educated decision on a price to offer.  Much more importantly, have you considered the contingencies that might be necessary with your offer?  Will you want to hire a professional home inspector, termite inspection, radon gas test, and water & septic test?  Will you require getting possession of the home at the time of closing?  Is your offer going to be contingent upon mortgage financing?  In my area, a standard sales agreement for buying/selling residential real estate is about 22 pages long.  In my state, sellers are required to provide a buyer with a 6-page Seller's Property Disclosure Statement, whether sold by owner or through a real estate broker.  So, the best way to go about putting an offer in on a home is by first hiring a real estate professional to work for you.  \nPS- avoid attorneys for this task.  Although they consider themselves qualified, many are more like jacks-of-all-trades and not up to date on current requirements.
592587
It really depends on your state. In Texas you have to be a loan officer for 3 years then you are eligible to take the broker exam along with a surity bond that needs to be taken out.  Also if you have a degree in finance then you can skip the 3 years.  Really depends on your state though.  It's not too difficult if you have been in the business and have learned everything through experience.
846286
Have you considered selling real estate or mortgage broker, there is not a lot of schooling needed for mortgage and the real estate class is 6 months. But there are also drawbacks, they are both commission only jobs.
913678
It very much depends on what you want to do with the qualification and whee you want to work.  CEMAP is essentially a mortgage advisers qualification so if you want to work in the estate agency or mortgage advice arena then you will need it.  CEFA and FPC are financial advice qualifications and if you want to get into financial advice then you will need one of these.  If you really want to get on as a financial adviser then you will almost certainly need/be expected to go on to do the AFPC which - without stating the obvious is the advanced finacial planning certificate and is made up of modules including advanced pension planning, wills and trusts and advanced investment planning to name a few.  Hope this helps - good luck - none of them are easy!