Mortgage Loan Officer Q&A- Salary, Hours, Costs, and more (The HONEST TRUTH)

[@EnriqueGreatness]

Thank for watching! If you are interested in getting your license check out OnCourse! They are offering 20% OFF the pre-licensing education! partners.oncourselearning.com/mortgage/enrique

[@raymondgalindo4464]

Thank you for all the insight surrounding the field. Your a joy to listen to. And I find you to be very engaging. Wishing you continued success. Come across wonderful to understand and relate too.

[@EnriqueGreatness]

Hey Raymond! Thank you for this 🙏! Really means a lot to me 💛

[@raymondgalindo4464]

Your welcome, Sir!

[@zacedelen]

Been a loan officer for a few years on both retail and broker side. Everything you said is spot on!

[@EnriqueGreatness]

Just recently switched over to broker. Loving it

[@user-ky5nd1gr8r]

@zacedelen bro can you give me your mail. I have a question i want to ask you something please reply

[@rvandoom]

How is it today? In the LO world?

[@Mkucer24]

Wow, first video I watched on how to become a mortgage loan officer. Recently graduated with a degree in sociology and have always had an interest to work in real estate but may have just found a sign! Thanks for the informative video

[@EastCoastYoungin]

Don’t mean No harm just curious! if you just got a degree wouldn’t you be shorting yourself after putting all that hard work in by pursuing a career that only requires licensing courses?

[@AdandeJorcoza]

Hi Enrique, my name is also Enrique. Thank you for sharing your thoughts, experience and explaining the differences between roles. I work as an account manager for a medical company and have been considering a career change. Two of my friends in the industry are trying to convince to join their team. Seems like a fulfilling career, this video has been very helpful!

[@serjian7]

thanks for sharing your thoughts it really helps new people to have an idea of what this carrear could be congrats

[@Brandon-218]

Very informative video. Some countries require a an associates in Finance or accounting for a loan officer position tho.👍

[@sarahkarenju2707]

Excited and ready to be a MLO!

[@EnriqueGreatness]

You got this!!!

[@raymondgalindo4464]

Well said, you inspire me!

[@hendrixhein]

Interesting! Thank you for sharing Enrique

[@tommycash4080]

Interesting video. Couple questions. If a broker can get lower rates and offer more options as far as lending programs, what is the buyers incentive to use you over a typical broker? With rates skyrocketing recently, wouldn’t that put you in an even worse position since buyers will definitely be searching for the best possible rates? Thanks for the info.

[@EnriqueGreatness]

Not always the case where the broker has the best deal but in my opinion most of the time they do. Im dropping a video soon on why I made the switch from a direct lender to a mortgage broker very soon! Stay Tuned!

[@bjjones1969]

Excellent content. Thank you Sir.

[@Kirk57]

I just passed the test. Could you recommend some good sponsors? I live in Orange, CA. Thank you so much

[@EnriqueGreatness]

Congrats!!! Of course! Send me an email, info in description 👍

[@williamsmith3331]

I finished my 20 hours last year but a family emergency caused me to put the pursuit on hold. I used learn mortgage. Can I use your discount code just for the study material? Do I need to go back through the 20 hours?

[@EnriqueGreatness]

Double check with the NMLS they have a great customer service team it should be good for a year or so but check in with them

[@EnriqueGreatness]

Hope all is well. Any video recommendations you have lmk!

[@joshdoeshomeloans]

One thing I still don't understand is why is it that brokers are able to get lower rates? And how much lower? I get the different fee structure between them and direct lenders, just not the rate part

[@EnriqueGreatness]

My understanding is margins. Direct lenders typically offer more tools and resources to their loan officers and that costs money.

[@TheRealDestineeLanese]

Thank you 🙏🏽

[@agustinramirez1021]

Awesome video, thank you. Currently a Jr in college, I was originally going for business administration for accounting and got discouraged with the garbage salary mean of $70k. Am looking into Economics and found Mortgage Loan Officer very worth my while. If I go down this route I’ll be done in 3 semesters, my question is what exactly are the benefits from college since we still have to take the NMLS, CA MLO, FBI background check, etc outside of college. Genuine question I feel that the college advisors are bias since college is a business & we are their clients after all, so they benefit from keeping me around.

[@gmoyer609]

$70K is not garbage.

[@Trichylady]

Enrique I am very confused on the licensing in multiple states -- if I work for a broker who is licensed in 30 states, do I have to be too? Secondly, how much do you pay each state for the license if they require same requirements and license needs.

[@feedback1253]

Hi Enrique thank you for your channel. I was a loan officer back in the day Passed my test and started in 2001 working for my cousin who was a loan broker but I stopped in 2008 when things crashed. Want to get back in and get my license again what is your best advise for courses or books I can start with to get my license back and get back in the biz. Your advice would be incredibly helpful. Thanks again for your content I appreciate you. And any advice you can give me.

[@EnriqueGreatness]

Hello! Check it my video “How to get your NMLS license” and “How to pass the NMLS exam on your first try”

[@pradeep.s]

great video. good content.

[@EnriqueGreatness]

Thank you!

[@NadeemLatif-k2n]

been a full time realtor for 5 years, thinking about going into the lending side. While I dont know for sure, but I think seasoned agents have a slight advantage getting started shifting to lending because we have an idea of what LO's do. Would any other realtors here that made the switch agree?

[@susanwaldron2874]

I am thinking of doing both because my most lenders arent knowledgable and like he said its a low cost business with not much effort. Realtor do all the work and lenders kill the deal because its just a number for them.

[@giovanniyunissi5338]

Thanks Great video. Quick question. Do you have to work or review a lot of printed documents or are they mostly digital? I have a vision problem and I can’t really read printed text

[@icebergtyp]

I have a question, so as for a person looking at purchasing a new home is it harder for the person if they work for a contractor in which the contractor has routes with fedex! So I wouldn't work for fedex per say but the contractors company!

[@xavierrodriguez1455]

I am doing pre license real estate licensing I am going to be a real estate property manager .

[@ScottyMedina]

How did you do on the NMLS test? What sort of test prep did you use if any?

[@EnriqueGreatness]

Check out my video "How to pass your NMLS exam on first try" 😊

[@josefiol9520]

Hello. What is a real earning expectation for the first year once you get your license? 60-70K?

[@EnriqueGreatness]

Check out my video titles “how much money I made my first year as a loan officer.”

[@kansasadventure1831]

So an MLO makes enough to buy realestate but not save for retirement?

[@nicoyabeauty]

I noticed something about a credit check as a requirement. What is that about and what is it for?

[@EnriqueGreatness]

Just another requirement they have for applicants. Not sure why but most likely because we are going into a finance field. Any questions the NMLS has a great customer service team

[@matthewmartinez1272]

Working as a direct lender, would you be classified as a 1099?

[@EnriqueGreatness]

From my experience most direct lenders are W2

[@305dadecounty305]

Can you be an MLO as a side gig until you build up experience and clients?

[@EnriqueGreatness]

Yeah it’s possible. The more time you put into it the better though. There’s a lot to learn and there’s a lot of business to grow.

[@razinairina86]

Thank you! Highly valuable and useful content!!

[@EnriqueGreatness]

Glad it was helpful!

[@CGMPassion]

Are there any work from home opportunities?

[@EnriqueGreatness]

@@CGMPassion Video coming soon on how to work remote as a loan officer!

[@ceezgeez1793]

So its $300/yearly Or per term? Other than the education is there any other monthly/yearly fees?

[@EnriqueGreatness]

To renew the license it’s about $300 something per state or something like that

[@EnriqueGreatness]

Do that every year

[@wtbA29]

I have my realtor license however I'm in college for finance so I figured this job will really build my resume instead of being a realtor. Do you think the extra course and test hassle is worth it to be an MLO, I'm primary interested in BASE + Commission because I don't want to lose savings on commission based only with bills rent etc.

[@priusgame1178]

How common is it when you do the paper work and the deal doesnt work out because the family decided not to buy anymore? Is there a way you guys can make sure you dont get a lot of deals that never work out?

[@priusgame1178]

?????

[@EnriqueGreatness]

It’s usually not them not wanting to buy but not qualifying

[@priusgame1178]

@@EnriqueGreatness that's what I thought would be the case. Thanks for the response

[@MrRepsMrReps]

After 25 years in operations management, I want to start a new career in retirement I like the commission only opportunity. Do you recommend this ?

[@nickpatuto9809]

Do I need a bachelors degree to work at a bank as a loan officer ?

[@Eleven-dk4be]

Would recommend working at a bank first before a brokerage?

[@EnriqueGreatness]

Depends on your finances because as a brokerage it will just be commission and at a bank you get a salary. From my understanding

[@RealityTrailers]

Is mortgage officer the same as mortgage broker?

[@blackzetsu466]

Is loan officer and loan originator the same thing? Im looking for loan originator

[@EnriqueGreatness]

Yeah same thing

[@j_ason]

For California what’s the difference between DFPI and DRE

[@EnriqueGreatness]

One is for direct lenders and people looking to work at banks like chase and Wells Fargo (DFPI) the Dre is mostly for people looking to become mortgage brokers. The Dre is a real estate license. You would need both as a mortgage broker

[@stavelyvarghese1926]

I have one question. Can loan officer work be a side hustle ? Once again Thank you for a Great content!!!

[@EnriqueGreatness]

Of Course! All about finding the right company and having the proper support.

[@yanelaventura]

Que requisitos debo cumplir para tener la licencia

[@EnriqueGreatness]

You would need to take your 20hr NMLS education along with any other education for your state and then pass the exam.

[@ayanezhn12]

Hi, I have a question.! Every MLO has to have a sponsored company before getting the license .?

[@EnriqueGreatness]

I believe you get your license (pass your test and submit application) and the. You get sponsored. Double check with NMLS. Been a while since I went through the process

[@enrique2990]

Guess it’s meant to be a loan officer since my name Enrique as well 😂

[@powerball24gamingchannel14]

I thought representing someone as a real estate agent and a broker was illegal. I thought you could only do one.

[@EnriqueGreatness]

You have to disclose it to the client and most banks/companies don’t allow it.

[@jrg_lmnop]

Not illegal. But it is unusual, and potentially unethical depending on how you view it.

[@kozmospaces8032]

I’m both but yes very hard to find a brokerage who allows it. It’s now legal to even do fha.

[@posarandposer]

You need a dual agency disclosure for your clients and your agency would need to allow it.

[@promotionaltoaster]

Work your regular houses solely in Realtor capacity and don’t touch anything not specifically realtor related. Then get separate leads yourself as a LO from other people and only do what is LO specific.

[@personperson8563]

My dad 's a mortage broker, and my plan had alwyas been to go to college and become a pharmacist, but when I asked my dad how much he made I realized that I could try and do what he does instead and potentially make more than a pharmacist w/o 5 years of schooling and residency and a 100k+ of debt. (Of course while still at least getting my 4 year undergrad degree). How would that work? Would my dad get loans and then commission them to me if I were to work under him (He's getting older and apprently has more loan offers from agents than he can currently keep up with). Would there be a way for him to trasnfer his realtor connections (he currently has 4 I think) to me as he stops working and retires? He works as a mortage broker under his own company currently. Would I be able to simply just inherent the company? Sorry if these questions seem extremely obvious, I just had no interest in business before but I Just realized that I may have a great oppturnity to work under my dad and make great money while working from home and having a more flexible work schedule. I asked my dad about these things of course, but he's hesitant to tell me as He really wnats me to gety my bachelors first and become etner pharm school as he still has bad memories of 2008, however if I work to keep pushing/asking him, I think He'd crack. So is this a path worth pursuing, even with my total lack of business knowledge since I would have my father to employ/guide me?

[@EnriqueGreatness]

It’s not an easy business and most loan officers who have kids tell me it’s something they wouldn’t want their kids to do because of how difficult it is so I can see why he may feel that way. Maybe help him out with whatever you can help him with and see how you like it. And at the same time maybe continue with your path. Maybe you can do both. All in all it’s hard to tell. Comes down to you.