Furlough ideas
10-27-2020 | 04:51 AM
#12
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Gets Weekends Off
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I am a MLO. Best thing I can tell you about it, is that it is not easy. The insiders do not welcome competition. I am closing 6 loans in November and have 7 scheduled to close in Dec.
Depending on where you are in the country, on a state by state basis you have to do the state add on as well.
If you are pursuing a career in this, you need to find a shop (brokerage) that has someone inside who is willing to mentor you. You can’t just become a MLO and work. You have to have someone on your side. I haven’t been doing it long, but there are some very very weird things you come across and you have to have a resource available to help you. Besides that, you need a broker to sponsor you in NMLS in order to even take an application.
Great job. Easy job. High barriers to entry. Incredibly high washout rate. I am lucky to have a good friend to assist me in this endeavor. Since I started I have already seen 2 people quit. The place I work at is extremely laid back. No quota. Nothing. They got me a setup at home on their dime and couldn’t care less if I close a loan or not. If I do, it’s just a bonus. Luckily for me my pipeline right now is strong.
If you have specific questions, fire away. I don’t have all the answers but could help point you in the right direction. Whereabouts are you all located?
FYI—not covered in your 20 hour course is the fact that Nov 1, 2020 the govt has imposed a 0.5% fee for refinances. Not significant, but some people are having a hard time moving from 3.125% to 2.75% when they have to pay a half a point to the govt to refi. On a $300,000 loan that is a $1500 fee on top of everything else. My selling point is that 8 out of 10 refis I am doing right now are getting an appraisal waiver. So this saves $475 or so.
Also, look at BYTEpro videos on YouTube. That software you will need to be intimately familiar with. Good luck and let me know if there is anything I can do to help! (as long as you’re not on my turf)<—is how everyone in an office thinks. I am only kidding though, seriously let me know if I can help.
Depending on where you are in the country, on a state by state basis you have to do the state add on as well.
If you are pursuing a career in this, you need to find a shop (brokerage) that has someone inside who is willing to mentor you. You can’t just become a MLO and work. You have to have someone on your side. I haven’t been doing it long, but there are some very very weird things you come across and you have to have a resource available to help you. Besides that, you need a broker to sponsor you in NMLS in order to even take an application.
Great job. Easy job. High barriers to entry. Incredibly high washout rate. I am lucky to have a good friend to assist me in this endeavor. Since I started I have already seen 2 people quit. The place I work at is extremely laid back. No quota. Nothing. They got me a setup at home on their dime and couldn’t care less if I close a loan or not. If I do, it’s just a bonus. Luckily for me my pipeline right now is strong.
If you have specific questions, fire away. I don’t have all the answers but could help point you in the right direction. Whereabouts are you all located?
FYI—not covered in your 20 hour course is the fact that Nov 1, 2020 the govt has imposed a 0.5% fee for refinances. Not significant, but some people are having a hard time moving from 3.125% to 2.75% when they have to pay a half a point to the govt to refi. On a $300,000 loan that is a $1500 fee on top of everything else. My selling point is that 8 out of 10 refis I am doing right now are getting an appraisal waiver. So this saves $475 or so.
Also, look at BYTEpro videos on YouTube. That software you will need to be intimately familiar with. Good luck and let me know if there is anything I can do to help! (as long as you’re not on my turf)<—is how everyone in an office thinks. I am only kidding though, seriously let me know if I can help.
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