Maricela writes: What would you suggest for first steps in becoming a loan officer?
Welcome to the real investing show with Tim Herriage each day, we’ll provide real investing for everyday investors. Tim is a nationally recognized real estate investing expert podcast, host and public speaker. He built his businesses from the ground up and is here to help you do the same. Here is your host Tim Herriage.
Welcome back to real investing. I’m Tim Herriage, your host. Thank you for spending your time with me again today. Today, Mariella writes, what would you suggest for the first steps in becoming a loan officer? Well, Mariella, that’s a great question. I think you should call RCN capital apply for one of our loan officer positions and work <laugh>. Um, yeah, so I think a lot of that’s gonna depend on how you want your day set up. Right? It’s gonna depend on if you want to primarily work in the investment mortgage business or the traditional mortgage business or both. Um, I think it depends on if you’re trying to get a remote job or if you’re trying to work in person, there’s some mortgage companies that are more like a call center where you have to go in and put your phone in a locker and, uh, you’re, you know, uh, banging phones all day.
There’s some that, uh, pay big base salaries and commission. There’s some that, um, just commission only there’s some that are half and half. So, uh, so I think what would I suggest the first steps? Well, first off you have to decide if you want to do homeowner loans, or if you want to do investor loans or both, if you wanna do both, you’re most likely going to need an NLS license. Um, but you don’t need an NLS license. If you’re doing investment mortgages in general, there may be some states that require it. You should always check with your local regulations, but in general, you do not need an NMLS license to originate investor loans. Commercial loans is what they are. So I guess the first step to answer your question very specifically is figure out which type of loans you wanna be a loan officer for, and then make sure that you have the adequate licensing needed for that business line.
And then I think since you’re not already a loan officer, you don’t wanna try to work on your own. I think you find a company culture that fits your work lifestyle, your desired time in the office, uh, you know, just, uh, your mindset. And from there, you’ll be able to, from there, you’ll be able to figure it out, right? Like, so first figure out what kind of mortgages you wanna work on two, get the proper licenses and then three find a place to work. But if you wanna work with homeowners and homeowners alone, and you don’t want to get a license, you can actually go work for someone like bank of America or a national bank, because then you operate under their bank charter or not, uh, in MLS regs. So you don’t have to have a license last time I checked, but again, I’m not a ING expert, nor am I an attorney.
So you should make sure that you talk to someone else about that, but anywhere you wanna work is gonna be able to put you in the right, uh, direction there. So hope that helps. Thank you for taking the time to ride in highly recommend RC and capital RC and capital.com. Uh <laugh> but really hope that helps Marcella Marcella. Uh, if not, let me know. I’ll get you. I’ll get you connected to the right person. Uh, thank you for taking the time to ride in. If you’re listening to this and you have questions hop over to, Ihavelunchmoney.com, submit your questions. So I have questions to answer. I’ll do my best to get there. Get to ’em all. Uh, thanks for spending your time with me today. I’ll see you tomorrow.
Thank you for hanging out with us today on real investing. If you have questions, comments, or feedback, please visit. Ihavelunchmoney.com. Tim. Can’t wait to hear from you. We’re always grateful for your reviews. And if you enjoy this episode, please subscribe and share it with your friends. Remember the business is the vehicle, not the dream. See you. Next time. The proceeding program is provided for general education purposes only and does not constitute legal tax, financial investment or other professional advice. No information contained in this program should be construed as financial investment or legal advice from any individual author of post or guest. You should always consult a financial advisor before investing.
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