How to Become A Loan Officer for a Direct Private Money Lender in 4 Simple Steps
If you're looking to change your career path and expand your opportunities, becoming a loan officer is a great way to network, diversify your portfolio, help people, and make money!
By utilizing the following steps, our team of loan officers have had the ability to work with real estate investors from all over the country on all types of loan scenarios and properties. Each of our team members took the following steps in order to become the successful loan officers they are today and join the Stratton Equities' team.
If you already have completed the following steps and your loan officer training - and are looking for a career in the mortgage industry with Stratton Equities, find out more on our Careers Page and submit your information.
Step 1: Obtain an Nationwide Mortgage Licensing System (NMLS) License
In order to become a Loan Officer with Stratton Equities, you have to gain the Mortgage Loan Originator (MLO) license from the Nationwide Mortgage Licensing System (NMLS). The NMLS, is an agency that regulates and provides licenses to MLOs that complete and continue to abide by all their requirements and mortgage regulations.
To obtain your NMLS license you must complete their pre-licensure class and pass the SAFE Mortgage Loan Originator Test. Once these courses have been completed (& passed!) you can submit your information and apply for your NMLS License.
When your application is received for the NMLS license, all your information will be processed through a complete background check, and then once it's passed with flying colors - you can pay the fees for the license and obtain your NMLS license. There may be some variations depending on which state you live in.
Step 2: Find a Position as a Loan Officer & Training
Our CEO & Founder, Michael Mikhail knows that a large amount of learning takes place on the actual job and provides a hands on approach to the on-boarding every new loan officer. Once you land a job, during the first few months there is formal and informal on-the-job training.
It is important to mention that not all lenders offer the same opportunities or access to the same mortgage programs. For example, Stratton Equities has the most diverse amount of loan programs under the same roof. This allows our loan officers to submit different types of loan programs to large amounts of loan scenarios - most other companies focus only on one niche of the industry or they focus solely on conventional loans.
We are focused on providing as much support as we can to any prospective or experienced loan officer that works within our team. At Stratton Equities, we provide organic leads to our loan officers directly, whereas other companies request that their loan officers take more of an outside approach in finding their own leads.
Our management has created guidelines and extensive training to ensure that every LO has the opportunity to succeed and close their first loan in 4-6 weeks.
Step 3: Certification (Optional)
Mortgage Bankers Association (MBA) and American Bankers Association (ABA) are two of several banking associations that offer certifications for loan officers. If you want to bolster your credentials and illustrate your investment in the career path.
Step 4: Renewing Your NMLS License
The NMLS license must be renewed on a yearly basis. About eight hours of continuing education courses must be taken every year to be able to renew your NMLS License.
Other requirements may vary by state. If you did a certification, they must also be renewed every number of years depending on the type of certification.
Now that you've received your license, you can apply to join the Stratton Equities team! Apply today
Why Should You Become a Loan Officer with Stratton Equities?
- Stratton Equities has the most amount of loan programs under one roof offering direct access to a variety of options for the borrower.
- Our Innovative Loan Programs can be utilized nationwide from coast to coast - Hawaii & Alaska.
- Stratton Equities has the lowest private money rates starting at 4.5%
- Our team of experienced Loan Officers can close a loan in 14-25 days - with a loan approval process of 24-48 hours.
- New Loan Officers close their first loan in 4-6 weeks from start date
- Unlimited Earning Potential
- Direct Access to Organic Leads
- Ability to work directly with Marketing Department & PR Department to develop Loan Officer profile & needed brand materials.
- We have a passionate management team that properly mentors each Loan Officer, to ensure they understand each unique mortgage program while providing guidance every step of the way.