Starting Career As Mortgage Loan Officers
In this article, we will discuss and cover starting career as mortgage loan officers at Gustan Cho Associates Gustan Cho Associates, powered by Nexa Mortgage NMLS 1660690, is a national mortgage company licensed in 48 states with over 190 lending partnerships with wholesale mortgage lenders. Gustan Cho Associates, Empowered by NEXA Mortgage, is a full-service mortgage company licensed in 48 states headquartered in Chandler, Arizona with its regional branch operations in Oakbrook Terrace, Illinois.
Control Your Own Destiny By Becoming an Independent Loan Officer
Every new hire at NEXA Mortgage is an independent loan officer and has the keys to start their own P and L branch unless they want to join an established branch. As an independent loan officer, they can either be a one-man shop or build a team and network of loan officers. NEXA Mortgage dba Gustan Cho Associates consists of over 2,000 licensed and support personnel.
- As an MLO, you may be able to enjoy a flexible schedule, no cap on your earnings, and the opportunity to help people’s dreams come true. Plus, because people will always need to buy places to live, you’ll enjoy solid job security. It’s worth noting, though, that mortgage loan originating is a highly regulated industry.
Licensed In 48 States Like No Other Mortgage Broker
Gustan Cho Associates is licensed in multiple states with a national reputation of not having any overlays on government and conventional loans. We are known for our no-lender overlay policy on government and conventional loans. Many loan officers were promised by national lenders that they have no lender overlays.
Is It Hard To Become a Loan Officer?
Like everything else, nothing is easy and it takes time to learn a new profession. The learning curve in training a new loan officer depends on the individual. Having a career as a loan officer is very lucrative. The sky is the limit. It all depends on the individual. Some individuals want to just work 40 hours. Others work 15-hour days, 7 days a week year after year.
Over 190 Wholesale Lending Partners
Besides government and conventional loans, Gustan Cho Associates has lending partnerships with over 160 plus wholesale lending partners. We can do any loans from primary, second homes, and investment homes. All-in-one loans are one of our specialties.
Fix and flix loans are very popular among our real estate investments. We have dozens of non-QM loan products ranging from no-doc loans, bank statement loans, asset depletion mortgages, non-QM loans one day out of bankruptcy and foreclosure, physicians’ loans, and alternative mortgages. Gustan Cho Associates is hiring experienced mortgage loan originators nationwide for remote loan officer positions.
What We Have To Offer Our Remote Loan Officers
Here is what we offer:
- Five Star national mortgage company is licensed in 48 states.
- We offer exclusive branch-provided qualified screened leads.
- None of our loan officers will ever have a day without any exclusive leads.
- Wholesale lending relationships with lenders with no overlays on government and conventional loans.
- Alternative Financing Programs such as NON-QM Loans, No-Doc Loans, Stated Income Mortgages, Bank Statement Loans, Non-Warrantable Condos/Condotels, Time Construction Loans, Escrow Advance on refinances, non-QM loans one day out of bankruptcy and foreclosure, and many more unique programs not offered at other mortgage banking firms.
- Remote Loan Officer opportunity.
Full benefits include medical, dental, vision, and 401k.
Experienced Loan Officers Starting Career As Mortgage Loan Officers
Loan Officers currently working at banks, credit unions, and smaller mortgage shops with at least one year of full-time mortgage loan origination experience can qualify to become a member of Gustan Cho Associates Loan Officers who work at banks and credit unions and are not NMLS licensed but registered can apply with us but will need to get licensed before they are hired.
There is a five-day mandatory training program/orientation for new employees remotely via Zoom. Or if you are local, you can come to our regional headquarters in Oakbrook Terrace, Illinois.
Getting NMLS License To Starting Career As Mortgage Loan Officers
Here are the steps in getting licensing for loan officers who are exempt from licensing requirements due to working at FDIC financial institutions. Steps In Getting Your NMLS License And Starting Career As Mortgage Loan Officers. Candidates need to register with the NMLS and get an NMLS ID number.
Getting Enrolled in a 20-Hour NMLS-Approved Pre-Licensing Course
The second step is to find an NMLS-approved pre-licensing school and register and enroll in a 20-hour pre-licensing mortgage loan originator course. The 20-hour pre-licensing course can be done online or in a classroom. Completion of the 20-hour pre-licensing course will enable the applicant to become eligible to take the federal NMLS mortgage loan originator examination.
Once candidates pass your federal NMLS exam, they can now apply for individual NMLS state licenses. Each state has its own licensing requirements and the costs and fees depend on each individual state. Each candidate applying for an individual mortgage license for a particular state needs to go through a background criminal investigation as well as credit check and financial background investigations.
Can I Have a Police Record and Get My NMLS License?
No felony conviction in the past 7 years. Any criminal convictions involving fraud and/or theft will be reasons for the denial of a mortgage loan originator’s license. Many think that just because they have bad credit that they will not be able to get an NMLS mortgage loan originator’s license. This is not the case. Each state has its own standards for an applicant’s credit requirement.
Can I Have a Prior Bankruptcy and Foreclosure To Be Eligible For NMLS License?
Bankruptcies and foreclosures do not disqualify a candidate from getting their NMLS mortgage loan originator’s license. What regulators are looking for in MLO applicants with bad credit is that the license applicant does not have total disregard for credit.
Getting Your State NMLS License
Once you have passed all phases of the state licensing process, the state will issue you the NMLS state license, and can start originating loans. Upon getting an approved/active status, new mortgage loan originators can Starting Career As Mortgage Loan Officers with Gustan Cho Associates.
Contact Us In Starting Career As Mortgage Loan Officers
The average loan officer at Gustan Cho Associates has been with the company for over 8.5 years. Please contact us at 800-900-8569 for a faster response or email us at gcho@gustancho.com. We love to hear from you and develop a lifelong relationship with you. We are available 7 days a week, evenings, weekends, and holidays. Again, a minimum of one year of full-time experience in loan origination is required.
