Posted by MBCA on 6/25/06 11:32am
Msg #128133

Becoming a Loan Officer

Have any notaries gotten the training and made the leap to loan officers. I've been sitting in on closings where the loan officer was present and all I was suppose to do was notorize docs. I could be wrong, but it seemed at times that I knew more than they did. Maybe these were just the rookies they were sending out for training? I wouldn't mind driving as far as they do if I could make that kind of money!

Reply by cyndi_ca on 6/25/06 11:41am
Msg #128135

MBCA

I too have done closing with LO's present and this poor guy had now idea why there were so many RTC's. I got up to walk past him and whispered in his ear what he should do with them. These were closing done at the bank. Pretty scary. I was trying to help him not look so ignorant. Never have considered becoming a LO. Hmm.....food for thought

Reply by BrendaTx on 6/25/06 11:52am
Msg #128137

Re: MBCA - Rev Mort Fees Affect

I talked to a lady the other day who said she took rev morts for $50 because she's not having to do anything but notarize.

Bad strategy. You are still responsible for 20 or more notarizations (in Texas, anyhow) and you are still responsible for packages. DO NOT RELY on the plan that the LO will be there. You must consider that late edocs or plans will delay the LO or keep them away completely. You may be asked to get started and the LO will be there in 30 minutes - you will be delayed then. Think new folks, before you fall prey to that kind of a price on a rev mort.

You can ALWAYS drop your price if you think you are getting paid too much, but you can NEVER raise your price for sure in such situations I have mentioned above.

Reply by BrendaTx on 6/25/06 11:54am
Msg #128139

Sorry I hijacked your thread below...I am under the impression that LOs in Texas must have a BA or BS. I would be interested in whether or not education prohibits the LO leap. Not for me, but for a friend who is considering this.

Reply by MBCA on 6/25/06 12:14pm
Msg #128143

I use to be a residential realtor and also have some training in paralegal work. Been to the "school of hard knocks", no BS or BA, but I figure what I don't know I can learn, just like we learned to do notary work. My problem is, all the loan officers I work with are kids and I'm 61. How many good years do I have left, but what have I got to lose? Funny, as I get older very few things in this world tend to scare me. If it doesn't work out I'll just move on to the next idea!

Reply by LkArrowhd/CA on 6/25/06 12:17pm
Msg #128146

Re: Becoming a Loan Officer-Way to think!!!!!!!!!!Love it! n/m

Reply by John_NorCal on 6/25/06 4:46pm
Msg #128211

I hear ya MBCA. I was a Realtor also and left for a number of reasons at the time. I see that we are pretty close in age and we share the same philosphy. So with that in mind I took my real estate again yesterday, we'll see the results in 4-7 days. I was always one to try to learn as much as possible about whatever I got involved in. Consequently I never had problems with the paperwork. The only thing different this time out was the RTC, but I found if I just did the research I would get my answers. I really can't understand why a Realtor or loan agent can't bring themselves to learn the paperwork on this end.

Reply by NCLisa on 6/25/06 1:32pm
Msg #128172

In NC to become a Mtg Broker you take one class that lasts 1 day. That is it!

I'm taking the residential appraisal classes right now. I'm on my second class. I have 2 more to go and will be done the last week of July. Then I get to be a Appraiser Trainee for 1.5 to 2 years.

Reply by Pamela on 6/25/06 12:15pm
Msg #128145

MBCA Re: Becoming a Loan Officer

MBCA,

Capstone Institute of Mortgage Finance has a Very Good Training program.
1-800-229-8556 or www.capstoneinstitute.com

I began doing loan signings this year. Eventually I do intend to become a Loan Officer as well as a Real Estate Broker. Reason being, it is much more advantageous (especially in Southern California) to be both a Loan Officer and Real Estate Broker (I also have a real estate license, but for now, I am strongly focusing on my notary/loan signing business.).

Pam

Reply by LkArrowhd/CA on 6/25/06 12:19pm
Msg #128148

Re: MBCA Re: Becoming a Loan Officer-Pam just curious

why the to choice to focus on notary/loan signing business?

Reply by Pamela on 6/25/06 1:29pm
Msg #128170

LkArrowhd Re: Becoming a Loan Officer-Pam just curious

Hi!

Here's a synopsis of my background. In December, 2003 I received my notary commission and did a few notarizations here and there for friends, family and co-workers. In May and July of 2004, I completed three Loan Signing Courses .

Course number one, was a brief certificate online course, taken via Victoria's Ring's website. Course number two was a live class given by Notary Public Seminars. After the completion of these two, I inquired to the NNA as to join their signing agent's section. I was told that, they did not accept any other loan signing certificate, but their own. Therefore, I took the NNA online home study course too!

August, 2004 due to a work injury, I took a medical leave of absence. In December 2004, I received my real estate license. In July 2005, my doctor released me, but I was not able to return to my old job (seventeen years in the social work field).

In August, 2004, I begin real estate sales. Very Expensive! In December, 2005, I had a home listed, but fell it out of escrow (loan expired due to escrow officer's negligence, and buyers found a different property that they liked better). The seller's were furious and decided to break the contract and go to a different company. I talked to three real estate attorneys, who informed me, that although I was entitled to a commission (and all monies paid to help the sellers. . .), the listing belonged to the broker. That the decision to take (or not to take) legal action belonged to the broker not me. The broker in this case, decided not to take action against the buyers as he wanted to "save face" within the community.

Lesson learned! I will not venture into real estate sales again, unless I have my broker's license! Never again, will I work so hard and not be able to have a voice in my earnings!

Additionally, when I was out in the field "door knocking", I met many people who needed to refinance. Not being a loan officer, I referred them to other loan officers/lenders!

Another lesson learned! MANY, MANY, MANY, MANY people need to refinance etc. . .!

Also with a real estate brokers license, I can also be a Mortgage broker (as opposed to Loan Officer)!

Now to answer your question. I want to be a signing agent, so that I can learn all aspects of the field!

As a Loan Officer (and later Mortgage Broker), I want to be able to complete my own loan signings! Yes, I know that this is debatable, but legal!

Eventually (with years of experience) I would like to open my own loan/real estate office.
And even though, I may have people working under me, I still want that "hands on experience". I need to stay abreast of what is going on!


Pam

Reply by Pamela on 6/25/06 1:32pm
Msg #128171

LkArrowhd CORRECTION!

CORRECTION!

Began Real Estate Sales, August 2005!

Reply by LkArrowhd/CA on 6/25/06 2:08pm
Msg #128185

Re: LkArrowhd Re: Thanks Pam, very interesting..... n/m

Reply by Pamela on 6/25/06 1:48pm
Msg #128180

LkArrowhd, Becoming a Loan Officer-Pam just curious

Hi Again,

Also (please let me know if I am wrong), I believe that I can eventually (in the long term), make a decent living doing notarizations and loan signings as well!

Pam

Reply by LkArrowhd/CA on 6/25/06 2:17pm
Msg #128189

Re: LkArrowhd, Becoming a Loan Officer-Pam just curious

I live in well you know and as for the REAL ESTATE AGENT here becoming a broker I think this is the only way to go. Folks that live on this mountain, either work off the mountain, sell real estate here or work for the school district, or our local hospital. There is tremendous competition in real estate here so many become brokers...... The mountain has their own MLS listing so realtors from down the hill can't sell here, also Big Bear Realtors can't sell in Lake Arrowhead. The Realtors here have learned how to keep there profits within their own backyard, never mind it is very controlling to say the least. I don't bother with any of that, I keep my distance and work off the mountain. I like your plan but I might delete the loan signing and move right into brokering. However in the meantime the loan signings would be helpful I suspect, JMHO.

Reply by MBCA on 6/25/06 12:20pm
Msg #128151

Re: MBCA Re: Becoming a Loan Officer

I just love a woman with a plan!! Good for you!

Reply by Pamela on 6/25/06 1:35pm
Msg #128174

MBCA! THANK YOU! Re: MBCA Re: Becoming a Loan Officer n/m

Reply by SueW/Tn on 6/25/06 12:19pm
Msg #128149

One of my dearest friends is a LO and

you are exactly correct, their knowledge of loan docs is lacking. She's sat in on a few of her own closings with me and I was shocked because I thought she would know everything I didn't. Not the case, she explained that as a LO she has the legal department, compliance, underwriters etc. at her disposal. Her primary job is to work with the buyer and find them the best possible vehicle for their level of income/credit history/wants and needs. There are so many people involved in the accumulation of docs that I truly think while they know their business with regards to their area of expertise, we are the ones that are exposed to all of the docs therefore making it nearly impossible not to eventually know more than all of them, collectively. She has helped me alot though when I question the need for certain docs, explaining why's and wherefore's that are demanded by compliance etc. It's a give and take and unfortunately most don't care to learn what we've come to understand. Additionally even though we see some huge charges the LO doesn't get as much as you think for the amount of work they do (if they are doing their job with integrity) and I know that she gets extremely frustrated when she's come up with the best vehicle for a borrower only to be hi-jacked by a realtor who "knows an LO" that usually puts the borrower in too much home for the "inflated income" which is why we as SA's have such a difficult time with our conscious.

Reply by MBCA on 6/25/06 12:44pm
Msg #128155

Re: One of my dearest friends is a LO and

Honesty is part of the problem! I know there are a lot of good honest loan officers out there, but I've sat at the table with borrowers who didn't get anything they wanted! Adjustable when they specifically asked for a fixed, prepayment penalty when they were told they wouldn't have one and a much higher interest rate than the one that was quoted them. When they call the loan officer he tells them that it's the best he could do for them and some of them sign because they don't want to go through all that hassle again. I feel kind of sick about this at times. It's like taking advantage of someone who just doesn't know any better. I know it sounds stupid, but at times I actually feel ashamed I've been a part of this transaction! Yes, there are some people out there whose credit is terrible and that's the only deal they can get, but at least tell them ahead of time and not at the signing table!

Reply by SueW/Tn on 6/25/06 12:55pm
Msg #128159

You stated it perfectly MBCA! n/m