Posted by Diego Perez on 3/19/06 1:07am
Msg #106749

Does anybody want to be a loan officer?

I am a loan officer and they are currently hiring Loan officers. I figured Notaries have the same skills as LO's Please reply to this message if interested.
Diego Perez
7145532713

Reply by mnotaryca on 3/19/06 1:08am
Msg #106750

how do become aloan officer?

Reply by TitleGalCA on 3/19/06 1:14am
Msg #106751

"I figured Notaries have the same skills as Lo's"

Are you serious?? I give up.

Reply by Andrew Shott on 3/19/06 2:51am
Msg #106755

I'm a home loans as well as a loan signing agent. It isn't that easy to just become a loan officer. To get your real estate license, you have to pass you principles exam and the real estate exam. If your a loan officer without a license, your doing it illegally.

Also, yeah maybe loan signing agents posses some of the same skills as a loan officer does. But only very few. Both have to understand loan documents. But loan officers should know a lot more about them. Being a loan officer is more about being able to out sell and out market your competitors. A loan signing agent needs to be able to market themselves but they are providing more of a service.

Reply by Kelly M Robertson on 3/19/06 6:29am
Msg #106756

Andrew, you are right - that test is tough! I could not believe that I passed the first time.

Andrew, illegal or not, not all loan originators have a RE license - they just give themselves a different title, working under someone else. I have been working on a project for over a year now, and 6 out of 10 LO's that answered a survey said they had no training, no hiring requirements, no mentor and have no first-line supervisor; many were basically assigned a cubicle and handed a stack of old leads, patted on the back and told to start selling loans!

On a positive note, others told me they participated in a solid training program, have continuous training, weekly sales meetings, a hands-on supervisor and/or mentor and are encouraged to self-educate. I have also personally met quite a few great LO's (some signing agents as well) that work with 100% intregrity and a solid work ethic and make pretty great money.

Reply by John_NorCal on 3/19/06 9:08am
Msg #106769

Also in California some loan officers work under a Dept of Corporations license, although DRE license is more common and better regulated.

Reply by Charles_Ca on 3/19/06 1:42pm
Msg #106814

Kelly, question

In your research did you do licensed Real Estate Agents as LO's or these marketing firms.

I would expect that one of the problems of not being licensed would be how to get paid since they are not allowed to pay comissions to non-licensed individuals by law. Are they paying as if they were buying leads? Most of the one's I've run across appear to be scams. I've never looked into it but they seem to show up on all of these get-rich-quick mass mailers one gets. I'm just curious because I have had this question come up in the past.

Reply by Pamela on 3/19/06 10:42am
Msg #106783

Diego perez, Please Contact me!

Yes, I am interested. What areas do you service?
I also have my real estate license.

Please contact me: [e-mail address]!

Pam

Reply by SignerCA on 3/19/06 11:37am
Msg #106789

For those of you who have a CA real estate license...

I have been thinking hard about getting a license. From what I understand a RE license and a loan officers license are the same. How would/did you go about getting your license in CA? Online classes? School? What are some reputable companies to go through? If you go online they are a dime a dozen.

Reply by Charles_Ca on 3/19/06 12:00pm
Msg #106791

Re: For those of you who have a CA real estate license...

Century 21 and Tarbell both have good schools I'm familiar with, Anthony Real Estate Schools has an excellent reputation in So CAl and John Lumbleau (also on the web) has been around longer than most. I took my original classes through C21 in 1985 and my brokers' classes through Lumbleau, both were very good traiing and well worth the money.

Reply by SignerCA on 3/19/06 12:40pm
Msg #106800

Charles_CA - do you know...

Do you have to have a real estate license to be a loan officer? Also, is it the same license? I have seen many places who offer a RE license and state that it is the same. Thanks the thr RE info, I have made a note. There are so many to research and choose from.

Reply by GF_CA on 3/19/06 1:06pm
Msg #106805

Re: Charles_CA - do you know...

Yes you need have a Real Estate license. I study with Lumbleau School thru GMAC, very good school; they prepare the student in one way that you going to memorize all the answer. I pass the first time.

Reply by Charles_Ca on 3/19/06 1:33pm
Msg #106813

Re: Charles_CA - do you know...I do and no you don't

have to be licensed by the DRE. You can be licensed by the Corporations Commissioner. Most people don't because the license is expensive and so is the bond.

Reply by Pamela on 3/19/06 1:46pm
Msg #106815

SignerCA

Hi!

I completed three classes (Real Estate Principles, Real Estate Practice and Escrow) at a local community college. With these three classes, my license is good for four years. I chose to take "live" classes, as I wanted to ask questions and to interact with other people.

However, I will be taking five additional classes for my broker's license (most of them online). As I have learned, it is MUCH better to have the broker's license, than just the regular salesperson license! With a broker's license, there is much more flexibility (You can do both loans and sell real estate under your own license. With only a real estate license, you can do one or the other. However, as a sales agent, if you chose to work for a company which is regulated by the Department of Corporations, you can still do both, but your sales license still must be in the "hands" of a broker.).

In preparation for the test, I purchased video tapes (Anthony Schools and Allied Schools),via e-Bay, and constantly replayed them until I knew the information. I also purchased various "test" material on e-Bay and at Borders bookstore, and continued to study, study, study!

I also took time off from my regular job!

I passed the exam on the first try!

Now, if you decided to enroll in online classes, Please do the following:

1.) Research the company via BetterBusinessBureau online.com.
2.) Ask the company what is the copyright date of its material.
The cheaper the tutition, the older the books! You want the most
current study material!
3.) Inquire as to the type of service the online schools offer. Some will reimburse
the tuition if you do not pass the test the first time. Others offer additional tutoring
with instructors, some do not.
4.) The onsite real estate companies such as Century 21 etc. . . , will often time reimburse
the tuition, if you decide to work for them (for a certain length of time).
5.) My college instructors recommended the Kaplan schools and Real Estate Trainers for online training.

Pam

Reply by LkArrowhd/CA on 3/19/06 2:30pm
Msg #106826

Re: SignerCA-Yes Pam I agree Trainers is highly recommended. n/m

Reply by Anonymous on 3/20/06 12:10am
Msg #106880

Re: SignerCA

I'm a realtor for almost 4 years, and I do not belive on those agent who do boths job, real estate and loan. I had 5 deal that never close with those agent; from a few months ago I always advise my seller to accept an offer from only a realtor.

Reply by Anonymous on 3/19/06 12:11pm
Msg #106794

I would like to know more about being a LO. I am commissioned for both Oregon and Washington State.

Thank you

Reply by Anonymous on 3/19/06 12:13pm
Msg #106795

Here is my direct email.

[e-mail address]

Please contact me with info.

Reply by BrendaTx on 3/19/06 2:44pm
Msg #106827

You guys are too far ahead of me! LO is too much for me.

I have a question, though. In Tx it has been determined that the LO must have a minimum of a BA / BS - I do not have one and have therefore long since dropped the idea of being an LO. Does this affect what is being discussed here?

Reply by Charles_Ca on 3/19/06 7:18pm
Msg #106858

Re: You guys are too far ahead of me! LO is too much for me.

Not in California, but it is coming soon. Currently in Ca if you take and pass the Principles of Real Estate course and the Real Estate salesman test (agent) you may sell and list real estate and originate loans. You have to pass two additional courses within 18 (I believe) months of getting your license to keep your license.

If you have a college degree from an accredited school you may apply for and take the Brokers exam if you have completed 8 courses (6 mandatory and 2 electives) in Real Estate.

California has been making noises about eliminating the salesman's class of license and having only brokers. Some other states are also discussing this.