Posted by Shoshana/AZ on 1/4/10 3:38pm
Msg #316595

The cost to become an LO in AZ

All told it will be $1131 (for all the components) plus the cost of live scan fingerprints. At present I don't know anyone in the Phoenix area who does livescan fingerprints!
Mama Mia!

Reply by Linda_H/FL on 1/4/10 3:46pm
Msg #316596

Hey Shoshana...could that be a little niche for you?

Sort of like the Arizona version of 101livescan??...

Might be worth investigating.

Reply by Shoshana/AZ on 1/4/10 4:20pm
Msg #316602

I was thinking of that...

...However, I understand that NMLS/AZDFI is supposed to be cfomiong out with an approved list of fingerprinters.
I have to wait to see what happens. It's only a 40 hour course.

Reply by Shoshana/AZ on 1/4/10 4:31pm
Msg #316604

Livescan is a huge business in CA

Not so here in AZ because of the cost. A regular fingerprint card here is $15. Especially in the recession people can't afford to pay so much.

Reply by Jim/AL on 1/4/10 3:48pm
Msg #316597

first deal, cost recovered...no tears, sorry. n/m

Reply by Jim/AL on 1/4/10 3:52pm
Msg #316598

recant for tackiness,sorry. n/m

Reply by Shoshana/AZ on 1/4/10 4:23pm
Msg #316603

You have no idea what it takes to close a deal these days

Interest rates are going up and values are going down yet again!

Reply by Les_CO on 1/4/10 4:32pm
Msg #316605

Re: You have no idea what it takes to close a deal these days

Yeah, being a LO is tough. You could always try selling cars….or better yet time-shares. Or if you really want to be the least-compensated-for-the-most-work, and required knowledge, stick with being a Notary Signing Agent.

Reply by MW/VA on 1/4/10 7:23pm
Msg #316628

ROFL--well said! n/m

Reply by JanetK_CA on 1/4/10 9:08pm
Msg #316643

Re: You have no idea what it takes to close a deal these days

Don't under estimate what it takes to be a LO or the challenges they face. LOs I know spend a great deal of money on advertising, as well. Also, I think Shoshana's comments about interest rates going down and the current difficulties borrowers having qualifying for loans should be a cautionary tale for all of us -- especially anyone new trying to break into this business these days.

Reply by Les_CO on 1/5/10 12:09pm
Msg #316723

Re: You have no idea what it takes to close a deal these days

Having been an employing Real Estate Broker for 20 some years, I am well aware of what it takes to be competitive in the real estate business, and the mortgage broker business. I’ve known hundreds of mortgage brokers in my lifetime of real estate sales. Some of them honest, hard working, diligent, and that always work in their clients, best interests. We have all seen the ‘others.’ The people that put a client that qualifies for say a 5% 30 year loan into a 7% ARM that adjusts monthly, and has a pre-payment penalty. These guys give the rest a really bad name. (Just like lawyers, and used car salesmen….and yes…some Realtors) However I think the days of some LO making $12 to $15 thousand on a deal are gone. I think the tightening credit requirements, the market conditions stated, and the new HUD---RESPA---GFE doc regs that just went into effect will curtail some of the abuses we’ve seen in the past. I never said that being a mortgage broker (LO) was easy; however IMO It does pay considerably more that being a NSA.