Put simply…. a Mortgage Loan Originator (MLO) is defined by the SAFE Act as “an individual who for compensation or gain, or in expectation of compensation or gain, takes a residential mortgage loan application, or an individual that offers or negotiates terms of a residential mortgage loan.”
Did YOU know that you can become an MLO even if you have NO real estate experience? That’s right.
The Hidden Advantage Real Estate Agents Have
Do you know what every Mortgage Loan Originator needs once they have their shiny, new license in their hands?
It’s not a new office. It’s not even a job. It’s… CUSTOMERS!
Becoming a Mortgage Loan Originator is Step 1 to a fulfilling and well-paying career, but the money and fulfillment only show up when the customers do!
Now… as a real estate agent, you don’t have this problem.
You already have a database of customers who want to buy homes. All you need to do is make it easier for them to buy their dream home!
When you become a Mortgage Loan Originator, you don’t need to go work with a bank or credit union. Tap into your existing client database and tell them that you’re now a ONE-STOP resource.
Not only will they find their perfect home with your help, but they’ll also get the money to pay for that home when they work with you.
As a Mortgage Loan Originator, you will help your clients choose a loan program that’s perfect for them. You’ll be in charge of communicating with other loan/credit officials involved, plus assisting with paperwork and application completion.
It’s a HUGE relief for a home buyer knowing they can rely on their broker to find them a great home and process their mortgage smoothly and painlessly.
So, you, my fine ‘real estate agent’ friend… you have the essential advantage over everyone else who’s racing to become a Mortgage Loan Originator.
Now, let’s see exactly how you can make more money when you have your MLO license.