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Mortgage Loan Originator License Requirements
Once credit is cleared/ improved could I be approved in the state of Texas for Mortgage loan originator license? As far as the states that was mentioned, California, Illinois, & Arizona would I have to hold or establish a residency to qualify? Also I’m interested in the commercial loan officer opportunity. What is the process, and would it give me the experience and expertise needed to becoming a licensed mortgage originator ? Thank you for your time and I look forward to your reply!
Respectfully,
Vernise Green
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26 Replies
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Yes. Once credit is cleared up you can get approved for Texas NMLS license. You don’t have to pay off your charge offs or collections. Payment plan is good too. Credit scores don’t matter. Just timely payments
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Thank you ! What about the commercial loan officer opportunity ? What is the process ?
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Check out http://www.lendingnetwork.org. What type of real estate experience do you have or contacts do you have
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Thank you for the information! I’m a retired disabled veteran! I have also traveled the world abroad as a merchant seaman for years and lived in Kuwait City & South Korea for sometime ! Currently I have been driving Lyft and Uber! I took the last year to travel, utilizing Airbnb for my accommodations! That really peaked my interest into researching what all the real estate process consist of how it all works, to ensure the process goes smoothly! I also have a mentor who is a real estate agent and has been one for over 20 years ! Customer service has been my passion all my life , I spent my military career serving others and making them happy by preparing healthy meals! I can no longer withstand that type of labor, but I’m still very interested in helping others, I believe that with my expertise, organization skills, determination, my experience and knowledge about life would make me an ideal & excellent candidate as a dedicated loan officer ! Thank you for sharing information & the advice!
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This reply was modified 8 months, 2 weeks ago by Vernise.
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Vernise, first and foremost, thank you for your service. My friend, client, and business associate Jimmy Plunkett who is a key member of this forum is a disabled veteran and is on our team of helping disabled veterans become and train them in starting a career as a commercial, business, and residential loan officer with us at Gustan Cho Associates and NEXA Mortgage. Over 80% of our borrowers are folks who could not qualify at other lenders. We are able to help people with credit scores down to 500 credit scores. Rewards of being a loan officer is being able to help families attain the dream of homeownership become a reality. From what you described about your self I think you will be great as a loan officer and would love to have you join our team. We have structured loan officer training programs for those without any experience in Mortgage lending. We are all here to help you and remember that we were all new at one time.
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Thank you ! Would love the opportunity to be apart of life helping others achieve something so meaningful! I just moved in to a one year lease yesterday, now I am ready to start the process ! All I need to know is the next steps ! Thank you for your consideration!
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Good morning Gustan,
Just getting settled into a new place as of yesterday! How do I get in contact with your good friend Jimmy Plunkett? I am very interested! Thank you !
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Jimmy Plunkett Email address is jimmy@gustancho.com. Or you can message him in his message box on this forum
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This reply was modified 8 months, 2 weeks ago by
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You can live in Texas and be licensed in California
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Ok ! This is great news, can you please explain how this process works? I’ve read that you have live within one hour of the office where you will be originating loans ! Thank you !
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Of course. I live in Wisconsin and could not get licensed in Wisconsin for the longest time until I filed bankruptcy
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Wow ! That’s amazing that you put in all the effort to fulfilling you dream & goal !
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You do not have to be licensed to become a commercial loan officer. Commercial Loans are not regulated like residential loans
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Ok ! That’s very interesting & informative! Thank you for sharing, is prior experience a factor, in order to be given a chance in the field ?
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Prior experience is very helpful and even more experience than education. For example, it would help if you are experienced in customer service, servicing customer accounts, and solving problems. Work experience is very important. You are entrusted with a lot of responsibilities, financials, and trust so character is important. You cannot have a felony conviction in the past seven years or fraud conviction ever. Certain states like Texas are very anal when it comes to prior credit history. If you have a lot of outstanding debts, you may want to explore filing bankruptcy instead of pay old collections and charged off accounts.
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There are certain states that have distance to residency requirements. What this means is that you need to live within 75 miles to a branch office where you will be sponsored by. However, Texas does not have that requirement. You can be licensed in Texas and be sponsored by corporate in Chandler Arizona or our branch in Oakbrook Terrace Illinois. Therefore, you can live in Texas and be licensed in a handful of states like California, Arizona, Oklahoma, Illinois, Florida, Alabama, Alaska, Hawaii, Washington DC, Vermont, Connecticutt, Georgia, North Carolina, North Dakota, South Dakota, Iowa, Minnesota, Virginia, Rhode Island, Montana, Oregon, Washington. States with distance to mortgage company or mortgage branch requirements are Wisconsin, Maryland, New Jersey, Nevada, Tennessee, Missouri, to name a few.
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Hello Gustan,
Thank you for the information, can you please explain if I first need to be licensed here in Texas because this is my residence, before I can apply in another state ? Can I take the course, then the state exam, and apply for my license in California, Arizona, or Illinois while residing in Texas ? Thank you !
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Vermese, it was a very hectic day yesterday. My apologies for the delayed response. Please ask any questions you like. I like to discuss Q and A on this forum because I get to answer similar questions to all loan officer candidates at once without repeating myself. Thank you for understanding. Also, if you want to take the 20 hour pre-licensing school, I highly recommend you contact Angie Crippen at OnCourse Learning. She will go over everything you need about getting your NMLS license, the courses you need to take, and the practice exams. If you go through this link, you will get a discount. I do not take affiliate commissions and rather give my affiliate commissions toward those ordering licensing materials and practice tests to get your NMLS licenses. The very best to you and your future endeavors. I am sure you will have additional questions during your mortgage loan origination career path. https://gustancho.com/mlo-license-school/
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Hi Gustan,
I understand I will check flow up with the school that you recommended today to see what the price and availability is to get a start date ! Again, thank for being so informative, I truly appreciate your time and the opportunity!
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