Start a Profitable Career as a Mortgage Loan Originator from Udemy

One of the only online mortgage courses that actually teaches you how to go from completing a loan application to closing a loan and running DU in the process. Once you become licensed as a mortgage loan originator and are licensed in Florida you can come work for Finibi Mortgage and start your new career.

Main benefits of this course and of being a mortgage loan originator:

- Make a great income Part-time MLO's make $45,000 - $72,000 per year. Full time successful MLO's make $150,000+ some even make $300,000 - $1,000,000+.

- Have a flexible work schedule (Work from home on your computer and phone)

- Learn what it takes to finance your own home loan.

- Have time freedom so you can actually enjoy life and spend time with family and friends

MLO's, mortgage loan originators, have flexible work schedules so you can work part time, full time, weekends, or when ever you want. Just like other careers, once you get licensed you still have to learn how to do your job. This course teaches you how to do what others don't teach you. How the entire process works so you can start making money and closing loans right away.

HOW EASY IS IT TO CLOSE A LOAN?

Today most documents in mortgage process are digital which means you can do a large portion of the work on your smart phone or tablet. This makes things easier than ever before. You can be on the beach taking an application and submit to the bank all in the same day. It incredible how much technology has made the mortgage process faster and easier. Borrowers sign on their smart phones and your done.

These are some of the things you will learn:

- How to prequalify borrowers

- How to complete a loan application for primary residences, investment properties, and vacation homes

- How to use Calyx Point to complete a loan package including disclosures

- Successfully run DU and get an approval

- Submit a loan to underwriting for a conditional loan approval

- Understanding a loan approval

- How to read and understand a credit report

- How to quote an interest rate

I will walk you through every step of the way.

Who is your instructor?

I own my own mortgage brokerage business and have been in this business for over 15 years. I have closed hundreds of loans and made a good living do so. I love doing mortgages and constantly travel to conventions and learn new things. I even closed my own home loan when others couldn't.

- Make real money. Potential to make a very profitable living. Part-time MLO's make $45,000 - $72,000 per year. Full time successful MLO's make $150,000+ some even make $300,000 - $1,000,000+.

- More free time. Work when you want and where you want (thanks to digital mortgages and electronic documentation). This means you can have another job if you want to or work at home if being out and about is not possible.

- You get to help others. Often, when I close a loan I make my commission but what makes me the happiest is having helped others in the process. Really, helping others buy their homes is a very satisfying experience. They will thank you and send their friends to finance with you.

- Buy your own home. Most mortgage loan officers overlook the benefit of having the potential to become a home owner thanks to the knowledge and position their in. It's worth it.

- Come work for Finibi Mortgage once you are licensed as a mortgage loan originator. You must be licensed in Florida. You will have access to one of the fastest and technologically driven mortgage companies in the business.

In order to obtain your mortgage loan originator license you must take the required course (Can be take over the weekend or online) and pass the state exam.

A course diploma will be available to you when all sections have been completed at 100% which you can save or print to show employers. For instructions on downloading your course diploma you can go to: https://support.udemy.com/hc/en-us/articles/229603868-Certificate-of-Completion

What's inside

Learning objectives

You will be able to understand how the general mortgage process works
You will be able to start a new career as a mortgage loan originator once you pass state exam
You will understand what documentation is needed to submit a loan
You will learn how to complete a uniform residential loan application (1003)
You will learn how to prequalify a borrower
You will understand key mortgage terms and calculations
You will learn how to ready a tri-merged credit report
You will know how to complete a loan application and disclosures on calyx point mortgage software
You will be able to submit a loan to underwriting for approval

You will understand how interest rates are determined and quote borrowers rates
You will learn what the difference is between an owner occupied home, second or vacation home, and investment property
You will learn where to find borrowers and how to get future referrals
You will understand just how profitable it can be to start a career as a mortgage loan originator
You will learn what du and lp approvals are and how to obtain a desktop underwriting approval
You will learn how to calculate a debt-to-income ratio and the loan-to-value for specific cases
You will learn how to complete an application for an owner occupied home, second or vacation home, and investment property
Show more
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You will be able to understand how the general mortgage process works
You will be able to start a new career as a mortgage loan originator once you pass state exam
You will understand what documentation is needed to submit a loan
You will learn how to complete a uniform residential loan application (1003)
You will learn how to prequalify a borrower
You will understand key mortgage terms and calculations
You will learn how to ready a tri-merged credit report
You will know how to complete a loan application and disclosures on calyx point mortgage software
You will be able to submit a loan to underwriting for approval
You will understand how interest rates are determined and quote borrowers rates
You will learn what the difference is between an owner occupied home, second or vacation home, and investment property
You will learn where to find borrowers and how to get future referrals
You will understand just how profitable it can be to start a career as a mortgage loan originator
You will learn what du and lp approvals are and how to obtain a desktop underwriting approval
You will learn how to calculate a debt-to-income ratio and the loan-to-value for specific cases
You will learn how to complete an application for an owner occupied home, second or vacation home, and investment property
Show more
Show less

Syllabus

You will learn how profitable and easy it can be to start a career as an MLO

Benefits of becoming a mortgage loan originator introduction

What are the benefits of this course?

Read the documents provided to help you understand how the process works and what is required when getting licensed. There's a lot of useful information that will help guide you. You can always contact the NMLS directly in case you have any licensing questions.

I just wanted to make sure you have the most up to date Uniform Residential Loan Application aka "URLA" for when you have a borrower that needs to complete it with your assistance or in case you want to become more familiar with this form. This is an important document for you to have in your files. You can download it in this lecture

Reviews summary

Practical guide to mortgage loan origination

According to learners, this course is a highly practical and useful guide for anyone looking to start a career as a Mortgage Loan Originator. Students appreciate that it goes beyond just licensing exam preparation, focusing on the actual day-to-day process of originating a loan, from application to closing. Specific skills like using Calyx Point software, understanding DU/LP approvals, and learning how to complete the Uniform Residential Loan Application (1003) are frequently highlighted as very valuable. While the course provides a strong foundation in the practical aspects of the job, some note that it serves as a supplement to formal licensing education and doesn't replace it. Overall, it's seen as a solid starting point for aspiring MLOs.

Mentions instructor's company and job offer.

"There's quite a bit of promotion for Finibi Mortgage..."

"The offer to work for the instructor's company is included."

"Some parts felt like recruitment rather than just education."

Offers a solid starting point for new MLOs.

"Perfect for someone brand new to the mortgage industry."

"Provides a solid foundation for getting started."

"If you have no prior knowledge, this course is a great introduction."

"Made the complex world of mortgages feel approachable for a beginner."

Instructor shares real-world experience effectively.

"The instructor's real-world experience shines through and adds credibility."

"Instructor is very knowledgeable and explains complex topics well."

"I appreciated the insights shared by someone who has done this for years."

"Easy to understand and followed the instructor's guidance."

Provides useful instruction on Calyx Point software.

"Learning Calyx Point through the demos was extremely valuable."

"The sections on using Calyx Point are excellent and very clear."

"Showed how to use the software needed in the real world..."

"Gave me practical skills using the specific software mentioned."

Teaches the actual steps of originating a loan.

"This course actually shows you how to do the job of an MLO, not just pass the test."

"It taught me the entire process from start to finish, which was incredibly helpful."

"I liked how the instructor walked through the application process step by step."

"I feel much more prepared for the actual work after taking this course."

"Focuses on the practical side, which is exactly what I needed."

Supplements, but doesn't replace, licensing course.

"This course is great for the process but you still need a state-approved course for licensing."

"Understand this is not your NMLS pre-licensing course, it's supplemental training."

"A useful addition to the required licensing education, not a substitute."

"Doesn't cover everything needed for the actual NMLS exam, but great for the job itself."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Start a Profitable Career as a Mortgage Loan Originator with these activities:

Review Key Mortgage Terms

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Reinforce your understanding of fundamental mortgage terms and calculations before starting the course. This will make it easier to grasp more complex concepts later on.

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Create a glossary of common mortgage terms.
Practice calculating LTV, DTI, and PITI with sample scenarios.

Read 'The Book on Investing In Real Estate with No (or Low) Money Down'

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Expand your understanding of real estate investment strategies. This will help you better serve clients looking for investment property loans.

View The Multifamily Millionaire, Volume I: Achieve... on Amazon

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Read the book and take notes on key concepts.
Identify how these concepts relate to different loan products.

Practice Calculating Debt-to-Income Ratios

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Sharpen your ability to quickly and accurately calculate debt-to-income ratios. This is a critical skill for prequalifying borrowers.

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Find sample income and debt information online.
Calculate the DTI for each scenario.
Compare your results with a DTI calculator.

Four other activities

Expand to see all activities and additional details

Show all seven activities

Create a Mortgage Glossary

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Solidify your understanding of mortgage terminology by creating your own glossary. This will serve as a valuable reference tool.

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Compile a list of key mortgage terms from the course.
Write clear and concise definitions for each term.
Organize the glossary alphabetically.

Simulate a Loan Application

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Apply your knowledge by simulating the entire loan application process. This will give you hands-on experience and identify areas for improvement.

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Find a sample loan application form.
Create a fictional borrower profile.
Complete the application form based on the borrower's information.
Calculate key ratios and determine eligibility.

Read 'NMLS SAFE Act Study Guide'

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Prepare for the NMLS exam by studying the official SAFE Act Study Guide. This will ensure you have a strong understanding of the regulations.

View Alter Ego: A Novel on Amazon

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Obtain the latest version of the NMLS SAFE Act Study Guide.
Read the guide thoroughly and highlight key information.
Take practice quizzes to assess your understanding.

Attend a Local Real Estate or Mortgage Event

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Connect with other professionals in the real estate and mortgage industries. This will help you build your network and learn about current trends.

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Search for local real estate or mortgage events online.
Register for an event that interests you.
Attend the event and network with other attendees.

Career center

Learners who complete Start a Profitable Career as a Mortgage Loan Originator will develop knowledge and skills that may be useful to these careers:

Mortgage Broker

A career as a Mortgage Broker is ideal for individuals passionate about helping people achieve their dreams of homeownership. Mortgage brokers act as intermediaries between borrowers and lenders, securing the best possible loan terms for their clients. This course helps build a foundation for understanding the entire mortgage process, from prequalifying borrowers to completing loan applications. You will also learn how to navigate the complexities of loan products and interest rates. These skills are directly applicable to the daily tasks of a mortgage broker.

See salaries and explore the career path for Mortgage Broker

Loan Officer

This is a natural career path for someone who takes this course. Loan Officers are responsible for evaluating and approving loan applications. This course helps build a foundation in all aspects of the loan origination process. You will learn how to prequalify borrowers, complete loan applications using software such as Calyx Point, and understand credit reports. The course also covers how to assess risk and prepare loans for underwriting, all crucial skills for a successful loan officer.

See salaries and explore the career path for Loan Officer

Mortgage Processor

Mortgage Processors play a vital role in the mortgage industry by gathering and verifying documents to prepare loan files for underwriting. The course helps build a foundation for understanding the mortgage process, from prequalification to closing. It teaches how to complete loan applications, read credit reports, and prepare loan packages using software like Calyx Point. This will help a mortgage processor to efficiently manage loan files and ensure compliance with regulations.

See salaries and explore the career path for Mortgage Processor

Personal Banker

This is a great career for those who wish to build relationships with clients. Personal Bankers assist clients with a variety of financial needs, including opening accounts, processing loans, and providing financial advice. This course may be useful for understanding the mortgage loan origination process, which is a significant aspect of personal banking. You will gain knowledge about prequalifying borrowers, completing loan applications, and understanding credit reports. This will help you provide more comprehensive support to clients seeking home financing.

See salaries and explore the career path for Personal Banker

Real Estate Investor

Real Estate Investors purchase properties with the goal of generating income or profit. This course may prove useful for understanding the mortgage loan origination process because it can help investors secure financing for their projects. It covers how to complete loan applications, understand credit requirements, and negotiate interest rates. This knowledge is invaluable for making informed investment decisions and maximizing returns.

See salaries and explore the career path for Real Estate Investor

Real Estate Agent

Real Estate Agents often work closely with mortgage professionals to assist clients in buying or selling property. This course may be useful for understanding the financing side of real estate transactions. It offers insights into how borrowers are prequalified, how loan applications are processed, and the various loan products available. A real estate agent armed with this knowledge can better guide their clients through the home buying process and facilitate smoother transactions.

See salaries and explore the career path for Real Estate Agent

Underwriter

Underwriters analyze loan applications to assess risk and determine whether to approve or deny a loan. This course may be useful for understanding the initial stages of loan origination, including how applications are completed, credit reports are analyzed, and borrowers are prequalified. Familiarity with these processes provides valuable context for an underwriter when evaluating the overall quality and risk of a loan file, helping to improve decision-making.

See salaries and explore the career path for Underwriter

Credit Analyst

Credit Analysts assess the creditworthiness of individuals or businesses to determine the risk of lending money. This course helps build a foundation in understanding how credit reports are read and interpreted. The course sheds light on the factors considered when evaluating a borrower's ability to repay a loan. These are essential skills for a credit analyst who will be tasked with making informed decisions about credit risk.

See salaries and explore the career path for Credit Analyst

Compliance Officer

Compliance Officers ensure that a company adheres to regulatory requirements and internal policies. This course may be useful because it can help understand the regulatory landscape of mortgage lending. It provides insights into the documentation required, the disclosures involved, and the steps taken to ensure compliance throughout the loan origination process. This knowledge is valuable for a compliance officer.

See salaries and explore the career path for Compliance Officer

Financial Advisor

Financial Advisors provide guidance to clients on various financial matters, including investments, retirement planning, and homeownership. A financial advisor with knowledge of the mortgage loan origination process can offer more comprehensive advice to their clients. This course may be useful for understanding the intricacies of home financing, helping advisors guide clients towards making informed decisions about buying a home and managing their debt effectively.

See salaries and explore the career path for Financial Advisor

Bank Teller

Bank Tellers are often the first point of contact for customers at a bank. This course may be useful for understanding the basics of mortgage lending. This role provides a glimpse into the initial stages of the loan application process. This knowledge is valuable for bank tellers aiming to advance their careers within the banking industry and potentially transition into roles more closely related to lending.

See salaries and explore the career path for Bank Teller

Escrow Officer

Escrow Officers oversee the closing of real estate transactions, ensuring that all funds and documents are properly distributed. This course may be useful for Escrow Officers. Because it can help them better understand the financing aspects of the real estate transaction. An Escrow Officer can improve communication with all parties involved and facilitate smoother closing processes.

See salaries and explore the career path for Escrow Officer

Customer Service Representative

Customer Service Representatives provide support to customers by answering inquiries, resolving complaints, and processing transactions. This course may be useful for developing a foundational understanding of mortgage lending. You will then be better equipped to assist customers with inquiries related to their mortgage applications or loan terms. This knowledge is valuable for providing accurate information and resolving issues efficiently.

See salaries and explore the career path for Customer Service Representative

Real Estate Appraiser

Real Estate Appraisers estimate the value of properties, ensuring that lenders have an accurate assessment of the collateral for a mortgage loan. This course may be useful in better understanding the overall mortgage lending process. This allows for a more comprehensive understanding of the factors that influence property values and the role of appraisals in the mortgage transaction.

See salaries and explore the career path for Real Estate Appraiser

Title Officer

Title Officers examine property titles to ensure their validity and accuracy, resolving any issues that may arise. This course may be useful for understanding the relationship between mortgage lending and property ownership. This will enhance a title officer's ability to identify and resolve potential title issues that could impact a mortgage transaction, ensuring a smoother closing process for all parties involved.

See salaries and explore the career path for Title Officer

Start a Profitable Career as a Mortgage Loan Originator

What's inside

Learning objectives

Syllabus

Save this course

Reviews summary

Practical guide to mortgage loan origination

Activities

Career center

Reading list

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