Loan Officer Business Plan

Loan Officer Business Plan-85
So you need a job and you’re thinking about becoming a residential mortgage loan officer?

So you need a job and you’re thinking about becoming a residential mortgage loan officer?Or a mortgage loan originator (MLO) as they’re now known.You will see deals fall through and you will waste a lot of time.

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It seems most of the smart money already refinanced, or made home purchases before values went up.

And many of the remaining deals are tricky and/or riddled with hurdles and low credit scores.

Even if mortgage rates aren’t as low as they once were.

If a mortgage loan officer gets just one of those deals to go through, it often equates to a huge payday, sometimes as much as a few months’ salary working a minimum wage job or other lower paying jobs. But there are a number of questions you need to ask yourself before setting out in the mortgage industry as a loan officer. Sure, a mortgage broker or bank may tell you that it’s simple.

If you're interested in getting an SBA-approved loan, you should know that you're almost always required to put up at least 30 percent of the value of the loan as collateral, meaning that the bank guarantees the other 70 percent through the SBA.

Normally, a loan requires 100 percent collateral, so SBA loans are attractive to small-business owners who don't have the assets needed to cover the loan.The process is about the same as any other commercial bank loan and is managed by a commercial bank.The SBA also requires entrepreneurs to submit business plans as part of the loan process, but the exact implementation depends on the specific bank.If you're a startup, your chances of getting a bank loan are actually pretty slim.That's because banks are required by law to support loans with assets--called --that protect the bank against a loan default.These bankers can provide a lot more than just a simple loan approval.If you're fortunate, that's the type of loan officer you'll be dealing with.In truth, it can always feel that way when you’re trying to get a home loan approved – a mortgage loan originator’s typical day will never be easy.But there’s always an opportunity for a loan officer, even if the market is in a down cycle or a lull.This legal requirement helps protect the banks' depositors against risk.And since most startups don't have the kind of collateral needed to support a business loan, most loans are made to existing business owners.

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