Looking for good MLO school
I'm thinking about a career change. I've been a paramedic for close to 2 decades and love it but I also love R.E. (obviously) and have built a small portfolio with my wife over the last 7 years or so. I have been considering becoming a loan officer for a little while now and have decided to officially take the plunge. My question to all the MLO's out there...... Can you recommend a legit/good online program? I have looked online and seen quite a few but don't want to waste my time with a lesser school.
If you have any recommendations for school or other resources I should be checking out, I would be very appreciative.
Thank you
--JT
I'm not an MLO anymore but I started in this business as an MLO back in 2007 (that was an interesting time to be an MLO!)
I don't have a recommendation for a school but I will say 2 things...
1. If you go work for a big bank, they will give you all of the training and education that you need. You will finish training with your NMLS and this will all be no cost to you. So something to consider.
2. I personally don't think this is a great time to become an MLO. With rates rising fast, the refinance business is slowing big time and purchases likely to follow. I read something the other day that Wells Fargo was doing layoffs again in their mortgage department. These conditions will make it tough to get a job, and even tougher to get sales once you do have the job.
I recently used this book: NMLS SAFE Mortgage Loan Originator Exam Content Outline Study Guide and Two Full Length Practice Exams: 250 Practice Questions and Full Breakdown of Every Outline Topic. The test questions at the end are very difficult and a good way to prep for the actual exam, some of these questions were even tougher than the test, great way to study/
I also used Prep2Pass to help prepare and it makes it easy to study pre-made flashcards and watch videos of professionals from anywhere. I will say that the practice tests are so simple to use and go through on your phone that it is easy to get in the bad habit of remembering questions rather than learning them. I think there are many good ways to study, but the best way to reinforce will be to search out practice tests, or study books that have a practice test at the end.
Seeing the most difficult questions and having them explained in detail is key to passing the test.
Best of luck!
Like Scott mentioned I think the best way for you would be to get paid to train. It may be slightly tougher now to get hired on but with your experience I am sure that will more than make up for it. Feel free to shoot me a DM I would gladly talk more into the specifics!
Thank you Scott, Winn, and Kevin. I appreciate all 3 of your input and thoughts. I will look for those materials online. Thank you.
Thank you everybody for your comments... I have since completed the MLO program and should be taking my State exam soon. I have another quick question..... Does being an MLO qualify a person to be a "Real Estate Professional" in the eyes of the IRS. I know there are tax advantages to being considered "RE Professional"
Thanks again
--JT
Quote from @Jean-Thierry Aleman:
I'm thinking about a career change. I've been a paramedic for close to 2 decades and love it but I also love R.E. (obviously) and have built a small portfolio with my wife over the last 7 years or so. I have been considering becoming a loan officer for a little while now and have decided to officially take the plunge. My question to all the MLO's out there...... Can you recommend a legit/good online program? I have looked online and seen quite a few but don't want to waste my time with a lesser school.
If you have any recommendations for school or other resources I should be checking out, I would be very appreciative.Thank you
--JT
we did mortgageducators.com and liked it
