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Updated 1 day ago on . Most recent reply

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Chinmay J.
  • Investor
  • Northern, VA
904
Votes |
1,220
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Getting started in Mortgage Industry.

Chinmay J.
  • Investor
  • Northern, VA
Posted

I used to post here a lot back in the day, and boy the site has changed..  I haven't posted here in a few years and took me a minute to find my way. 

I bring you today some interesting topic to provide perspective on. I have been working in the IT sector for about 23 yrs now, and doing well professionally and financially (both in my W2 job and real estate investment properties I have self manage). I do still find myself open to the idea of creating more options for myself, so I can live life on my own terms.  Like most people, I don't hate my employer or the work I do. On the contrary I love my employer, folks I work with, and the job that I do.  I just don't have lot of flexibility, which is what I want. 

So I was thinking about getting my NMLS license and working with a lender, while still keeping my W2 job.  Not looking for anything high paced with 50-60 hrs to put in a call center environment, as I don't have that kind of spare time, but to learn and grow at my own pace and develop clientele.  Just the way a lot of realtors start out.. FYI I used to have a real estate license from 2015-2021 but gave it up as I wasn't using it that much and plus I detest driving. 

I don't need to be paid a single penny for this. Just need to be shown how to do things and allow me to grow at my own pace. 

Any thoughts on where I should begin? 

Most Popular Reply

User Stats

1,220
Posts
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Chinmay J.
  • Investor
  • Northern, VA
904
Votes |
1,220
Posts
Chinmay J.
  • Investor
  • Northern, VA
Replied
Quote from @Scott Wolf:
Quote from @Chinmay J.:
Quote from @Doug Smith:

I own a mortgage company in Florida and I've been a lender for 34 years. I know you don't want to hear this, but I haven't seen someone be a good loan officer and hold a full-time role in a non-real estate-related field. I've seen realtors bring in a deal or two per month, but contrary to popular belief, being an MLO is not a part-time "I can do it on the weekends" job...not if you want to be successful. I was flipping/building 7-10 homes/month back in the day, but I couldn't run this company, support all of our loan officers, and be a great flipper at the same time. My wife kept up with that business while I focused on lending. I'm sure that's not what you want to hear, but it's the truth. I do hope it helps you. 


Thanks for your perspective. I completely understand that in order to be successful at something, you have to put your heart and soul into it and doing anything part time will not get you to be successful.  However, i was initially only trying to break into the business. Learn the basics, and then perhaps venture into it full time.  Walking away from your 20+ yr old career isn't always the easiest, and would be quite reckless if you ask me !! 


 Hi Chinmay,

Not to keep the negative going, but even if you say you don't need to be paid a penny, any company that you want to join and expect to invest in you by teaching the business, won't want to do it.  There is an investment involved in someone who is not fully committed. 

If you want to make the jump but are nervous, you can try to become a loan processor, which can offer a steadier stream on income, but will need a full commitment.

Good luck! 


Scott - Thanks for your response.   I feel it's somewhat about perspective.   Someone might look at it and see potential to help someone with low downside and a huge upside.  They aren't paying me any salary, but investing some time to show me a few things, and allow me to learn and grow at my pace.  If a lot of real estate agents start out that way, and then go full time, why can't a MLO.  I would be the first one to tell you that in order to be successful at something you HAVE to give it your 100% and then some more. But we aren't talking about getting successful. We are just talking about getting started.. 

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