|How to become a Mortgage Loan Originator
A mortgage loan processor has a very important job. Good processors are sought after, especially when the loan business experiences busy times. Although the job of a mortgage loan processor is relatively simple, it can be tedious and overwhelming. For this reason, these positions pay very well. Some markets see processors making well into the six figures. If you want to become a processor, it is important to know as much as you can and that’s why The Real Estate Academy has asociated with Mortgage Education to offer you courses that would help you enhance your career path.
Most lenders and brokers only hire processors with experience. However, if you know what the position entails and are willing to learn, and if you learn quickly, you will do much better than you would if you go into the industry blindly. Our curses would offer you the experience and confident you need to become a mortgag loan processor.
Be familiar with real estate loans. If you come from an industry outside of consumer finance, it is wise to study all you can about how real estate loans work. Although much of your job as a processor will contain hands-on learning, you will need to know the basics very quickly. You will not simply be an administrative assistant. The work of a processor often determines whether a loan closes on time or not. With our online tutorials at Mortgage Education you would learn the basics of real estate finance. For more infromation on Mortgage Courses Click here.
It is important to have solid understanding going into your position, you won't need to be trained from scratch.
Experienced processors have earned the right to demand high pay. However, if you are just breaking into the business, it is likely that you won't be offered a compensation plan near the top of the scale. Depending on your market, loan processors typically start out making salaries of around $20,000 to $25,000 per year. If you do your job well and learn the business, you will find it financially rewarding and will likely experience pay raises. It is not uncommon for good processors to be paid a bonus for every loan closed in addition to their regular salaries.
You will only be as successful as the loan officers that are bringing in business.