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The Difference Between a Loan Officer and Mortgage Broker

We commonly see confusion, especially from the first time homebuyer, on the difference between a Loan Officer and a Mortgage Broker.  When looking for a new home, its critical that you have your finances set up and in place.  Having your mortgage ready to go make the hombuying process much easier. Although both Loan Officer and Mortgage Broker both have to get their licenses from the Nationwide Mortgage Licensing System and both have to take NMLS Continuing Education, that is about where the similarities stop. What is a loan officer? According to Forbes.com, a loan officer’s job is to accept an application that the borrower has filled out, and then hand it off to the underwriting department. “An independent loan originator, on the other hand, typically renders more services to the borrower, including things like advising the client about the best loans available for their specific purposes, gathering required documentation throughout the process, ordering the appraisal and communicating directly with the underwriter to ensure that the loan gets approved,” writes Forbes. According to Loanvest.com, a mortgage loan underwriter is tasked with carefully analyzing every bit of information the loan officer asks you to provide as part of the loan application process, as well as the collection of verification documents that you may be required to send in later to substantiate the information you’ve already provided. The underwriter will then attempt to verify two primary things in order to meet the bank’s criteria for offering you a loan: general creditworthiness and debt-to-income ratio. What is an Undrwriter? A large bank or credit union relies on the underwriter, or underwriting department, to handle all of the above tasks—and these departments aren’t working as representatives for the borrower. The takeaway for the consumer: Mortgage rates available at an independent loan originator, whether a broker or a small banker, will not be higher than those offered through a larger bank. In fact, in many cases, the rates may be somewhat lower, partly because independent mortgage brokers typically have more loan sources available to them compared to the big banks, which usually just have a handful of loan products to offer prospective homeowners, according to Forbes.com. “For instance, mathematically, paying 1% of the loan amount to reduce the rate by .25% will break even in about four years, but it seldom makes sense unless the borrower plans to use the lower rate to pay off the loan faster. As far as fees are concerned, you have to make a distinction between lender fees (underwriting, document prep, processing, etc.) and third-party fees (title, escrow, appraisal, recording, notary). Some lenders and brokers have very high lender fees, while others may have higher rates instead,” says Forbes.com. What is a Mortgage Broker? A mortgage broker is an independent real-estate financing professional who specializes in the origination of residential mortgage loans. Mortgage brokers normally pass the actual funding and servicing of loans on to wholesale lending sources. A mortgage broker is also an independent contractor working with, on average, as many […]

Changing Careers – Get Your Real Estate License

Change Your Career by Attending the Best Real Estate Schools If you feel that your current career is unfulfilling in any way, it is time you gave selling real estate a chance. Not only will you be your own boss, when it comes to income the sky is the limit. Starting a business is not easy, but the process of getting a real estate licenses is not.  That said, to get into a real estate career you have to go to real estate school so that you can get a license. There are many of these so it is important that you know the qualities of the best real estate schools. Choose Your Real Estate School Wisely The best real estate schools use experienced and seasoned instructors to deliver lessons. They will teach you how to get new clients, how to get listings, how to work with other REALTORS to buy and sell homes, how to maintain your own books and everything else that you need to know to get your real estate license. The best real estate schools do more than help you get your license – they offer continuing education to ensure that their students stay current with the latest real estate selling and buying techniques. They will have a curriculum based on a wide variety of topics and it is up to you to check regularly and pick courses that you feel will be beneficial. Tips on Passing the Real Estate Exam Options for Getting a License Many people do not have time to attend brick and mortar real estate schools. If that is the case, the best schools develop online courses that claim to be just as good as the live real estate classes to help get your real estate license.  You will have course material, research material, assignments and you will also have access to your instructors in case you have questions. They also provide chat rooms within these courses to facilitate discussions between students. As you look at real estate schools make sure to compare licensing fees. This is not to say that you should go for the cheap ones, but rather that you should choose a school that you can afford that offers excellent real estate courses. Success in Real Estate Once you become a successful real estate agent and are earning a six figure income, you can enjoy the luxuries of life.  You can spend your time in your luxury home on the golf course, flying in your private jet or renting a charter boat to fish for yellowfin tuna.  The world is your oyster!  But first…you have to get that license!

Choosing The Right Real Estate School

Getting a Real Estate License Real estate is a career that is currently being vastly embraced by people who want to be there own boss and make a good income. A real estate career comprises of selling homes,land and in some instances commercial real estate. The first step in a career in real estate is getting your real estate license.  The first step in getting your license is choosing the right real estate school.  Some of the options when choosing the right real estate school is whether you choose online real estate classes or an in-class course. Real Estate Schools Most real estate schools offer pre-licensing with various educational modules. The schools offer courses that build the necessary knowledge and skills in the real estate sector to pass the state exam. Once you pass your real estate exam, you then choose a broker and start selling! Those who hold real estate licenses are required to undergo several more hours of commission approved real estate CE. This is to ensure that real estate agents are still competent with any new rules and regulations and is required, yearly to keep your license.  After a sale they are paid in terms of commission. Online Real Estate Classes With the advancement in technology, most real estate schools now offer online classes for new licensees as well as continuing education.  Different people perform better under different circumstances.  Spend some time to figure out if online or live classes would be better for you.  Online real estate courses offer you the opportunity to study from where you are at any time. Online real estate courses vary in options and usability.  Some real estate schools have invested heavily in their online technology and some have very clunky systems.  However choosing a school that offers quality online classes with live classrooms that will guarantee you maximum change of passing the exam as well as properly prepare you for buying and selling of real property.  Your choice of schools should be a priority. Thorough research should be done on the schools to determine the best option for the online course to be pursued. A Career in Real Estate Deciding to start a career in real estate is a big decision.  With the time and money that you will invest, its critical that the school you choose provide the best real estate education possible.  The school should not only offer pre-licensing but post licensing as well as real estate continuing education.  You should have an option of live classes or online courses.  Lastly, some states do not let real estate schools reference their “pass rate”.  If your state allows, we strongly recommend comparing each schools pass rate for the passing the real estate exam. Real Estate Exam Preperation

Sign Up For Real Estate Classes Now

Center School of Online Real Estate has been reversibly working to accept new applications for getting your real estate license. Get Your License Today! Do you want to break into the wonderful world of real estate sales?  Are you looking to become a real estate agent?  We are now accepting applications to become a real estate agent in all 50 states! The first step in becoming a REALTOR is to take the required classes.  We Center School of Real Estate is licensed in all 50 states to provide the pre-licensing to take your real estate test.  Once you take your real estate test, you can then take your state exam.  Once you pass your state exam, you with then have your real estate license. Within the first 180 days of passing your real estate exam, you will need to take additional post licensing education.  If you fail to do so, you will LOOSE your license. Online or In Class Courses Available We are offering Online real estate courses as well as in class courses.  In class real estate courses are performed by one of our many partner real estate schools across the country.  We vet all of our partners very intensely and you are guaranteed to pass your real estate exam. Our online courses are built on the best online adult training system available.  Our online classes are very user friendly and provide the convenience of taking your real estate course at home and in your own time. Are you ready to get started?  Simply fill out the form below and one of our real estate instructors will contact you shortly.