Becoming a mortgage loan officer, or MLO, specifically with an independent mortgage broker in the wholesale channel, is a promising career path that offers flexibility, unlimited earning potential, and growth.
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Are you thinking about transitioning into the mortgage industry but feel lost with some of the terminology? Or maybe you’re already an independent mortgage professional and just need a refresher — in either case, this mortgage glossary can help you make sure you’re not missing out on ways to help your borrowers (or your business)!
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An independent mortgage broker is a business owner who works alone or with a team to originate home loan approvals for borrowers from wholesale lenders. One of the reasons it’s great? Your success is relationship-driven and determined by your passion and enthusiasm. If you think you might be interested in starting your own business as an independent mortgage broker, read on to learn the five top things you should know.
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As a loan officer or originator, there are a variety of loan products you’ll be working with daily. It’s up to you to understand each and provide your clients with the best loan options for their financial situation. When determining the best type of loan for your client, there’s a lot to take into consideration, such as credit score, debt, down payment, loan term, location and more.
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Opening up your own mortgage brokerage shop is an exciting time, but it can be prolonged if you’re not pushing through the licensing approval process. To avoid additional delay’s, here are some tips of what you can do while you’re waiting for the final MU1 license approval.
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In simple terms, a mortgage loan officer, otherwise known as an MLO, helps borrowers obtain a loan for their home. They work with home buyers or those looking to refinance their mortgage by reviewing potential loan options and helping them understand the rates and terms associated with each.
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Whether you’re building a small or large agile team, these recruiting tips will help attract employees to grow your broker business. Learn processor and loan officer hiring tips here!
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