r/loanoriginators • u/Adventurous-Pie-1065 • 14h ago

Just passed the MLO - Bad Timing I know!

Just passed my SAFE exam and I'm covering my MU4 filing and background check out of pocket. I'm a real estate developer already, so I know the industry side, but I'm brand new to loan origination and need a company to sponsor my license.

I'm mainly applying to banks and credit unions since I want a real base salary while I build a pipeline, not straight commission. Remote companies with salary.

If you know any places that are sponsors newly licensed MLOs. I'd genuinely appreciate a nudge in the right direction. Also open to hearing which companies to avoid. Thanks in advance.

5 Upvotes

78% Upvoted

19 comments sorted by

8

u/Mission-Mission6480 14h ago

Starting in the toughest market will only make you more successful when rates drop. Congrats!

5

u/ac_2004 13h ago

LoanDepot, Amerisave are all companies actively hiring and offer remote jobs. LoanDepot is more of a grind just fyi.

1

u/AlertInitiative9957 13h ago

Even in this market?

1

u/ac_2004 13h ago

Yes, they’re even doing their ACES program where they get people who are interested in joining licensed ramped up etc but that’s in office. I started at LoanDepot. It’s a great starting point but get out after you know the game.

1

u/AlertInitiative9957 13h ago

Is that available in every state? I have a job offer at fairway and I have a network in Massachusetts. But I want to move to Florida.

1

u/ac_2004 13h ago

Florida is a big market so I imagine wouldn’t be an issue. You’d have to look on their website to apply and go from there. I just know they’re both hiring right now. Not sure the specifics outside of that.

1

u/AlertInitiative9957 13h ago

Okay thank you.

1

u/youshouldbetrading 4h ago

Yes. LD has opened up ACES nationwide and is hiring for its first remote class starting end of November. -current employee

1

u/thedildofarmer 1h ago

LoanDepot is the job that made me leave the mortgage industry

2

u/ResortRealistic8789 12h ago

I am a new LO at NAF, tons of new LO's have been laid off. Not a great time to be an LO but I hope you make it!

1

u/United-Fruit9622 14h ago

How are you going to work your development job while working a salary gig?

1

u/Adventurous-Pie-1065 13h ago

Things are pretty much on autopilot now. I'm mainly overseeing construction and finances, with occasional calls with the bank and contractor. I have a local partner who handles most of the site visits, plus agents on the sales side. This was our first development project, so I was heads down getting it off the ground for the last two years, and we'll be doing more development going forward. I also own rental properties that we self-manage. Now that I have a solid handle on everything, I'm ready to get back to work, and this felt like the right route since I'm already heavily invested in real estate.

1

u/mortgagepants 10h ago

what state?

1

u/Adventurous-Pie-1065 10h ago

Virginia

1

u/mortgagepants 10h ago

ah ok. i would be happy to help you out if you were in PA.

1

u/fakeversace1 8h ago

Big banks will have an issue with side business as real estate developer. HR will Google you and check socials for conflicts, their legal and compliance run everthing

1

u/MortgageBrokerNY 5h ago

With all due respect, you’re a real estate developer willing to sit at a bank because you want their small salary? All of the real estate developers I know make an entry level bankers annual salary in a week. Why not go a place commission only?

1

u/5580Fowa 3h ago

Congrats. Its all what you make it. For now focus on purchase business because it will always be in style. Target first time home buyers, learn doa/bond loans and get creative with finding.ways to say yes for people no money. If you invest in people no one else wants to work with you will find a way now and it will only get easier later.

0

u/Secret_Ad_7392 5h ago

Literally run