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Started By
Message
How hard is the mortgage licensing exam?
Posted on 12/19/18 at 10:06 am
Posted on 12/19/18 at 10:06 am
Thinking of a career change and will need this license. I've heard from some people that it's quite difficult and others who have said it's not really hard, just have to study well.
I know some here have taken this exam so please share your experiences if you don't mind.
Thanks!
I know some here have taken this exam so please share your experiences if you don't mind.
Thanks!
1
Posted on 12/19/18 at 10:26 am to TDsngumbo
What do you do currently?
The exam was not difficult imo. I took it about 15 years ago. I didnt just cram, but didn't prepare too much either, fwiw.
The exam was not difficult imo. I took it about 15 years ago. I didnt just cram, but didn't prepare too much either, fwiw.
Posted on 12/19/18 at 10:33 am to iknowmorethanyou
quote:
What do you do currently?
I've been in insurance for 6 years and would like to get into the mortgage industry now. I feel like I can pass the test but obviously the fear of the unknown is always worrisome.
Posted on 12/19/18 at 10:38 am to TDsngumbo
What makes the mortgage industry potentially more attractive than insurance?
Posted on 12/19/18 at 10:56 am to iknowmorethanyou
I've dabbled in the banking industry while working in the insurance industry and I just find that I enjoy it more than insurance. I've always had my eye on that segment of the financial services industry if I ever decided to leave insurance and I believe the time has now come for me to get out of the insurance industry. I'm burned out. Rates are changing faster that we can keep up with and losing renewals every month is stressful. People feel like insurance guys make a buttload of money, and some of them do, but many are just like me. Trying to stay above water with crappy company policies. I can still help people in the mortgage industry, one sale provides much more money than one insurance policy sale, and I don't have to worry about paying commissions back if the customer decides to get rid of the "product" in the future.
I just feel like it's time for me to make a move.
I just feel like it's time for me to make a move.
This post was edited on 12/19/18 at 10:57 am
Posted on 12/19/18 at 11:04 am to TDsngumbo
Housing market is on the decline so I wouldn't guarantee yourself money. I'm no expert on the market or how you'll get paid, just something to think about
Posted on 12/19/18 at 11:51 am to Mingo Was His NameO
The property insurance compensation game is a train wreck unless you're an established brand/broker.
I get/understand everything you're feeling. I hate to agree with Mingo, but with interest rates rising/job market taking a shite, etc, it's hard to feel like mortgage brokers are on solid ground. Hopefully some pros can chime in and add some color regarding the near term prospects.
Best of luck with your decision.
I get/understand everything you're feeling. I hate to agree with Mingo, but with interest rates rising/job market taking a shite, etc, it's hard to feel like mortgage brokers are on solid ground. Hopefully some pros can chime in and add some color regarding the near term prospects.
Best of luck with your decision.
Posted on 12/19/18 at 1:30 pm to iknowmorethanyou
Thanks. I know what you're saying regarding rising interest rates but I've read millennials are expected to start buying more in 2019. Who knows if that's just BS or not.
Posted on 12/19/18 at 2:39 pm to TDsngumbo
It's all about the laws and names of laws. RESPA, Tila, etc. Get that down and its fairly easy
Use loan officer school .com they are good
Interesting time for you to be jumping in it congrats for making the move
No offense but this is some weak arse shite right hur
Rising rates are the best. Just dont get stuck with a lender who only provides Govy products
Non Prime baby!
Use loan officer school .com they are good
Interesting time for you to be jumping in it congrats for making the move
quote:
hate to agree with Mingo, but with interest rates rising/job market taking a shite, etc, it's hard to feel like mortgage brokers are on solid ground.
No offense but this is some weak arse shite right hur
Rising rates are the best. Just dont get stuck with a lender who only provides Govy products
Non Prime baby!
This post was edited on 12/19/18 at 2:44 pm
Posted on 12/19/18 at 6:12 pm to TDsngumbo
hehehe ... yeah try being an appraiser! between the market conditions, AMC fees and "rotations", plus the brilliant idea of bringing back the computerized appraisal models ... yeah it's been fun
As far as Mortgage, I just looked it up and its a 20 hour course and looks to be standard issue stuff for incoming professional licensees like federal laws, ethics, principles etc. etc.
I've mentioned it before, and don't know anything about their mortgage side, but I always do my appraisal stuff at Donaldson because they are local but also online if I want LINK
As far as Mortgage, I just looked it up and its a 20 hour course and looks to be standard issue stuff for incoming professional licensees like federal laws, ethics, principles etc. etc.
I've mentioned it before, and don't know anything about their mortgage side, but I always do my appraisal stuff at Donaldson because they are local but also online if I want LINK
Posted on 12/19/18 at 11:22 pm to Shankopotomus
Took it 15 years ago also. Worked in the industry several years beforehand on the servicing/post-closing and title side prior to origination. Stayed originating for years. Pivoted into another field a decade ago but still close a few mortgages a month as a notary public as part of my side hustle.
Study. Take a class. Shouldn’t be difficult. But be prepared to toil. Fresh originators are like blondes getting off the bus in Hollywood. New ones arrive every day. All with the same ideas (some would refer to them as illusions-or delusions) as yourself.
The money does not grow on trees, relationships matter and must be cultivated and constantly tended to. But what’s most troublesome for me is that you think your current profession can be, “stressful.”
If you think the insurance industry is stressful, prepare thy anus for the last day of the month at a closing table watching thousands walk away over technicalities or dumbassery you may-or may not-have anything to do with you. Bad timing can cost you-literally-thousands.
Better be wired the right way. If you don’t love it, it will eat you alive.
Study. Take a class. Shouldn’t be difficult. But be prepared to toil. Fresh originators are like blondes getting off the bus in Hollywood. New ones arrive every day. All with the same ideas (some would refer to them as illusions-or delusions) as yourself.
The money does not grow on trees, relationships matter and must be cultivated and constantly tended to. But what’s most troublesome for me is that you think your current profession can be, “stressful.”
If you think the insurance industry is stressful, prepare thy anus for the last day of the month at a closing table watching thousands walk away over technicalities or dumbassery you may-or may not-have anything to do with you. Bad timing can cost you-literally-thousands.
Better be wired the right way. If you don’t love it, it will eat you alive.
This post was edited on 12/19/18 at 11:25 pm
Posted on 12/20/18 at 6:42 am to GFunk
quote:
Worked in the industry several years beforehand on the servicing/post-closing and title side prior to origination. Stayed originating for years. Pivoted into another field a decade ago but still close a few mortgages a month as a notary public as part of my side hustle.
Not to hijack this thread, but I am looking at title abstracting as a potential career switch and seems some people in here could give some insight. Not quite sure where to start so any advice is appreciated.
Posted on 12/20/18 at 1:26 pm to GFunk
quote:
The money does not grow on trees, relationships matter and must be cultivated and constantly tended to. But what’s most troublesome for me is that you think your current profession can be, “stressful.”
If you think the insurance industry is stressful, prepare thy anus for the last day of the month at a closing table watching thousands walk away over technicalities or dumbassery you may-or may not-have anything to do with you. Bad timing can cost you-literally-thousands.
Better be wired the right way. If you don’t love it, it will eat you alive.
That's good advice right here. It's akin to most sales jobs, the ones who have the right stones for it can do amazing ... the weak won't last.
And will be selling insurance in a couple months
Posted on 12/20/18 at 4:21 pm to mandevilletiger34
quote:
mandevilletiger34
quote:
Not to hijack this thread, but I am looking at title abstracting as a potential career switch and seems some people in here could give some insight. Not quite sure where to start so any advice is appreciated.
Just out of curiosity...If you aren't sure where to start, what gave you the idea to get into the title side?
Posted on 12/20/18 at 7:10 pm to GFunk
hey gman. how you doing bro? i know back in our days on that other site TR you worked in loans. What is your take on starting a mortgage loan business? being i am so involved with all my own RE and all the procedures and processes that maybe this would be doable although I have never worked in loan servicing like you have. Too much competition? What about finding wholesale lenders with mortgage products to offer?
I do have contacts that could and would push my products especially to investors needing mortgages.
of course some of these are out of state and licensing would need to be done in each state so i would need licensing in multiple states. I already know a company that could do this for me for a certain price per state.
I do have contacts that could and would push my products especially to investors needing mortgages.
of course some of these are out of state and licensing would need to be done in each state so i would need licensing in multiple states. I already know a company that could do this for me for a certain price per state.
This post was edited on 12/20/18 at 7:18 pm
Posted on 12/20/18 at 10:15 pm to Fat Bastard
quote:
Fat Bastard
quote:
hey gman. how you doing bro? i know back in our days on that other site TR you worked in loans. What is your take on starting a mortgage loan business? being i am so involved with all my own RE and all the procedures and processes that maybe this would be doable although I have never worked in loan servicing like you have. Too much competition? What about finding wholesale lenders with mortgage products to offer?
I do have contacts that could and would push my products especially to investors needing mortgages.
of course some of these are out of state and licensing would need to be done in each state so i would need licensing in multiple states. I already know a company that could do this for me for a certain price per state.
Can’t speak on it anywhere near close to intelligently. Pretty sure they still make it easy to get an Internet branch manager position for broker shops. Which might make licensing less of a hassle. You seem to be talking about something you control more directly. I have no experience with putting something like that together.
What did you go by on TR?
This post was edited on 12/20/18 at 10:18 pm
Posted on 12/21/18 at 6:27 am to GFunk
quote:
Just out of curiosity...If you aren't sure where to start, what gave you the idea to get into the title side?
Started my real estate investing journey early last year and since then have been doing a lot of research on properties at the court house. I have found that process to be very intriguing and enjoy researching the properties to see the chains of custody.
I have also had someone tell to go get my notary license and also try and do title research, but still would like more insight into the business.
Posted on 12/21/18 at 8:40 am to mandevilletiger34
quote:
mandevilletiger34
quote:
Started my real estate investing journey early last year and since then have been doing a lot of research on properties at the court house. I have found that process to be very intriguing and enjoy researching the properties to see the chains of custody.
I have also had someone tell to go get my notary license and also try and do title research, but still would like more insight into the business.
Getting your notrial commission is a good first step if you want to get into it. But I'm pretty sure you can become a title insurance producer without that commission. Either way though, the notarial commission-and the accompanying course I'd suggest to anyone who goes to sit for the test beforehand-will (if it's taught by a decent instructor) do a bit of a deep dive on immovable property, how to transfer it, and also property descriptions using metes/bounds and Section/Township/Range type stuff. Louisiana is unique in that we recognize the PLSS and the historical French/Spanish arpents and other descriptors as well.
Which would be helpful if you're going to dive deeper.
As an aside...how crazy is it that a system of land measurement and description devised by Thomas Jefferson is still the single most effective means of doing so we have today...more than 230+ years later?
The best place for you to start after initiating the process of becoming a Notary would be the Louisiana Land Title Association, or LLTA.
Their website has more info here...
This post was edited on 12/21/18 at 8:41 am
Posted on 12/21/18 at 8:45 am to TDsngumbo
I’d advise that you maybe go the independent route via insurance.
I opened up an independent agency almost three years ago after leaving State Farm.
Working hard paid off after two years, and the opportunity for commercial policies is everywhere.
I opened up an independent agency almost three years ago after leaving State Farm.
Working hard paid off after two years, and the opportunity for commercial policies is everywhere.
Posted on 12/21/18 at 9:56 am to GFunk
quote:
GFunk
Would you mind emailing me...you seem to have very good knowledge on the subject...plus I hate clogging up other people's threads!
cghrinvestments@gmail.com
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