Despite the economy .... I quit my full-time job!

[Jasmine Claye]

Today I quit my full-time job. I doubt I will regret this decision as I got tired of the job after working there for a month.

I see my local real estate school has an upcoming broker course that I am considering enrolloing in. Believe it or not, as soon as I quit my job, I received a phone call about a loan originator/officer position. I do not have a state loan originator license or experience so my question is .... Would I be able to work as a loan orginator with a broker's license? Im pretty sure of the answer but just wanted to confirm. :mrgreen:

Thank You

[Chris Martin]

I'm not sure what you are trying to accomplish, but I will comment on "Would I be able to work as a loan orginator with a broker's license?" While theoretically you can, a Mortgage Loan Originator (MLO) in our state is regulated by the NC Commissioner of Banks and MLOs operate quite differently from real estate brokers. MLOs are W-2 employees, employed by a single licensed Mortgage Lender or Mortgage Broker. You must work out of a licensed location and can't be working as a temporary service or outsource company. These rules definied by the NCCOB all came about because of the Federal SAFE Act... implemented in NC as the NC Secure and Fair Enforcement Mortgage Licensing Act.

If you go through all the trouble of being a MLO, I'd assume you would work as an MLO. I suppose you could broker RE on the side.