Real Estate Investor · Charlotte, NC · Member since 2011 · 133 posts · 5 votes
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:
Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
15y
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.
Property Manager · Johnson City NY · Member since 2011 · 77 posts · 1 vote
15y
"You can't connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something — your gut,destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life."
Steve Jobs
Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
15y
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.
Real Estate Investor · Charlotte, NC · Member since 2011 · 133 posts · 5 votes
15y
Thanks for the replies. Before I resigned, I did think it over but could not continue to keep working a job that I was not happy at and it had absolutely no ties to what I want to do in the future. So I figured now would be the perfect time to build a foundation for my future. Hopefully everything will work out. I hav money saved & hardly any "real" bills.
Sanjvi ... Initially I planned to get another job but then I figured I would obtain my RE license before going back to work. If I do decide to work right now, I want a job that deals with RE some type of way rather than working just to say I have a job. I currently do not have any investments as I am learning more before I began. My goal is to flip and manage rentals.
Chris ... thanks for the info. I figured they perform some of the same work and since I ultimately plan to get my broker license, I figured I would go for it without obtaining an originator's license. But because I am still learning, I believe the originator license would suffice for now.