All Forum Posts by: Logan Pradon

Just want to let you know if you plan on getting your MLO license in California you will also need your Real Estate license as a prerequisite. So either way signs point to a Real Estate license so I would recommend  starting there. 

Hey Johnathan,

There are a couple ways you can go, becoming a Mortgage Loan Originator (MLO) also know as a loan officer, where you would either work for a bank or Mortgage Broker.  Or become a Mortgage Broker. Both  positions would need to be licensed but the Mortgage Broker would also have other requirements. I would recommend becoming a MLO and working for a Broker first, because there is a lot to learn. 

The only time you would not need a license is if you work for a large financial bank (ex. Wells Fargo) were you would only need to be registered with the NMLS. That's not to say they would hire you without the license but they could if they wanted to.

In terms of obtaining clients it would depend on where you work. If you work for a large bank you will get people walking in the door looking for loans but you will still need to make calls to acquire more clients. If you work for a mortgage broker you will usually have to find your own clients but occasionally you can work under another MLO or mortgage broker and they will provide you leads in exchange for a cut of the commission.

I will be moving to the Long Beach area within the next couple of months and was wondering if there are any REI groups or meet ups in the area? Any information would be greatly appreciated.

Hey Meg, you might also want to ask your loan officer about a conventional 97 loan. It is a government back loan by Fannie Mae, it requires 3% down and unlike FHA has no UMIP (upfront mortgage insurance premium.) Also the annual mortgage insurance rates are cheaper than FHA. Hope this helps, good luck!

Hey Michael,

I recently acquired my real estate license so I was able to get my MLO license. Im not sure if you are talking about the actual classes (pre-lisensure education) you need to take or a crash course. As for the actual classes I used Blair Black, they send you the books and when you are ready they send you the online test. In my opinion, it was a little dry. I did however take a crash course from www.realestatecentre.biz/ It is right down the 91 from you and I feel it was very helpful. Yes they help you pass the test like any other crash course but they were very informative and taught me a ton. Hope this helps and good luck!

What about moving out and finding somewhere to rent cheap in the area you like all while renting you home out and saving. Then when you have the cash, purchase the next house. Or maybe sell your house you currently own and bye a 2, 3, or 4 plex live in one unit and rent out the others. This way you might be able to purchase in an area you like, cashflow the property if you find a gem and maybe down the line, purchase another home when you can use the rental income to qualify. I'm not saying it is your ideal way but it could be an option. Some options are better then none. Good luck!

Also Firefox has a free extension called rank tracker, it works quite well.

Thanks for your help guys.

I have recently came across a post where another user would like to use my services. I would like to have him email me his information so I am able to contact him but would like to make sure I am not breaking any rules?

Hey Matt is sounds like the loan officer is looking into a "Conventional 97" loan for you which could be a good option. You do not pay any upfront mortgage insurance premiums like an FHA loan but will still pay annual mortgage insurance. The Conventional 97 program is via Fannie Mae, if you google the term you will get plenty of infomation on the program. Or just ask your loan officer to explain it a little for you, im sure they would be more then willing.