Do you want to help people find the home of their dreams? Are you detail-oriented and can self-manage your time and schedules? Are you driven to excel and be the best you can be at your job? Do you have an outgoing personality? If so, pursuing a career as a loan officer may be for you. [Read more…]
When you are a loan officer, you may have clients with money market accounts. It’s important to understand what a money market account is and how it works. That way, you can educate clients about the best investing options for them.
What is a Money Market?
A money market is a type of savings account offered by banks and credit unions. They are similar to a traditional to savings accounts in that they earn interest, but at a slightly higher rate. The bank will take the money clients invest to create other loans or investments. [Read more…]
Back in the housing crisis of 2007, millions of homeowners lost their homes to foreclosure. Now that the years have passed, they’re looking to buy a home again and are subsequently called “boomerang buyers”—someone who has foreclosed on their home or experienced a short sale and are now eligible to buy a home again. As a loan officer working in a Kansas City mortgage company, you must know a few things before you can provide a loan to a boomerang buyer. [Read more…]
Seller concessions are the amount that can be negotiated within the sales contract to help your buyer with out of pocket expenses such as closing costs or pre-paid costs. However, there are limits to seller concessions, and as a mortgage loan originator, you should be able to explain these limits for the major home loan programs to your clients. [Read more…]
As a loan officer, you must know what a warranty of title is and how it can affect the buying and selling of homes. When a person wants to buy or sell a home, they look to you to help make the process as smooth as possible. This means making sure there are no claims on the home and that the owner can legally sell the property. [Read more…]
Meeting the requirements for becoming a loan officer (LO) for a mortgage company in Kansas City can be difficult. The largest hurdles are typically the National and State tests that must be completed and passed in order to originate loans. While these tests may seem brutal, keep in mind that they safeguard consumers by requiring the loan officer to have a baseline of knowledge about their industry and its practices. Consider the following useful tips to help you prepare yourself for the Nationwide Mortgage Licensing System (NMLS) exam.
Take a Live Class
While many classes are offered online, taking a class in person can greatly increase your chances of passing your test. Being a loan officer at a mortgage company in Kansas City requires dedication and concentration. If you choose to take an online class or webinar, you can be more likely to give in to distractions such as phone calls or visitors while you are working. [Read more…]