Hello, everyone and welcome back to a new video shawn's, a name and today i want to talk about not only how i became a mortgage loan officer, but how you can become one as well. I am going to share my personal story in just a sec, but first i want to say that the sky is the limit in terms of the mortgage industry. I mean you can make so much money in this industry and has absolutely changed my life, but you have to be willing to work for it because it is extremely extremely challenging. But if you're willing to grind your booty off, then you're solid.

I myself have made over seven figures a year: yes, seven, not six! I've made over seven figures a year doing mortgages. Okay. Now it has not been easy. I have put in probably 80 hour weeks and i've wanted to pull my hair out almost every single day.

But again, if you're willing to grind, then you can make really good money and i'm actually going to be dropping a video very soon on how specifically loan officers get paid and how you know myself gets paid. So i think it's going to be very interesting for you to learn, especially if you are interested in the mortgage industry. So that's a good reason to hit that subscribe button right now, if you haven't already, but if you're watching this video by the time that video is up, then i'll leave a link down below but okay, my story briefly and also a tip real quick. If you are just chasing the money, then you're gon na hate, the industry, and it's not for you.

But if you really enjoy real estate and, more importantly, finance, then i think you're really going to enjoy the mortgage industry and that's myself. I am a big finance and numbers guy, i'm very analytical, and i really like to put in a bunch of extra effort to succeed because i'm a very competitive guy. So if that's like, you you're, very competitive, and you really like diving into the numbers and actually helping people, because at the end of the day the numbers are great and the hard work is great. But if you don't take pride in what you actually do and actually enjoy, then the money doesn't really matter and you're not even going to be that successful at it.

So again, i just kind of want to give a tip of don't chase the money. Don't do it for the money, do it because you enjoy the actual work that you're doing and then the money will come with it, and it's really rewarding and really awesome. But the big thing that everyone in the mortgage industry always loves to talk about is how someone got started, because it is such a secretive or unique industry for at least loan originators and the path to someone's mortgage career is so different than the person. Next to you, because not many people know what a mortgage loan officer is.

Everyone thinks we're realtors or whatever and we're not, and so i want to talk about my story very briefly, because before i got into mortgages i was doing youtube full-time on a different channel. I was doing youtube. I was coaching volleyball on the side and then i actually got a recruiting job. I was just on the phones all day as a recruiter for a little bit.

I don't really know why i did that job, but i was doing that for a little bit and one day when i was out coaching one of the players - dads that is kind of very successful and i've always just known he's successful but didn't really know what He did he kind of was chatting me and he's like hey, you should get into mortgages and here's kind of what i do come by the office and i'll explain it. And then i learned about the industry and was like whoa. That sounds like i would do really really well at it, and i decided to get licensed and i'm going to give you like the abridged version of the story, because i don't want this video to be like 30 minutes long, but long story short. I basically got licensed and on the day i got licensed, i was going to go kind of start and i called him up and i'm like hey.

I got my license. You know everything. Let's do it and he's like hey. I got fired from that company, but it's fine.

We're gon na go work for a brokerage, a mortgage brokerage which is different and we'll both learn together, and so i i kind of got thrown into the deep end, but i still had great mentorship from him and that's something i always want to emphasize when you're Thinking about getting into the mortgage industry is you need to have a good mentor for your first one to two, maybe even three years, because if you don't have a good mentor, you're, not gon na close any loans, you're, not gon na know what you're doing you're Gon na get very frustrated, you're gon na piss, a lot of people off - and you know this is people's livelihoods and their mortgages that we're talking about so mentorship is incredibly important, and luckily i still had that mentorship from him on how to structure a loan. How to actually do a loan, but in terms of the loans we could do and in terms of our competitive advantage in the market, we were learning side by side that, on the brokerage side, you are so much cheaper than any other lender. So there's really no sales component. It's like hey we're, selling the same thing, this one's way cheaper.

Do you want to use me and people are like yeah? Why would i not use you so being able to be a very big cost? Can you know have that cost competitive advantage in the market was great and easy for me starting out because i'm horrible at sales - and i don't know how to sell then i didn't have to because i was just like hey i'm cheaper than that guy and they're, Like oh great yeah, i'll use you so that was really nice to have, but i want to kind of explain this a little bit further that people starting out in the mortgage industry. They don't start out on the brokerage side. The brokerage side is usually for someone who's been in the industry for three, maybe four, maybe five years they're fed up with where they're working they're not getting paid that much and they're very knowledgeable. So then they work their way into the brokerage side, because the brokerage side is a lot more challenging.

You have to know about hundreds of different loan programs versus at a normal bank or correspondent or a different type of mortgage company. You have to know just a handful, a couple products that that one company offers on the brokerage side. Again, you have hundreds of products that you have to know the guidelines for each the processes for each how to actually get them closed and all of those things. So i was thrown into the deep end and i'm you know looking back on it, i'm very happy that i did because, while my first and second year was very challenging, it made me a much better loan officer because it's different when you ask someone a question And they answer it and you say great okay, i got the answer and then you go do what you're doing that's different than having a question? Someone not knowing the answer or maybe don't have the time to help you with the answer.

So you go. Do the research on yourself, you go read guidelines yourself, you go talk to underwriters yourself, you do the research and you end up. Actually you know comprehending the answer versus just getting it. You know in one year out the other, so i went through kind of the ringer when i was starting out.

But i'm glad that i did because now i've been so successful in the in the industry. Because of that, and because i've had this process and because i've had this journey, i've wanted to share that with pretty much anyone who's been around me. Anyone who asked me hey sean, i'm thinking about getting into mortgages, i get fired up, so i'm like, i think i could turn you into a really great loan officer like let's get together. Let's chat, let's get you cranking, and so that was kind of the purpose of launching my own mortgage company x2 mortgage.

You know when someone gets started out. I want to have a different way of doing things. Mortgages are complicated and ugly and gross, and my companies kind of streamline things with the help of software and some other great tools to kind of make someone plug and play. As i get started in the industry, it cuts back on all of those years of learning and ultimately helps your clients have a better experience in the process.

So that's kind of been the journey for me again. That was a very abridged and simplified journey. One of these days we'll have to get on a podcast or something, and i can give you the detailed kind of i guess path that i've been on. But that's generally how i got in the mortgage industry.

I want to actually tell you how to get licensed, because that's what you're here for - and i want you to ultimately get in the mortgage industry but step one in getting your mortgage loan originator license - is actually not what you think step. One is actually figuring out where you want to work now: realtors and people in real estate. They just go. I want to be a realtor, i'm going to go, get my license, then i'll figure out where to hang it.

That's very different in the mortgage world, a realtor is a realtor and at the end of the day a realtor is doing generally the same thing. Sure different companies will have different roles, maybe you're doing showings, maybe you're doing buying stuff. For the most part, a realtor is a realtor and where you hang, your company isn't as important as a mortgage company, because i know tons of people who are licensed mortgage zone originators and they do completely different things than me. They might just answer phone calls all day or they might actually do some sort of assisting or processing or they might just do one specific loan product like an fha streamline.

So you want to figure out where you're going to work and what role you're actually going to be in so that you're not only happy with what you're doing, but that you're getting paid fairly for the work that you're actually doing. So. I recommend go and talk to some local companies in your area stay away from the big boys. You know the chases, the wells fargo's the rockets, you know and go to a local mortgage company.

That's where you're going to get really great mentorship and you're going to learn specifically what you're going to be doing. Some companies have higher rates. So it's more of a sales position. Some company has lower rates.

So it's more of a service kind of um position and you know some companies are going to have leads for you to work. Some companies are going to require you to get your own leads. It's going to be very different, depending on where you work and that's why i recommend step one just figure out where you wan na, actually hang your license and work for, because that's gon na change your career and kind of determine where your career goes. But then you can work into step two, which is where a lot of people wan na start, but that's getting your mortgage license.

Now you want to head over to the nmls website i'll leave a link down below for you, but head on over there and basically get familiar with the website and what the current guidelines and steps are required to get your license. All right you'll need to get your national level license with the mls and then you'll need to get your specific state or state's licenses. I would recommend starting out that you only get one license like you know, focus on whatever state you live in right like i live in arizona, so i'm gon na get just my arizona license to start some people like to start with getting multiple licenses totally up To you, you'll just have an even steeper learning curve, as every state is gon na, have different guidelines and different things that you have to know. But that's why you definitely want to go to the nmls website, because every state is completely different and they have different requirements so go over there.

Honestly, if you need any help or anything like that, call nmls, they have an amazing call center, where they will literally walk you through where to find the specific information on how to get licensed and they're phenomenal, so give them a call if you get lost, but Then step three is once you figure out your specific state's requirements. Now you can actually take the course to get your license approved now, the nmls or the federal level kind. Of course you have to take. Is the 20-hour mlo pre-licensure, safe comp course, but then you have to add on whatever your specific state requires.

Some states require a one-hour elective two hour three hour four hour six hour. Whatever it is, you have to add on whatever your specific state requires. Now. I personally recommend doing your courses through a company called mortgage educators i'll leave a link to them down below.

They have phenomenal instructors and learning materials to help you pass your tests and actually you can use discount code sean m so m, as in malcu sean m. I think you get 40 off, that's the the company and what the discount code we use for all of our continuing education at x2 mortgage and all that stuff, so feel free to take advantage of that, because they're already very cheap. But if you can get another 40 off your courses, then that's an even bigger bonus. So take advantage of that again s h, a w n m, as in maoku and they'll, do the 20 hour and the specific states.

So you just do it all in one place, get it all done, but then the next step in the process is to actually study your booty off. I don't want to sugarcoat it. The test is challenging and it's stuff that i personally don't think. Is that helpful, when you're getting starting out a lot of it is just memorization learning about laws learning about certain certain things with mortgages, even though mortgages are a lot looser than what they say in the courses, but take it very seriously.

You'll want to study your booty off because you don't want to have to take the test multiple times so for me, i personally studied. I think it was like two or three weeks almost non-stop. I think i studied like six hours a day for at least two weeks and then maybe the third week. I was kind of just doing some refresher stuff, but you really want to study hard.

So you don't waste any money and time taking the test multiple times. But okay, so where are we so that was step four so step four yeah so study and take your test and then you got ta pass your test. So that's step four step. Five is once you actually pass your test and you have that kind of awesome certificate.

With your score, i think you got to get like a 75 or more, but once you have that passing grade now you can actually go into the mls and get your license approved and essentially all that means is. You will have your course basically get automatically pulled in saying: hey. You passed your test. You have to get like fingerprinted in some states.

You'll have to do like certain other, smaller things, to make sure your like background, checks and credit checks and things like that, and then you'll pay for your license for the year and then your license is officially approved and seriously call the nmls. If you have any issues, their call center is freaking bomb. Okay. But let's recap so you figure out where you want to work.

Okay, figure out what your specific states requirements are. That's needed! You enroll in your classes, and you take your classes. I prefer doing them online. There are some local classes you can go to, but i prefer online.

You can do your classes, you'll, study your butt off and take your tests and pass your tests. More importantly, you'll pay for your license, get it approved and the last step is just contacting the company. You want to work for and say, hey everything is good to go. Everything should be great in nmls now you can sponsor my license now that company needs to actually sponsor your license for it to go active.

Otherwise, if you have the license and everything is good it'll be in an inactive status until the company basically approves you and says yeah you're, going to work at our company and now you're sponsored and you're green lit and you're ready to do mortgages. And honestly, this is where the real grind starts, but there are some fees along the way that i want to kind of explain or mention to you now when you actually get started with the classes. Obviously, as i mentioned, there are fees getting your classes done. You know for your federal and your state there's fees to actually take the test.

There's fees to actually get your license. You know the credit report background check actually paying for your license to be approved through mls. All of those things get added up and some companies will pay those fees for you, but i will warn you that if the company is willing to pay for those fees, that means their overall kind of um. I guess how much money they're going to be making off your production is going to be a lot higher because they're willing to actually spend the money for you and make you more dependent on them, which means they're going to be keeping more of your hard-earned money.

At least in my mind, so the good companies are not going to pay for these things, for you they're going to expect you to want to invest in yourself and if you can prove to them that you're willing to invest in yourself, then they're going to be Willing to invest their time and money, it's actually kind of expensive for a company to sponsor your license and to bring you on loan officers are not like realtors, where oh yeah, everyone hang their license under my company and i'm gon na make tons of money. No there's way more overhead when you actually sponsor a loan officer on your company, so you know putting the investment into yourself and paying those fees which should definitely be reasonable. Now it depends on where you're, at what states you're doing all of those things. Time of the year matters as well, but the general kind of overall cost to become a fully licensed loan officer, i would say, is gon na range anywhere from a thousand to two thousand dollars and if you use those discount codes, if you do it kind of Towards the middle or end of the year, it could be a lot cheaper than that and that's just kind of a ballpark and again you.

You should be willing to put the investment into yourself so that others are willing to invest in you, as well plus, like people spend 40 50, 60, 70 000 on college education, and i make way more than anyone out of college. So a little bit of a flex right there don't mean to do that very often, but sometimes you just got to say it and seriously. I always want to come off humble because it's not easy. Just oh, you get your license and now you're making hundreds of thousands of dollars every year.

No most loan officers get their license and they make maybe 50 in their first year, maybe 60. If they have a pretty good breakout year, you know occasionally you'll get the guys making 100 to 200, maybe even 300, but you have to be willing to work your absolute butt off. I probably work three times as much as the average human being, and you know if i only worked a third, then my income would be a lot less. So again you have to be willing to work but yeah.

I think that's like mainly it on how you get started in the mortgage industry, i'm always willing to help out. If you guys have any questions, please drop a comment down below again always willing to help and head on over to x2mortgage.com careers, we're not always bringing on brand new loan officers. But if we are it's a really good opportunity either way, i would just recommend talk to a local mortgage company and if it's a brokerage, that's that's and they're willing to take you on as a brand new. Lo, that's an even bigger bonus, but yeah i mean just just talk: get in your local community start chatting around, get the licensing process going and it's a rewarding career.

If you really enjoy it, but all right. I hope you enjoyed the video. If you did, please hit that like button, i always love sharing my experiences or anything. I have knowledge in with anyone who's willing to listen so subscribe.

If you did enjoy this again drop me a comment, if you have any questions concerns you want to say what's up, otherwise, i will see you in the next video.