Become a Loan Originator for a Local Lender

A Loan Originator is a person who serves a local lender:

As an Independent Contractor that is, not on the lender's payroll. You're your own employer!
Finding people seeking mortgage loans for a residence or for commercial property of some kind.
Earning a commission (usually 40 percent of the lender's loan fee, though this can vary from one lender to another). Your commission is paid by the lender not by the borrower.
Working under the lender's license instead of a personal license; thus, you generally do not need a real estate license to be a Loan Originator for a licensed lender.
Keeping your own business hours because you're paid for getting successful borrowers, not for how many hours you work. Sometimes you can find a successful borrower with just 10 minutes of talk there's no need for long hours of work.
Concentrating your efforts, in general, for just one lender, instead of working for several at the same time.

"So why, you ask, "is being a Loan Originator important for me? It is important for you for several reasons, namely:

As a Loan Originator you learn which lenders are loaning money for what types of properties.
As a Loan Originator you quickly learn what qualifications your lender, and its competitors, are looking for in borrowers.
As a Loan Originator you see what loan amounts are popular with your lender, and with its competitors.
As a Loan Originator you can (in six months, or less) get a good "feel for which types of properties get quick funding from local lenders.
As a Loan Originator you see how your own Loan Application should be tailored to be approved by your lender, or by its competitors. You become a "street-smart borrower.

"So how, you ask, "can I become a Loan Originator? The answer is:

Check your local banks and mortgage companies by calling, emailing, or writing them.
Tell the lender you'd like to become a Loan Originator for him or her. Be willing to complete any needed paperwork.
Agree to whatever simple requirements they have, including any training they may require.

If you can't find a local lender using Loan Originators, ask for the name and address of an associate of your author, Ty Hicks. This associate of mine offers Single-Family Home Loan Originator opportunities in 17 states at no cost of any kind to you. Another associate of mine offers nationwide multifamily Loan Originator spots to ambitious people.

Full data on these opportunities are available free to two-year subscribers to my newsletter, International Wealth Success. See the back of this article for full information on it.

Pick the Type of Properties You'll Work With

Loan Originators usually specialize in one type of property. You should decide early on, which type of property you'd like to work with. The easiest way to start as a Loan Originator is with residential properties usually single-family homes (SFHs).With the SFH:

There are more Loan Originator spots available.
Your training is shorter, and easier, for beginners.
You can usually earn your first commission sooner. If you're an experienced real estate person you can specialize in multifamily (apartment house), industrial, or commercial properties. With such properties:
Your commission is larger because in general prices are higher.
Sales usually take longer because the paperwork is more complex.
Your training time will be longer than for SFHs because there's more for you to learn.

Be a Finder for Loans for Others and Yourself

As a Loan Originator you work for just one lender in a restricted geographic area one city or one state. But as a Finder, you:

Work for many different lenders who seek your services.
Work nationally, and if you want, internationally.
Work on a commission basis for the firm, or person, seeking the loan.
Work as an Independent Contractor and are not on anyone's payroll.
Work using your own money for telephone calls, auto gas, and so on. Your commissions will far exceed these expenses.

"So, why, you ask, "should I be a Finder instead of a Loan Originator? There are a number of good reasons. As a Finder:

You're working for yourself, not some giant financial group.
Your commissions can be much larger, dollar-wise, because you're not splitting them with the lender.
You can work worldwide. You're not restricted to one small area. Your international commissions can be much higher than domestic ones because the deals are usually larger.

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