Well i got this situation, my friend offered me to become a loan officer for a company. It is off the books, so is it illegal to call the people whom are eligible ? Do I need a certain license? I simply just pass on the application to someone whom approves it. I am hoping this could help or should I just get two internships from a BB,(which is not so easy to obtain)?.......... Thanks so much for reading
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What the fuck are you saying?
If you're working for a national bank then you need to be registered with the NMLS to take an application, pull credit and to quote or discuss rates. If you're working for a mortgage bank then you have to register with the NMLS and become licensed in the state in which you are originating a loan. If you are not licensed or registered with the NMLS then you and your company are absolutely committing a crime if they are having you pull credit, take apps, and quote and discuss rates.
However, if you're just talking to people and helping them collect documents then you do not need to be licensed or registered with the NMLS.
With regard to your other question about it helping you get into investment banking, it would be better to have an internship in mortgage banking than to have no internship at all. If you want to make the internship count learn about how the company makes money--YSP, SRP, lending fees. Look into who your regulator is, how the auditing process works. Learn the software--Point or Encompass. Look at a company P&I to see how costs are broken down. Learn about how interest rate pricing is set in the primary and secondary markets, what affects pricing, how the Fannie Mae bonds work, look at historical trends, learn to read the bond charts, read about the recent and distant history of mortgage lending (this knowledge is foundational knowledge), learn about FHA, default rates, credit reports, housing affordabilty indices, learn about how Realtors make money, about the NAR, the MBA, about national banks and lobbying, learn about the servicing process, the legal aspects, loan workouts, etc.. In all seriousness, if you understand the ins and outs of the mortgage business you will have an amazing foundation in high finance.
There's a ton that you can learn in mortgage lending. However, I wouldn't count on it being a smooth transition into investment banking, and this is coming from a guy who has done both.
damn thats so much Virginia Tech 4ever. Its best said that it would be better for mortgage banking. its not even an internship its just a job paid solely on commissions. What would be any suggestions as to what kind of internships would be possible if I wont be able to obtain I-banking internships.
*thanks so much. lol correction
Some that might be realistic are in property management (apartments or office space), a bank's real estate lending group (regular commercial real estate or single family mortgages), a bank's servicing/loan workout group, a financial advisor's office, a mortgage bank's office, a boutique investment bank. Maybe look into the a local municipalities' Housing Authority or zoning adminsitration. I'd also look into local commercial real estate brokerage or even a high producing area real estate brokerage house, like a Keller Williams or Prudential.
thanks. so pretty much I should decline this and look for something similar for an area in Investment Banking.
This is how I broke into ib. Now I work in FX sales. I worked for rocket mortgage formerly quicken loans and then transitioned. Both career paths are solid. Bankers at rocket can make around 300k after 4 years and over 600 after 10. If your sales skills are strong you can break into any career path.
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