NAR’s Home Finance Resource Certification presented by Deb Killian Watch video:
The mortgage origination field can seem quite appealing, offering the potential for high earnings, autonomy, and the satisfaction of assisting others with their home financing. However, this allure often leads to unrealistic expectations and, ultimately, disillusionment and failure. True success in the mortgage industry requires setting realistic goals and taking full ownership of your career. Many companies tend to over-promise and under-deliver, advertising top-tier rates, extensive support, and lucrative compensation plans to attract newly licensed …
I have been receiving many inquiries about what it takes to start a mortgage broker business and how to get started. I recently spoke to a gentleman who thought he wanted to start his own business, but after our lengthy conversation, he came to the conclusion “I just want to originate.” How much time and money did a conversation possibly save him? In 1994, I became an originator. I was being recruited by a local …
For the past 20 years, I have been teaching real estate classes. Initially, I began teaching as a way to build and maintain professional relationships and gain referrals. Unlike sponsoring open houses or arranging casual coffee meet-ups, I found that educating was a more effective and respectable approach. The courses I taught were not just general marketing or time management workshops. They were state-approved continuing education (CE) courses, allowing agents and brokers to earn credits …
The definition of insanity: doing the same things over and over and expecting different results. Welcome to the mortgage business! Mortgage company owners and recruiters often entice new Mortgage Loan Originators (MLOs) into the industry with the allure of minimal entry requirements. However, this approach frequently leads to a puzzling outcome: these new entrants struggle to succeed. The critical question arises: where is the emphasis on truly understanding the mortgage business? Beyond the basics of …
In the fast-paced world of mortgage lending, a crucial yet often overlooked issue is always lurking between companies and those mortgage loan originators they employ; the misclassification of mortgage loan originators. Often labeled as independent contractors, many of these financial professionals find themselves in a precarious position, unable to meet the stringent criteria that truly define independent work. This mislabeling is not just a minor error in terminology, but a significant concern that raises questions …
I usually write about mortgage or real estate professionals, but since I teach Anti-Money Laundering classes, I thought it would be helpful for all small businesses to know what’s coming. On September 18, 2023 the Financial Crimes Enforcement Network (FinCEN) published the final rules for the new Corporate Transparency Act (CTA). These rules become effective January 1, 2024 and in typical government practice, there is a Small Entity Compliance Guide. This new law is related …
In a startling turn of events, two major players in the mortgage and real estate industry have been dealt a hefty blow with fines totaling a staggering $1.95 million. The penalties come as a result of their failure to comply with the Real Estate Settlement Procedures Act (RESPA), a federal law designed to safeguard consumers in real estate transactions. The mortgage company, known for its prominence in the market, and the real estate agency, a …
Do you know how money is actually laundered through real estate transactions? Do you know your Anti-Money Laundering (AML) Training Requirements? Between 2015 and 2020, at least $2.3 billion was laundered through US real estate, with estimates by Washington, D.C. think tank Global Financial Integrity (GFI), putting the number much higher. The real estate sector is now coming under increased scrutiny from government regulators and enforcement agencies for its compliance with anti-money laundering and reporting …
Ready to embark on a rewarding career as a mortgage loan originator? Look no further! We’re thrilled to announce our latest offering: the comprehensive 20-Hour Safe Pre-Licensing Education Program Our newest course was written by and taught by veteran mortgage loan originator Debra Killian. It’s packed with valuable insights, industry knowledge, and expert guidance and is designed to equip you with the essential skills needed to thrive in the mortgage industry. We believe that high-quality …