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How
can an Insurance Agent or a Financial Planner Become a Loan Officer or
Mortgage Broker?
Property Crossing offers a program that enables
insurance agents and financial planners to offer residential and
commercial loans to your customers. This
program allows you to earn substantial mortgage commissions (up to 70%)
without impacting your agency operations or financial planning activities.
Our turn-key program gives you the tools and support to enable you
to quickly begin offering a full range of mortgage products to your
customers without months or years of training.
Do
I need to become a mortgage expert?
No. Property
Crossing assigns an inside sales representative that is a mortgage expert
to each agent/planner. The
inside sales representative’s job is to make the agent/planner
successful by helping you close loans and handling most of the
administrative functions associated with originating a loan.
Your inside sales representative will be with you every step of the
way from helping you marketing loans to your clients, selecting the right
loan program, quoting rates, creating good faith estimates, completing
loan applications, and managing all other steps in the mortgage process.
Do
I loose control of my customer?
No. Unlike
other mortgage programs, you do not give up control over the relationship
with your customers. You
control all interaction with your customers and make all important
decisions such as what rate to quote, how much margin to earn, what loan
program to offer, etc.
How
much can I earn?
You can earn up to 70% commissions based on
the volume of loans that you originate. Commissions are paid on both the origination fee as
well as the yield spread premium.
Will
offering loans negatively impact my insurance or planning operations?
No. We
have found that many agents and planners are reticent about offering loans
to their clients because they think it will take too much time and effort
to learn the mortgage business. Our
inside sales representative model allows agents and planners to enter the
mortgage business quickly and easily without monopolizing your time.
Do
I need to be licensed to be a loan officer?
It depends. The
mortgage business is regulated by numerous federal and state agencies. The
following is a short list of states where Property Crossing is licensed
and a description of whether an individual loan officer license is
required in each state.
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State
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Loan
Officer License Required
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Education
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Test
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Approximate
Cost*
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Alaska
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No
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No
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No
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No licensing
cost.
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California
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Yes
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Real Estate
Principals, Real Estate Practices, and one other course (8 choices)
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Yes
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$200 for 1
year real estate agent/loan officer license + cost of classes.
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Colorado
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No
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No
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No
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No licensing
cost.
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Florida
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Yes
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24 Hours
(online or classroom)
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Yes
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$223 for 2
year license + cost of class.
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Hawaii **
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No
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No
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No
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No licensing
cost.
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Louisiana
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Yes
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10 Hours
(online or classroom)
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Yes
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$100 for 1
year license + cost of class.
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Michigan
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No
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No
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No
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No licensing
cost.
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South
Carolina
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Yes
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8 Hours
within 90 days after license is issued (online or classroom).
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No
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$75 for 1
year license + cost of class.
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Texas
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Yes
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30 Hour
(online or classroom) plus 2 Hour Ethics (classroom only)
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Yes
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$234 for 2
year license + cost of classes.
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Wyoming
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No
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No
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No
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No licensing
cost.
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*Each loan officer will have $200 per year deducted
from their commissions to cover Errors and Omission insurance.
**
Hawaii
loans may only be originated to non-residents of Hawaii .
How
do I get started?
Please
fill out this information form or contact Jay Hurst at 1-888-AWARD-50 extension 901.
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