The past six months or so - I've been on "vacation" from work (earning money work)... You see - I have been in the mortgage industry since 1986... (yes I am old) and I have been self employed since 1996.... I have a little mortgage loan processing business out of my home office - well - used to be small... Because of the crazy low interest rates - it stopped being little about two years ago... but - right in the middle of the busiest refinance madness - I had to put the brakes on... Why - you may ask... Well let me tell you....
Last year the federal government decided that there was too much fraud... too many loan officers making too much money... too many loans going into default... too many bad loans... Too many borrowers getting "screwed" out of money by junk fees (I have to agree with this one) -So the feds decided to have all the loan officers (that do not work for a federal bank) take two tests - one for the state they work in and one for the Federal/national government... The tests (also known as the SAFE act NMLS tests) were created to be so difficult that the majority of loan originators would fail... The purpose for this was to weed out the "undesirables".. Even though I am not a loan officer - the Department of Real Estate (DRE) had put into effect that all Contract loan processors and Contract underwriters must take the two tests.. The hang up with taking the two (2) tests was that a Contract processor who works with more than one broker (which I do) must have their own broker's license in order to take the NMLS tests...
I did not have my license - working as a processor since 1986 - it was never required... Now qualifying to take a broker's exam is not that easy... If you have your four (4) college degree and have completed 8 courses (ethics, appraisal, business law, and a few more - can't remember them off the top of my head) You can qualify for the broker exam... If you do not have a four year degree - you must document like crazy that you have worked full time in the industry for over two years... AND take the required 8 courses and hope and pray that the DRE will accept it... After you get the broker exam green light - You must take a five (5) hour exam - I studied for weeks and took a two day crash course but still when I was standing in line to walk into the testing room - there were two people in front of me that were there for their 2nd time - they failed before... Panic began to set in with me... When I sat down to take the exam - I had to close my eyes and pray to God to calm me... When I completed the exam - I was pretty sure I passed... I found out 5 days later that I had...
The exam done - now I needed to incorporate myself - That took time - once I was incorporated - I had to have the DRE accept my corporation - they did end of July... Once that was done - I had to get a ID number for the SAFE act - for my person AND my corporation... Once that was done - I had to take 20 hours of pre-licensing education - I spent a over 20 hours in a class room over a very L O N G weekend - okay that was done... Now to study for a test that is supposedly not a test you can really study for... I purchased an on-line study thingy to help me pass the SAFE act tests.. I took the both tests last Saturday morning... I honestly do not believe the studying form the on-line thingy helped in the least - not one question that I studied was on either of the tests... The 20 hour pre-license class - most definitely helped... The test was via a computer and I got instant results.. I passed both tests..... Now I am waiting for the DRE to give me the green light - which I should get by tomorrow - all other requirements have been done - credit check - back ground check - too much money paid out......sponsorships....
Now the work smart comment... I have two teenage girls... A home... A husband who travels a lot.... In addition to taxi services... maid service... waitress serving... I need to work for money not just hugs - smirks -attitude - kisses.... The mortgage business is a demanding one - a business that I have put in 60+ hours a week in.... I don't want to work that long but I want to earn the money that those hours made me... So - this is my plan... When the work load gets demanding - I am going to branch out and get help... You heard it here - I now know I can NOT do it all... Wow - therapy is helping me... Yes, my name is Kelly and I CAN NOT DO IT ALL....
So today - I am making my "To Do Lists" and getting ready to work smart.....
WOW but does your help have to go through all that too?
ReplyDeleteMamma - thankfully no - they can work from my license as long as they stay my employee... The person would have to work out of my office and could not work out of their home - unless they were fully licensed as well... crazy stuff.
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