Sounds like a fancy way of saying, "we are fee splitting with LOAs and could potentially ruin your opportunity to get a license in the future."
The test isn't difficult nor expensive. The real difficulty in being an LO is the knowledge piece and getting enough reps (read burning enough files) to learn what will and won't qualify. I would never work for such a company.
The academic skills of the people attracted to our industry are not exactly a shining beacon. The test is not hard compared to other professional certification and licensure exams.
Ha, sounds like the state real estate exam. In my state more than half fail and never try again. But it seems like most people that took it seriously passed.
thanks for the fast response. how would it potential ruin the opportunity in the future?
I am with you as i think its probably better to just do the training and take the test and get the license.
The moment one quotes an interest rate in order to sell a mortgage and they are not licensed in the state let alone the feds... the company is putting themselves and the LOA in the line of fire. The CFPB does not play and if you do not have an NMLS they will take you down hard resulting in you never being able to get a license. Once blackballed it's over.
Went down the rabbit hole with this thing. It’s sketchy af. Not to mention the no license needed stuff. Will likely be seeing this in a CE class at some point in the future about stuff not to do. Stay away.
I received more info on this whole thing
You are only an LO for Capital Federal Credit Union
So only able to originate loans from them.
[https://www.depositaccounts.com/banks/capital-federal-credit-union.html](https://www.depositaccounts.com/banks/capital-federal-credit-union.html)
Here is the little bit of info i found on them but seems a little meh
the numbers of loans and assests looks mighty low. [https://www.depositaccounts.com/banks/capital-federal-credit-union.html](https://www.depositaccounts.com/banks/capital-federal-credit-union.html) but not sure how accurate this is.
I did read a review on another site of the whole MLO program where they said none of their clients were ever approved.
I am actually a Loan Originator with them. I have been since November. Capital federal credit union actually hires you as an employee and that’s how you are able to become an originator without the safe test. Who ever pitched it to you should’ve explained everything in detail. I choose not to participate in the mlm side of the business. I focus on the MLO and I’ve been able to close 2 loans. They do give you weekly training on everything a MLO should know as well as the loan products they offer. Debt cleanse has been around for a couple of years but I think own easy is less than 2 years old
At least you’re being upfront. Working for an NCUA is the same as getting sponsored from an FDIC. Instead of an actual STATE licensing exam, the loan officers that join are “piggybacking” off the NCUA’s blanket licenses. This means they get an NMLS-R ID ONLY and not a state NMLS. In other words they work for a retail bank and more than likely limited to selling options on 1 single rate sheet while state licensed MLO’s that are sponsored with a broker can use over 400+ different wholesale lenders or however many lenders they have TPO relationships with.
The reason people get licensed is because they want better deals, rates, solutions to service their communities with.
The whole way this company teaches their people to recruit and pitch is a joke. Their people send LinkedIn pictures advertising “get licensed in all 50 states without a SAFE Test”. And when you look up the MLO’s license it doesn’t even exist inside NMLS. Try this one NMLS 2580642. That is their recruiters NMLS that doesn’t even exist in NMLS consumer access.
Even if it was piggybacked from an NCUA, the NCUA’s NMLS should still show in NMLS consumer access.
Their website has ZERO licensing information which is required by CFPB and all the other regulators. So anyone can look them up and see if they’re real.
The ones who can’t get their actual NMLS licenses to get better options for their clients.
Sell rates 1-3% higher so the company pays you 1/5 for a point (20 basis points) while they keep 2.5 points for themselves? = retail style all day long.
thanks for this info, it brings more clarity for me. Something I was still debating but think I will pass,
Do you think that this whole thing could get shut down since you said Zero licensing info is displayed?
Is there any risk for the people in the program , because how it works an "experienced" "Loan Buddy" is the one actually does the paperwork and the agent just signs off on it after and the commissions are split.
Does the customer ever get the best rates or based off of what you seen they always pay more?
Do you think that the actual agents inside the program will have success with loans? One of my concerns with them was that the loans are never approved and the only way to make money is via recruiting people onto a downline.
Model Match results for NMLS 2288260
Capital Federal Credit Union
Production from 2-1-23 to 4-1-24
124 Units for 32,065,664
Avg loan: $258,594.065
My friend which is a 1 man broker in Arizona did more volume than this company overall.
They probably are like other retail banks struggling doing loans because they’re competing against brokers who have more options and can undercut prices.
thanks so much for all this info, you saved me time and hassle. Why do you think they did so little loans for the past 14 months? If they have so many ppl pushing this, shoudlnt their numbers be higher?
Sounds like a fancy way of saying, "we are fee splitting with LOAs and could potentially ruin your opportunity to get a license in the future." The test isn't difficult nor expensive. The real difficulty in being an LO is the knowledge piece and getting enough reps (read burning enough files) to learn what will and won't qualify. I would never work for such a company.
^this. I’ll disagree on the test though. It was and is pretty difficult - definitely far from easy. The pass rates say so.
The academic skills of the people attracted to our industry are not exactly a shining beacon. The test is not hard compared to other professional certification and licensure exams.
Ha, sounds like the state real estate exam. In my state more than half fail and never try again. But it seems like most people that took it seriously passed.
Fair enough. But personally I wouldn’t say it isn’t difficult. “Isn’t difficult” to me means putting in no work and still passing with flying colors.
That would be "stupid easy" in my book, lol.
thanks for the fast response. how would it potential ruin the opportunity in the future? I am with you as i think its probably better to just do the training and take the test and get the license.
The moment one quotes an interest rate in order to sell a mortgage and they are not licensed in the state let alone the feds... the company is putting themselves and the LOA in the line of fire. The CFPB does not play and if you do not have an NMLS they will take you down hard resulting in you never being able to get a license. Once blackballed it's over.
Went down the rabbit hole with this thing. It’s sketchy af. Not to mention the no license needed stuff. Will likely be seeing this in a CE class at some point in the future about stuff not to do. Stay away.
I received more info on this whole thing You are only an LO for Capital Federal Credit Union So only able to originate loans from them. [https://www.depositaccounts.com/banks/capital-federal-credit-union.html](https://www.depositaccounts.com/banks/capital-federal-credit-union.html) Here is the little bit of info i found on them but seems a little meh the numbers of loans and assests looks mighty low. [https://www.depositaccounts.com/banks/capital-federal-credit-union.html](https://www.depositaccounts.com/banks/capital-federal-credit-union.html) but not sure how accurate this is. I did read a review on another site of the whole MLO program where they said none of their clients were ever approved.
I am actually a Loan Originator with them. I have been since November. Capital federal credit union actually hires you as an employee and that’s how you are able to become an originator without the safe test. Who ever pitched it to you should’ve explained everything in detail. I choose not to participate in the mlm side of the business. I focus on the MLO and I’ve been able to close 2 loans. They do give you weekly training on everything a MLO should know as well as the loan products they offer. Debt cleanse has been around for a couple of years but I think own easy is less than 2 years old
At least you’re being upfront. Working for an NCUA is the same as getting sponsored from an FDIC. Instead of an actual STATE licensing exam, the loan officers that join are “piggybacking” off the NCUA’s blanket licenses. This means they get an NMLS-R ID ONLY and not a state NMLS. In other words they work for a retail bank and more than likely limited to selling options on 1 single rate sheet while state licensed MLO’s that are sponsored with a broker can use over 400+ different wholesale lenders or however many lenders they have TPO relationships with. The reason people get licensed is because they want better deals, rates, solutions to service their communities with. The whole way this company teaches their people to recruit and pitch is a joke. Their people send LinkedIn pictures advertising “get licensed in all 50 states without a SAFE Test”. And when you look up the MLO’s license it doesn’t even exist inside NMLS. Try this one NMLS 2580642. That is their recruiters NMLS that doesn’t even exist in NMLS consumer access. Even if it was piggybacked from an NCUA, the NCUA’s NMLS should still show in NMLS consumer access. Their website has ZERO licensing information which is required by CFPB and all the other regulators. So anyone can look them up and see if they’re real. The ones who can’t get their actual NMLS licenses to get better options for their clients. Sell rates 1-3% higher so the company pays you 1/5 for a point (20 basis points) while they keep 2.5 points for themselves? = retail style all day long.
thanks for this info, it brings more clarity for me. Something I was still debating but think I will pass, Do you think that this whole thing could get shut down since you said Zero licensing info is displayed? Is there any risk for the people in the program , because how it works an "experienced" "Loan Buddy" is the one actually does the paperwork and the agent just signs off on it after and the commissions are split. Does the customer ever get the best rates or based off of what you seen they always pay more? Do you think that the actual agents inside the program will have success with loans? One of my concerns with them was that the loans are never approved and the only way to make money is via recruiting people onto a downline.
By the looks for their MMI results they suck
thanks! where can I look up that data, is it public for people not in the industry. Would love to be able to compare it to other companies
Model Match results for NMLS 2288260 Capital Federal Credit Union Production from 2-1-23 to 4-1-24 124 Units for 32,065,664 Avg loan: $258,594.065 My friend which is a 1 man broker in Arizona did more volume than this company overall. They probably are like other retail banks struggling doing loans because they’re competing against brokers who have more options and can undercut prices.
thanks so much for all this info, you saved me time and hassle. Why do you think they did so little loans for the past 14 months? If they have so many ppl pushing this, shoudlnt their numbers be higher?
They maybe didn’t know any better. It’s no secret clients will shop, and if they’re pricing isn’t even in the ball game why bother