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Or happen to be a financial advisor or a pro athlete. To make six figures without a high school diploma you would think you’d have to invent something or start your own business.
The process is about the same as any other commercial bank loan and is managed by a commercial bank.
The SBA also requires entrepreneurs to submit business plans as part of the loan process, but the exact implementation depends on the specific bank.
When you apply for a loan from a bank, almost all the best banks expect you to submit a business plan along with your loan application.
But don't think just because you have a plan, you'll get a loan.
So you need a job and you’re thinking about becoming a residential mortgage loan officer?
Or a mortgage loan originator (MLO) as they’re now known.
Some loan officers barely glance at the plan, check a box on the loan form noting that they have a copy, then file it away, processing the loan application based solely on the financial information you provided in the application.
Other loan officers will read your plan and discuss it with you, adding value and building a relationship.
And yes, you may not have to work very hard in the traditional sense, or take part in any back-breaking work.
But factor in the stress, the near misses, lost deals, the shots to your ego, and the wheel-spinning and it isn’t as effortless as they may make it out to be.