[Mike J]

Happy New Year!

I passed the exam last week and am in the process of making my next move. I’ve come across some interesting nonprofit companies in the mortgage industry (one in particular is Nonprofit Mortgage based out of Minnesota). I’m wondering if you or anyone you know has experience in that sector? Since I’m new, what should I be aware of? Do you know of any benefits or drawbacks of being in nonprofit? Instead of having profit go to shareholders, one thing I really like is the company I mentioned helps people with down payments instead of keeping the profit.

Thank you in advance and keep killing it on your podcast!

Mike

PS, I also sent a message regarding this topic so disregard that one. It wasn’t until after-the-fact that I discovered this message board. Thank you for all you do!

[John Coleman]

Hey Mike –

I have never heard of a non-for-profit lender. Even credit unions, who fall under the category of non-profit, are forced to run an economically sustainable business model. Are these positions you are interested in for originating loans or working as an Account Executive (AE)? As an AE you could work for a company that offers down payment assistance to participating LO’s and lenders a la CBC Mortgage Agency (Chenoa Fund) or Arrive Home. Both of these companies I believe operate under some form of a not-for-profit charter via an affiliation with Native American tribes.

All that said, at the end of day, you are looking for your first opportunity. Your first opportunity is not always your only opportunity nor your last. Best of luck! 😊

[Mike J]

Hey JC, thanks for the quick response and insight! The organization I mentioned does have loan officers. I plan on reaching out to gain a better understanding but was just curious what someone outside their organization thought. With that said, I’m super excited to get going in my new career! You and D.O. have helped me stay on track over the last year and I look forward to your continued MLO podcasts but also what you have in store to broaden your horizons. Please keep at it! Thanks again!

[Author]

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