Advice for becoming a loan officer

[Silverbackgorilla]

Anyone here a loan officer or know about what it takes to become one..

I know you dont have to have a college degree.. I have a 2 year associates in business anyway..

From what I hear you can make some serious money doing it.. $8000+ on good months and I have heard up to 20K a month(but that seems pretty unrealistic and not a regular thing)..

What would be a realistic income.. I live in Atlanta so there are alot of potential clients..

But how do you guys recommend getting into the business.. Any suggestions or tips on the subject are greatly appreciated.

thanks

 

[Sir Isaac Lime]

Loan Officer = glorified telemarketer

 

[Silverbackgorilla]

Thanks for the great feedback--

 

[MattTheSkywalker]

Bor

My younger bro starts mortgage sales tomorrow. he is 22, some college. He got into it because his best friend (college grad) did it and makes about $7K per month.

His high is $11K / month. A bunch of other guys got into it and they are making like $4K - $5K, most are college grads.

I would advise that if you want to do it, go to a company that is well known, like Countrywide or Ameriquest. Don't go to a chop shop brokerage. FYI Ameriquest will get a deal for anyone, so you might make higher commissions there, since you don't have to say NO as much.

Like any other sales job, it is feast or famine. When the market is good (like now) you can do well. If interest rates rach 7-8%, you'll see a lot of people out of work.

Good luck bor.

 

[feisty11975]

I work for a Mortgage Broker and I have been doing this for about 9 years. I really enjoy it and the hours are great. I make a decent living. And no, I did not go to college for this. I just started off in Finance and I really liked doing the mortgage loans so I decided to get into it full time... It is a very rewarding and challenging job.

 

[jnevin]

I've been a loan officer for 7 years now, and if I were you I'd find a different line of work. Possibly look into selling insurance to companies. There's always a need for that, and you don't have to jerk realtors off for business. The first two years I was in the business I didn't make more than $15K per year. Refinances are done. Rates are still good, but everyone has already done it. If you know realtors, talk to them and see what they expect of their L.O. All I really do at this point are purchases, the last few years have been absolutely huge for me since I kept records of all clients, their rates, etc. Refi'd them all and just made retarded money. Countrywide is a good place, you get a ton of support, education, and the pay is fair. It's where I am. Just be ready to struggle. If you make a career out of it, purchases are the only way to have security. It's not so much selling the product as it is building relationships. Hope it helps.













sir isaac, thou art a poop butt ass.

 

[javaguru]

My ex does it on the side and as others have said, it's feast or famine but you can make some good coin. A lot of very experienced people in the industry have yet to go through a bad market. Remember, there is no such thing as job security.

 

[feisty11975]

There have been some bad months in the 9 years that I have been doing it but I have to say that the good makes up for the bad... you just have to build up a good referral base and keep your customers happy. if you do that then they will send you business and then they will send you business...it just keeps going from there.. as far as dealing with realtors, i do it but i try to stay away. I enjoy the challenges of the B/C customers (credit challenged) buying them out of bankruptcies and foreclosures...etc...I would have to say that if I were to do anything else besides Brokering I would have to look into becoming an Account Executive for a major lender. Just can't beat my hours here!!!! You know, no salary or hourly pay. Strictly commissioned.

 

[Silverbackgorilla]

Thanks fellas.. I appreciate the help and advice

For those that do it, what kind of hours do you work? I have a little boy now, so I cant be working 60 hours a week.. Plus I gotta work out!!

Also, anyone know exactly what mortage brokers do?
thanks

 

[jnevin]

When I started, I was working 60-70 hours a week. I just killed myself. Now, I just go around, taking people to lunch, meeting with builders, handing out CW propaganda. I can basically coast and maintain what I've built up. You need to get purchase business. Anyone trying to jump on the refi bandwagon won't make it at this point. 2 years of working your ass off will free up so much time in your future. Good luck if you do it.