Please Scroll Down to See Forums Below
Anyone here work as a loan officer or know someone that does?
- Thread starter Slyder190
- Start date
I have family in the biz. It is feast or famine in their office, some guys make a lot, most make a little. If you get into it, try and learn as much as you can about the finances behind real estate transactions.
calveless wonder
New member
i'm a loan officer/broker (have my license).
i'm starting to do really well but i already have a bankground in the business. The company i work spends alot of money on leads and have creative marketing strategies which brings in a ton of business. The commission split isnt the best on company deals but i've built alot of referals of those and that's where i make the real money.
most people aren't built for it...it's hustle, alot of thinking outside the box and building relationships.
reason most people don't succeed or don't make as much money as they should is because they think they need to follow the old school blueprint of building business (relationships with realtors, etc bs).
almost everybody in my office that's been around makes at LEAST 80k a year..... all the good loan officers make well into six figures.
If you're smart and can manage your pipelines effectively you can never be dry....most people just get complacent and comfortable once they have a big month instead of using it to fuel them.
I love it because the income is limitless........ i went from being flat broke to ready to buy a house at 22.
If you find a niche in a rich group of people you can do 3-4 loans a month and be banking.
i'll tap into my pockets and make only like 1000 bucks off a loan if i know somebody will send me alot of business...gotta give a little to get alot
p.s. it's a VERY stressful business
i'm starting to do really well but i already have a bankground in the business. The company i work spends alot of money on leads and have creative marketing strategies which brings in a ton of business. The commission split isnt the best on company deals but i've built alot of referals of those and that's where i make the real money.
most people aren't built for it...it's hustle, alot of thinking outside the box and building relationships.
reason most people don't succeed or don't make as much money as they should is because they think they need to follow the old school blueprint of building business (relationships with realtors, etc bs).
almost everybody in my office that's been around makes at LEAST 80k a year..... all the good loan officers make well into six figures.
If you're smart and can manage your pipelines effectively you can never be dry....most people just get complacent and comfortable once they have a big month instead of using it to fuel them.
I love it because the income is limitless........ i went from being flat broke to ready to buy a house at 22.
If you find a niche in a rich group of people you can do 3-4 loans a month and be banking.
i'll tap into my pockets and make only like 1000 bucks off a loan if i know somebody will send me alot of business...gotta give a little to get alot
p.s. it's a VERY stressful business
calveless wonder
New member
jnevin said:
hey bro, you work for countrywide?
What do you do with your A paper rejects?
had a buddy of mine work for wachovia for awhile and he'd send me the B-C borrowers who couldn't get approved. i gave him a very generous split for the referals while making good money in the process.
Loan officer / mortgage broker is the evil twin / retarded cosuin of real estate agents.
Whereas real estate agents are gabby yappy women who hang ou at county clubs and sell houses to other members, loan officers are in a shadowy world of paper exchanging and chasing down leads. Yet all are after a piece of the same pie.
It's kinda funny...my brother does it and he's always like "You got any leads bro?" Never mind that I live in FL and he is in NY. But he loves it. He didn;t finish college and even though I told him I will pay for him to go back, he hasn't accepted.
Whereas real estate agents are gabby yappy women who hang ou at county clubs and sell houses to other members, loan officers are in a shadowy world of paper exchanging and chasing down leads. Yet all are after a piece of the same pie.
It's kinda funny...my brother does it and he's always like "You got any leads bro?" Never mind that I live in FL and he is in NY.
But he loves it. He didn;t finish college and even though I told him I will pay for him to go back, he hasn't accepted.
jnevin
New member
calveless wonder said:hey bro, you work for countrywide?
What do you do with your A paper rejects?
had a buddy of mine work for wachovia for awhile and he'd send me the B-C borrowers who couldn't get approved. i gave him a very generous split for the referals while making good money in the process.
I'm an internal non-prime rep for Countrywide. I service 12 offices and 60 LO's. Split's just fine, but thanks.
jnevin
New member
MattTheSkywalker said:Loan officer / mortgage broker is the evil twin / retarded cosuin of real estate agents.
Whereas real estate agents are gabby yappy women who hang ou at county clubs and sell houses to other members, loan officers are in a shadowy world of paper exchanging and chasing down leads. Yet all are after a piece of the same pie.
It's kinda funny...my brother does it and he's always like "You got any leads bro?" Never mind that I live in FL and he is in NY.
I haven't had to scrounge for leads for over three years now. I definitelt see what you're saying though. Get your brother's ass back to school though. There aren't many people that do well in this line of work.
calveless wonder
New member
jnevin said:
wow, CW has a sub-prime division? didn't even know that. my rep never mentioned it before..but he's a paper
Burning_Inside
Elite Mentor
this girl iw as seeing bout a year and a half ago worked for a place called loan express and she made like 90 grand her first year working about 5 hour days on average and very very minimal non phone cold contacting. Basically people just called her business and whoever got the phone first got the lead.
Similar threads
