Continuing laon officer thread, another questuion...

[Slyder190]

I have a question again for those in the game. Which would you say is better place to hold a loan officer postion at....a mortgage company which works with numerous banks to get possible loans for clients, or at a straight out bank? Reason I'm asking is I was just getting ready to start in the game at a mortgage company, but after researching an talking to people, I checked out some other places as well. I submitted an application to Countrywide Bank and a recruiter called me literally like 5 minutes later. I only spoke with her for a second cuz I'm on my way to work, but supposedly she says they have leads for their LO's. Now if true, I know this is good, but how good really considering a mortgage company can shop around for the best rates? Thanks.

 

[jnevin]

I have a question again for those in the game. Which would you say is better place to hold a loan officer postion at....a mortgage company which works with numerous banks to get possible loans for clients, or at a straight out bank? reason I'm asking is I was just getting ready to start in the game at a mortgage company, but aster researching an dtalking to people, i checked out some other places as well. I submitted an application to Countrywide Bank and a recruiter called me literally like 5 minutes later. I only spoke with her for a second cuz I'm on my way to work, but supposedly she says they have leads for their LO's. Now if true, I know this is good, but how good really considering a mortgage company can shop around for the best rates? Thanks.

Bro, rates are going up. If that's all you focus on, your career in this field will be maybe 1-2 years and it will be rough. The first question out of everyone's mouth will be what rate? You need to learn how to develop a relationship with your customers, realtors, builders, etc. You get the customer the best loan they qualify for. If that's 5%, great. If it's 9.5% and it saves their house or gets them cash for their kid's school, great. If you work for a direct lender you'll be selling slightly higher rates and make a little less per loan. You'll also have access to more programs and better training than you'll get in 4 years brokering. Countrywide's a great company and it will be around for a long, long time. Can't say the same for a lot of the refi shacks that will be closing down until the next refi boom.

 

[FreakMonster]

Countrywide would be a great start to get your feet wet. Great Company.

 

[jnevin]

^^ smart person here

 

[Steve The Bluesman]

I have a question again for those in the game. Which would you say is better place to hold a loan officer postion at....a mortgage company which works with numerous banks to get possible loans for clients, or at a straight out bank? reason I'm asking is I was just getting ready to start in the game at a mortgage company, but aster researching an dtalking to people, i checked out some other places as well. I submitted an application to Countrywide Bank and a recruiter called me literally like 5 minutes later. I only spoke with her for a second cuz I'm on my way to work, but supposedly she says they have leads for their LO's. Now if true, I know this is good, but how good really considering a mortgage company can shop around for the best rates? Thanks.

Mortgage Co. Better rates and products for your clients. Banks are restricted in many cases in the products they offer and the way they underwrite loans.

Countrywide is very big, the name alone can get you a lot of business. They won't shop for best rates - they keep thier loans in house - retail style. If I am correctg what you are thinking of is a mortgage broker who can sell the mtg to different wholesalers for the best rates. It can work either way.

Good luck, it is a good game to be in.


Bluesman

 

[jnevin]

Mortgage Co. Better rates and products for your clients. Banks are restricted in many cases in the products they offer and the way they underwrite loans.

Countrywide is very big, the name alone can get you a lot of business. They won't shop for best rates - they keep thier loans in house - retail style. If I am correctg what you are thinking of is a mortgage broker who can sell the mtg to different wholesalers for the best rates. It can work either way.

Good luck, it is a good game to be in.


Bluesman

True, kind of. Companies like Countrywide don't have to shop for rates, they offer them. They will also not be beaten on rate if you're an LO getting purchase business. Brokers may be .25 to .125 lower on the rate, but also usually have junk fees for the broker's company and will have to pay the bank the loans are sent to an underwriting fee. If you refinance, the amount the loan is bumped up to cover the additional fees could cause the payment to be as high as a slightly higher rate with less fees. You keep more equity and can write off the higher interest. Rate isn't always the most important thing.

 

[Slyder190]

Bump for anymore replies.

 

[Slyder190]

I just spoke a little more with the Countrywide recruiter. The leads that she was hyping up I asked her about - 85% of them are re-fi's, surprise surprise. I told she could still pass my resume on to a local recruiter where I live anyway, but I lost interest in pretty fast. Only thing I'm contemplating is possible room for advancement.