Mortgage Loan Officer
Anybody have any experience as a mortgage loan officer? What special training and/or licenses do you need to qualify? I’d love to acquire this for my resume. Thanks.
If you can fog a mirror, have basic math skills and process a lot of paper, you can be a mortgage loan officer. If you are talking COMMERCIAL mortgages as opposed to RESIDENTIAL mortgages, those are a bit more involved. Residential mortgages are not complicated work, but in a low interest rate market, it can get pretty busy.
Other than the possibility of gathering contacts, I can't see how it would be much of a resume builder for this industry, though.
Hmmm… so basically it’s a glorified paper pusher. I wonder where the hot areas are around the USA? Vegas? Charlotte?
The reason why I ask is, after I graduate college I’m going to need a job out of the gate that pays a decent salary, so I can get my student loans paid off and not fall deeper into debt. It’s just one more thing to consider as a viable option.
Glorified paper pusher is a pretty accurate description, at least in the banks I’ve been in. You probably don’t need a hot real estate market to find an opportunity in this area, and hot real estate markets just push up your rent/house payment, so I’d broaden the search to see if you can find comparable pay in a lower cost market.
Become a mortgage loan officer for a bank and you'll probably receive a small salary and "some" commission from the loans you close. There are a lot of independent mortgage loan offices that work on commission only. (For those who don't know, the commission comes from the loan fees the borrower pays to get the loan.)
You could also start out as an entry-level commercial loan officer. Do this type of lending for a few years and you will have developed a lot of good business contacts, if you decide to venture out to becoming a broker.
Slim to none:
I know a lot about this. It involves lots of paper. It does require math. To succeed you MUST know how to challenge your client and dig deep to find their real goals and comfort levels. What kind of mortgage? Why?
NEVER NEVER go to a bank. Bad pay, bad habits, bred dependency. Find a strong broker with a stellar reputation (very hard thing to find) and harass the hell out of them. You will learn a ton about selling in this career and about accountability. People love their homes and they want to close ON TIME.
NOTE: This title does not build your resumee. You can turn any resumee (almost)into a barnburner if you can really sell. This title may be a liability unless you can add some shine. Start a company, make a ton, build a real network. Truthfully I cannot relate AT ALL to picking a career as a transitional resumee builder. What do you REALLY want to do. Sounds like you don’t know. OK - been there but cast a wider net. You might be 50 soon an still not know what you want.
You can be an excellent helper to people, very well remunerated and have lots of autonomy in this job. It can also be very cyclical and you timing is pretty bad bu there is still business for the driven.
If you can fog a mirror, have basic math skills and process a lot of paper, you can be a stockbroker.
You can also be a mortgage broker.Any true financial adviser should have a working knowledge as well as the ability to originate mortgage loans. After all, a home or business can be one of your clients biggest assets, and our job as financial advisor's is to make improvements in our clients financial lives.
Therefore, being a loan officer is a wonderful resume enhancer. I added loans to my practice a couple of years ago and it's been great.It can be a cumbersome process at first, as there is alot to know.The process has become beautifully automated, though.
I work independently and average 2 loans per month, netting about $8,000. I regularly receive referrals and repeat business.
After all, you have what everyone wants(money), so it's less "salesy" than an investment or life insurance salesman position.
Do a google search for loan officer and many training companies will pop up.
Go for it!
(For those who don't know, the commission comes from the loan fees the borrower pays to get the loan.)
Not always, sometimes you get paid on the front, fees. Somtimes on the back, spread. Sometimes a bit of both.
Is it just me or is it a easier sell with mortgages? I've been scouring these forums this entire weekend trying to gain information on which way to go.
Much easier to sell loans. When I became a broker years ago there was no mainstream internet, no e-trade, hardly any no load funds, etc. so most people used brokers for up to the minute financial news and advice, not to mention trading.Now in the age of the internet, our jobs are much more competitive- Financial information is everywhere(for free) seemingly making everyone a so called expert, so you really have to secure a niche. I like dealing with busy business owners who don't have time to do it all themselves.
Now to your question-
With investments and insurance, you're mainly providing something for future gratification.You're also subject to the negative whims of the market.
Mortgage lending provides instant gratification.In securities, they have what you want- money.In lending, you have what they want-money- putting you in control.
The refinance boom is over for the most part, which is fine. Alot of fee and rate conscious prospects who are looking for the lowest 1/10000 of a point difference, and don't want to pay you. Ignore them. Get leads of homeowners with at least 20% equity in their home and 50,000 or more in credit card debt.Save them $1000 per month. They aren't as rate and fee conscious, and they'll refer their Friends to you.Make $2500 to $5000 on every deal, instead of securities which can be only $50 per deal.
Deal with commercial where the majority of deals are 5 year balloons,show them how to get a 20 year loan with much better terms.
In the prequal process, you review their tax forms and investment statements opening many opportunities for cross selling.
Also, less frequent feelings your just a fee based securities sales hack.(Speaking about myself)
"Make $2500 to $5000 on every deal, instead of securities which can be only $50 per deal."
What kind of trades are you dropping... With those huge commisions on securities trades, no wonder you prefer mortgages....
I just read about a bank in California offering 50-year mortgage loans. And half of those borrowers applying for the loan are in their 30's.
(50 years from now) Bob balances on his walker, as he raises his glass of Fibercon, toasting the fact that his mortgage is finally paid-off. As he's standing, his "full" diaper drops to the floor. His wife yells at him, that he looks like a damn fool, pops her teeth back in her mouth, and leaves the room in her electric scooter.
Ahhhhhhh, the golden years!
I just read about a bank in California offering 50-year mortgage loans.[/quote]
California is another planet.
a 40 or 50 year loan is a cash flow option. You shouldn't think someone will really stay in their property for 50 years- it will give them lower payments than a 15 or 30 year mortgage, freeing up cash flow to be used elsewhere- like increasing contributions to tax deductible 401(K), other business ventures, etc.
Blarmston, I've done $40,000 trades and I've done $15 trades just to be nice.My point was, unlike investment trades, you know a loan will generate at least $2000 in revenue.
"Blarmston, I've done $40,000 trades and I've done $15 trades just to be nice.My point was, unlike investment trades, you know a loan will generate at least $2000 in revenue."
Gotcha... Honestly, I was trying to be a wiseass but that response was too-cool-for-school... Good stuff.....