posted January 18, 2005 11:20 AM
I have been interested in real estate and becoming a loan officer for many years now.I have read this board and other boards for many years. What I want to know is there somebody here that has been successful becoming a loan officer? Did you go to school to become one? Have you worked under another company license and worked as an outside agent? I am currently an outside agent for a travel agency and want to persue another passion of mind as a loan officer
posted January 18, 2005 12:03 PM
My husband is an LO. He initially worked for a company that actually had its own school. He and other LO candidates we're flown out to their headquarters and trained for a month. But he says his real training came from fielding calls and working the job itself. There are Real Estate schools that offer LO training. I would probably go for a mixture - take some classes at a school and then go with a mortgage banker/broker who offers some training so you aren't just "thrown out to the wolves." My husband works for a Mortgage banker (meaning they have money to fund their own loans, but he can also source it out if his underwriters won't approve the buyer b/c the credit is questionable). He's 100% commission. The good things are that he has a very nice office, sets his own hours and they provide all the office equipment. They pay for postage on all his mailers. He can use the copier, fax, phones, you name it. The special things he does buy in regards to office supplies - they will either reimburse him or he just takes it off taxes. His comapny has a very generous pay structure, so it's to his advantage to stay there, rather than goign on his own. His mentor who has been in the biz for about 15 yrs now, makes about $300k+ without working too hard (b/c he put in all of his hours years ago) and still won't go on his own. If it was to his benefit, this guy would have done it already - he's pretty savvy. But I'm sure there are very happy brokers who do it on their own. GOod luck! It can be a lucrative business. My husband loves his job (thank goodness, since he works 80+ hours a week!). Perhaps you can talk to a couple local LOs and pick their brains. The good ones don't get scared of a little competition and they'll be happy to tell you how they got started in the biz.
posted January 26, 2005 08:57 AM
I am 3 months into my LO career, so let me share some of my limited experiences with you:
Tina is right. You learn the most from working the job. I already knew how to do financial calculations from my college degree, but sales experience is something you learn.
I am just now beginning to make alot of professional contacts, because my branch manager (like Tina's husband, I am a broker) wanted to be sure that I knew the business prior to making contacts with real estate agents.
I won't claim that I know all there is to know about the business, but I definately know enough to answer questions realtors are going to have about how we do business.
My work weeks are long, at least 60 hours. However, I really love the work, so I do not have a problem with the hours.
I encourage you to do some independent study and also read up on advice for marketing yourself as a LO. My branch manager is very successful at obtaining business, and I frequently look to her for advice. A good manager will have no problem fielding your questions, as it's in their best interest to help you close loans (they get commission on your loans, in most cases).
quote:Originally posted by mo_matt: I am 3 months into my LO career, so let me share some of my limited experiences with you:
Tina is right. You learn the most from working the job. I already knew how to do financial calculations from my college degree, but sales experience is something you learn.
I am just now beginning to make alot of professional contacts, because my branch manager (like Tina's husband, I am a broker) wanted to be sure that I knew the business prior to making contacts with real estate agents.
I won't claim that I know all there is to know about the business, but I definately know enough to answer questions realtors are going to have about how we do business.
My work weeks are long, at least 60 hours. However, I really love the work, so I do not have a problem with the hours.
I encourage you to do some independent study and also read up on advice for marketing yourself as a LO. My branch manager is very successful at obtaining business, and I frequently look to her for advice. A good manager will have no problem fielding your questions, as it's in their best interest to help you close loans (they get commission on your loans, in most cases).
Let me know when I can help.
-Matt
Please check out Naimb Mortgage professionals at www.naimb.org (click on information and download compensation plan and also look at mortgage careers) Feel free to e-mail me at carlscott@naimbmail.com or 713-206-3305
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posted January 18, 2005 11:20 AM
