How does one go about becoming a mortgage loan officer?

Question

How much money can you expect to make?

Answer 1

being one I can tell you it's feast or famine. could make 10-12k in a month can make barely enough to feed yourself. all depends on your lead source and what you can offer potential customers. my advice would be to hook up with a mortgage broker, not a lender. brokers can offer more to customers than banks or lenders can. subprime is the better market as the majority of people out there will fall under the subprime category. some companies will like you to have experience, others will prefer you to have none at all so they can train you their way. look to brokers around you and see who's out there.

Answer 2

I agree with reaper, but would also like to add how important it is to find someone to work with that you trust. If they encourage you to plug the consumer for higher rates, who's to say they aren't playing you as well?

I was so extremely fortunate to find the most awesome boss in the world. He always advises me on the right path and encourages complete honesty. He's awesome. My advice is to try to find someone like that.

As far as income you can make, reaper is right. It is feast or famine. The most difficult thing is to find clients, and it's dang near impossible sometimes. Some brokers will tell you that you want to make 3-5% of people's loans, but I think this is outrageous. If you want them to keep coming back, you realistically want to make 1-2% altogether (the total of what you charge upfront in origination fees plus what the lender gives you on the back.) This is a fair rate. Most brokers have a split commission, so you would get 40-70% of this amount, depending, although some brokers have 100% programs and charge a flat fee per transaction plus a payroll charge (usually around 12 1/2%).

The pay is good, if you can find clients. And if you figure out a way to do that, let me know!

Best wishes.