I have been working as a loan officer assistant for the past two years and I've decided to become a loan officer in due time. However, my current employer I know wouldn't give me the time or day to help me even though he and three others were helped tremendously 10years back....I want to be lucky like them too.
Indeed, I'm attending an online university because I work 40-50yrs/week and I'm helping my family out...now i know that with time, the proper people, and a lot of luck...i could become a successful loan officer instead. My future goal for the next 10-15 years is to become a mortgage broker and run a small but productive office.
I'm not looking to become rich rather just live a comfortable life. I don't want to become a fraudulent loan officer either...i've seen two loan officers careers go down the drain due to commiting fraud in their loans.
-I speak Spanish...I'm in Los An
2006-09-03 07:52:28 · 6 answers · asked by christiansareawesome 4 in Business & Finance ➔ Renting & Real Estate
I was where you were about 10 years ago also, in a dead in mortgage job in Ohio. I'd be happy to help and point you in the right direction. I have an office in LA now, Manhattan Bch. And if I hadn't jumped in I'd still be in a miserable position with no freedom, no real job security, and an income ceiling. The key is to become self sufficient in terms of generating business. Most people in our biz now only know a few ways to generate deals. Be flexible, move with the market, we do business in many states also so that helps us deal with changing regional environments. If you can save some money or generate few possible deals before you jump in, that will help the transition. Learn the niche markets and program, become and advisor not a salesman. Tell people "No" every now and then and they will appreciate it and come to you as their trusted advisor. Once you do get a client, make them a friend, stay in touch as much as you can, even just to shoot the breeze. They will become your marketing department. Most new LO's close a deal and never talk to the client again because they're too busy calling the next pile of leads. Be honest, take care of people, and most important turn clients in to friends and in a few years your phone will always ring. Doing this will enable you to only deal with people serious about a particular deal and minimize your marketing expenses Your spanish is a huge plus also, please email me and I can give you some more info, or even help get you started toward your goal. Right now, there are great niches in the current market that most can't capitalize on because they haven't worked in a buyer market enevironment, shoot me an email and I'd be happy to help you or atleast give you some good advice -kaz@cwealth.net
2006-09-09 22:40:02 · answer #1 · answered by Kaz 2 · 0⤊ 0⤋
What do you do as an assistant. If you've been working the loans, you should know the ins and outs of the loan process which should help you when talking to borrowers.
A good way to start, but is a tough way, is to become a telemarketer/jr. loan officer. Be the one who actually calls the borrower and tries to get them pre-qualified. It's not a pretty job, but it's a good way to start to become a loan officer because in this market right now, loans won't be falling in your lap.
2006-09-03 15:47:26 · answer #2 · answered by iinakamura 2 · 0⤊ 1⤋
This is an easy one. Just call me. I would love to help you set up your own shop in LA. I am looking to expand out of Utah.
I would suggest that you use a broker in a broker relation ship. You will be able to grow faster and without the headache of the overhead of a typical mortgage office.
2006-09-11 02:35:58 · answer #3 · answered by Tio 2 · 0⤊ 0⤋
With your experience, any mortgage company that doesnt require you to have a real estate lic would welcome you . Just put your resume on Monster.com or simply look for the ads in the help wanted section of Monster for "loan officers" or key words mortgage or real estate. Loan officers are in hor demand. You will have no problem at all!
2006-09-10 15:33:05 · answer #4 · answered by Debbie P 2 · 0⤊ 0⤋
plenty of companies out there hiring right now, even with the slow down. I run a large mortgage bank in north county, Carslbad. to long of a commute for you, but again keep looking, you should be able to find a company that is paying out 40-50% split on rev. good luck
2006-09-10 11:30:19 · answer #5 · answered by atrayon t 1 · 0⤊ 0⤋
Good for you, I hope you succeed in your venture, we need more honest Mortgage companies out here, we have run into many of them..(My husband is a Realtor) and fraud is running rampant.
Good Luck with your future.
2006-09-09 15:23:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋