I applied for a position that I help with finding leads with loan officer??

Question

I would get paid only commision IF the loan went through. Is oit worth it!? I have no experience in this but they would train me free and get paid 1% of the loan amout....Is it worth it investing my time?

"it" "Amount" sorry, I missed typed!

Yes, I have another job! They told me all these stories about making alot of money. Also that it might be hard at first but once I get ataste of how much money I will get I will ivest all of my time to the loans! Is it to good to be true? Anyonone have experience in this?

Answer 1

its basically going to be telemarketing. Might be worth it, if the loan officer you are working for is good at what they do, if not well it dosnt take a math genius to know that 1% of 0 is 0.

Answer 2

If you can generate the leads that is 99% of a loan officer's job. So, it might be good experience for you if the loan officer will train you. If not, I'd be a loan officer and make 5 times the money for about the same amount of work.

Answer 3

You'll never know unless you try it. But working with loan officers you need to be pushy and determined. It's like being a salesperson. Many people are looking to get loans but not necesarily able to get the loan. Loan officers will try to put anything through to get payment. They are tricky people. My ex worked with mortgage companies he was a loan officer and some of the loan officers were sleazy. They will tell you exactly what you want to hear.

Answer 4

It depends. If you already have a job, I wouldn't quit for this. If you don't have a job, an opportunity to make something is better than nothing. But basically, no way would I take a job like that unless I was really desperate for the $$.

Answer 5

No! Put your time and effort into a salaried job. I used to be a loan officer.