Is loan officer a good job to get if you have no experience in Michigan?

Question

I say Michigan because its not a buying market right now here .
Any opinions on shore mortage loan officers in michigan

Answer 1

In Texas, one has to take courses, test, have 18 mos. experience in the industry, $25000 in net assets, and a surety bond of at least $50000 in order to become a loan officer.

As far as the market being slow, while that may be true, some mortgage companies do business nationwide, but even if one doesn't do business across the country, there are always buyers and sellers of real estate, regardless of how slow the market is at any given time. As with real estate, one has to actively generate leads and market oneself, otherwise, one might find oneself going very hungry for a few months.

Answer 2

I just became a loan officer in Texas- no experience- if you can find a company willing to train you and you're willing to learn. Building your leads and pipeline won't happen over night- but if you're lucky you can find a job that has a base salary as well as commish.. I just closed my first loan this week and have been here for less than month. I still don't know what I'm doing but my bonus on this deal is over $1400. Not so bad for newbie. There is a lot of money to made but you have to be willing and able to still pay the bills when times are slow. Good luck!!

Answer 3

I was a loan officer in Ohio for 2 plus years (still licensed) but I got out of the industry. The rates are too high and I have discovered unless you can to a lot of purchases (which take sooooo long) and have money to support yourself while these loans go through, great. I don't want to discourage you, but It wasn't a good market for me this year. Good luck.

Answer 4

That's a tough market to crack. If you can get with a nationwide lender, you're much better off. That's what I did. I'm in Ohio which is pretty much the same boat as Michigan.

Answer 5

I have done some closings with Shore Mortgage. They advertise a lot, but not as much as Rock Financial. It's a poor market everywhere.

Answer 6

No, the market is down right now. Wait awhile before you get into it in Michigan.

Answer 7

often times it in basic terms comes right down to luck. Revise your resume, imagine about how your interviews might want to be greater, and in case you nonetheless haven't any luck, seem in surrounding parts for jobs. good luck!

Answer 8

no, if you have to ask that question. Successful people are determined to make it happen regardless of the profession they choose. It's not the profession, it's the person.