Is the mortgage business drying up or is it still a good career to get into? I have friends who are in the business in California and they say that they aren't making any money right now.
2006-12-17 10:51:02 · 5 answers · asked by pcsneely 1 in Business & Finance ➔ Renting & Real Estate
opinion: there will always be some demand for mortgage products, however it is a very cyclical business and given a degree of rate pressure and significant price pressure in the market, 2007 might not be a good time to enter the business.
The biggest variable is the fact that national trends do not apply equally to each individual market ... so there could be some unique opportunities in your market.
The 2008 elections may prove to be more real-estate friendly ... but it looks like there will be a lot of excess capacity for the short to intermediate term ... which translates to a hard way to make a buck while breaking into the business.
2006-12-17 10:58:54 · answer #1 · answered by one_observation 3 · 1⤊ 0⤋
In my opinion the mortgage business is always a good business to get into.
The ones that are telling you about the peaks and valleys are the order takers. When there is a refinance or selling frenzy they are right there to take the orders. Once the frenzy is over check out Wal-Mart you will find them there, guess what taking orders.
A good loan officer survives in any climate. Those that don't are the ones that fail to have a good business plan and more than not, they also have no marketing plan worth a darn.
In my office there is a 22 year old that has been here for 2 years, since I am his manager we go over his management plan once every six months and his marketing plan about the same. He is averaging about 8 loans per month and this is suppose to be a down period. Looking at his pipe line it looks as if he is scheduled to be in the same area again for the next 2-3 months.
By the way I am in Downey, California.
Get you a good marketing plan, follow-up on your past clients for referral. Check your professional members of your team for referrals as well as how well are you doing working your farm.
If those are not working for you now is the time to form you a new good professional team of individuals that will help you grow your business, Work your farm area heavy for clients. When was the last time you showed up in your farm area? Do the individuals residing there even know who you are. Do you have a farm area???
If you are not in you can lay the foundation for the next frenzy, but if you do it right you will not have a problem.
Stop listening to those that tell you things can't be done they are "losers" You can do what ever you want in any type of work climate as long as you are sincere, working hard and talking to people.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-12-17 12:01:35 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
Ditto on the cyclical observation. This business, like real estate, has booms and busts. Right now, it's in a bust stage in many places.
In addition, it still is basically a SALES profession. What you make is determined by how many customers you bring in the door, and how high the interest rate (and points) that you "sell" to your customers. Most mortgage officers simply originate a loan that will be sold to another company.
2006-12-17 11:04:49 · answer #3 · answered by geek49203 6 · 1⤊ 0⤋
this relies upon on a gaggle of issues: a million. Are you going into revenues, underwriting, credit possibility, servicing, and so on. 2. whether that's revenues (broking provider, account rep, and so on.): do you reside in a community the place the housing industry is distinctly reliable? Are there various people identifying to purchase and merchandising? Are fees stable or increasing? Is there various money out refinancing? How approximately seniors? 3. What style of debtors are you attempting to allure to? Subprime shops have taken a beating and various are out of organisation. this suggests much less opposition for an analogous style of debtors in case you paintings for a business organisation which could proceed to exist. whether that's Alt-A or a chief save, you may desire to be ok.
2016-10-05 10:40:17 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Large mortgage companies lay people off whenever demand declines. If you are going to be new in the business, I think it will be difficult for you to make it and stay there since housing market is slow in most areas.
2006-12-17 11:10:20 · answer #5 · answered by spot 5 · 0⤊ 1⤋