becoming a loan officer in california?

Question

looking to become a loan officer in the state of california. What do i need to do? Are there any classes or training i can take? Would like to become a loan officer and work part time doing loans and make some money, while i finish up school.

Answer 1

Loan Officer in CA.

you are a bit behind the ball on this one. I do business consulting for mortgage companies and related... The market is dead and will get smaller for the next year or so.

Most bigger companies are downsizing to stay competitive and profitable...

Just the same - the best way to learn the business from top to bottom is too take a few loan processing classes at a local college. Then work as an assistant loan processor. It is hard work and they get paid very little. But doing that before going to the sales side will give you a much stronger understanding of the business and how it all works.

Then start with a big firm as a loan agent, and in most cases you will need to get a DRE license, unless you are working for a bank with a banking license that makes you able to only do loans through them.

Do that for two years, then get with a smaller loan company where you can work mostly from home and get bigger commissions.

* Where there is easy money, there are also many unethical people in the business. Be prepared to have to work with, deal with, and be around some people that are willing and able to do anything to make more money and keep you from doing it if they can get away with it.

* Note: Loan Officer like a Realtor is a full time job, you can never seem to not work, because you are in most cases commision, and clients when they call - you need to be there for them, night or day, week day or week end. Sure you have flexible hours and can set your office times, but the reality is you are working long hours, phone time, face time, and computer time. That is you are if you want to stay profitable and keep your client base happy.

* That all being said you maybe able to find a small shop to pay you some money and learn the business. I do not recommend it because at the end someone always feels screwed over when you leave, either you or the boss that hired, trained, and spent many hours investing in you to later have you leave the shop and become a future competitor.

* When you have some real experience and ready to work at a smaller firm, or for a netbranch company please visit this site:

www.fundingloans.info - support site for loan officers and brokers.