I'm trying to get into the mortgage industry. I want to work from home.?

Question

Can anybody suggest some mortgage companies that would allow me to work from home as a loan originator or something in which I can earn approximately 1% of the loan amount?

Note: I live in New York (within the 5 boroughs)and have Real Estate Sales Experience.

I would rather be as involved as possible. I've learned plenty about different types of mortgages and mortgage terminolgy. I have reviewed the fannie may and freddie mac applications and feel that I could have one properly filled out. I think that if those standard applications are filled out correctly and turned into the right mortgage broker I would get paid at the time of the closing or soon after. That would show the broker that Im well versed in what I'm doing and he/she would rather that I keep sending them to him/her than anyone else. I feel that as long as you can screen the applicant enough to determine he/she is serious about going through with the loan, and have the 1003 forms filled out correctly I should have a good chance at it. I have 4 possible client right now. 1 first home. 1 investment property, 1 refi and 1 equity loan.

Answer 1

The best way to do this is to work with a flexible mortgage broker, most companies, unless you are an account executive and work for a large mortgage/banking institution won't allow it, however brokers work different in the sense that they want to see progress and numbers, volume and that you are an asset to their firm, and they want to see your face on a daily basis, others don't need to and others don't care much, however they do want at all times to see progress and production, that you are a productive loan officer, originator and will end up earning them money and not costing them.

At times once you've established a good and long term relationship with the broker and you've paid your dues (workwise, effortwise, proved yourself) they can let you work out of your home, a large percentage do work out of the home half the time, if they've established that long relationship with their broker, or if they were fortunate enough to find one that is just flexible, I've been in both situations, thank God!

On the other hand I've worked with people that were extremely difficult to deal with, like this broker I know, he is a friend of mine and is a sweetheart, however his wife is incredibly overbearring and makes everyone leave the firm with her nasty attitude, (the commissions are great) but not the working situation, so I had to go back to my old partner, he is extremely flexible, but no production, I 've had to originate and create business for both ends, so there will always be give and takes.
I wish you find a good broker, you should be able to, if you look for one, however you must originate all of your loans, and business and you should be able to make a bit more than 1% if you negotiate right, they will give you some sort of scale. (It will also depend on what region or state you are in, that wasn't mentioned)
Best wishes!

Answer 2

What are you smoking??

Why would anyone pay you to work at home as a mortgage originator??? do you know a lot of people that need mortgages, or does the company have to supply those as well? And If they supplied the customers, why would they pay you 1%??