I was offered a job as a mortgage lender. They seem like the dream job, I get 3% on a loan, so on 100k I get 3k in pocket. I am new to this, so please, if anyone has advice on pros and cons of this career, let me know please!
2007-02-09 09:19:29 · 5 answers · asked by AustinRob30 1 in Business & Finance ➔ Careers & Employment
I have been in the mortgage industry for 10 years. I love it! 3% on every loan. Not going to happen. If you get 3% how much does your company get? Typically you make your fee but then have to split it with the company. I have busted my butt on a loan and ended up with a commission that can barely cover my gas expenses for the week. :) On the flip side I've had very simple files with a respectable commission. It does allow for flexible hours which is great. I'm a single mom and it works out well for me. You can make a lot of money and you can also have some very slow months. Be prepared. Most people that come in the mortgage industry will leave just as quickly as they come in. Prospect hard and work on getting strong referral sources by doing some serious networking.
It can be very stressful at times. Also very rewarding. I love helping someone get into a house for the first time. They will always remember it...good or bad.
Good Luck!
2007-02-10 11:55:11 · answer #1 · answered by Rachel R 2 · 0⤊ 0⤋
First they have to stop using est values and make it a big fine if they do. Stop trying to get appraiser to tell them a value before we appraises the prop. I always get quote " what do you think it will come in at?" do you think you can get more? Yes we need a copy of the purchase sales contract but without the sales price. Stop calling appraisers for free comp checks, do you know how long it takes. If I did comp checks for every mtg company that called thats all I would do, and they don't even say thank you. Stop getting pissed off when the value is not there. Start putting their money where their mouth is, they want appraisers to bill them for the appraisal because the homeowner does not the the money and when the value does not come in where they want it, then they stiff us on payment or they just dont pay even when the loan closes. The LO need to pay out of his pocket COD and he would think twice about putting a crapy loan together for someone who should not be buying a home in the first place or someone who is trying to refi with bad credit and owes more not their home than it worth.
2016-05-24 02:36:30 · answer #2 · answered by Bibiana 4 · 0⤊ 0⤋
Dream job...that's funny. Not quite a dream, but it can be very fruitful. It's like anything else in sales. If you bust your butt you can make some serious money. But not without the ups and downs of any sales job.
I will say that it seems to have the highest commissions of any sales job out there, and the potential to make a ton of money is definitely there. I wrote a piece about loan officers. Check it out on my site under "loan officer jobs".
Learn more at http://www.thetruthaboutmortgage.com
2007-02-12 06:42:20 · answer #3 · answered by Todd S 3 · 0⤊ 0⤋
It's not an easy job, getting 3% on every deal is unlikely, and living on commission-only income can really suck if you have a bad month or two.
It can also be fun and rewarding, but if you're in it for the money, and not to help people, you'll end up getting nowhere.
2007-02-09 09:24:24 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Make sure you find the right office to work with. Don't get your hopes up man, it's a VERY VERY competitive business.
2007-02-09 09:23:30 · answer #5 · answered by Triple Nipple 1 · 0⤊ 0⤋