Can you make a good living as a loan officer for a brokerage?

Question

Not a bank or lender. For a loan broker. Working on commission.

Answer 1

That depends on the amount of energy you put into earning a commission and how well you market yourself.

I have known a few loan officers just sit in the office making no sales or efforts and dry up thus leaving saying you can not make any money in this field.

On the other hand I have seen lots of energetic individuals that have tried different marketing techniques, eventually find one that works for them and flourish in this field.

So in answer to your question you can make an excellent living being a loan officer working for a brokerage firm. You will earn more working for a mortgage broker than you would if you worked for a bank or lender as most of the bank jobs are wage earners. Some lenders are wage earners and some are commissioned base.

I have worked for all three and the consensus from this kid is the mortgage broker has more flexibility, perks and earning power over the long run.

I suggest you if you want to get into the mortgage banking field and you are not sure which segment of it you want to be in interview with several banks, lenders and mortgage brokers, see which place you fit best.

Since this is an every growing field there will always be positions so try all three and then settle for the one you will be most comfortable with.

I hope this has been of some use to you, good luck

'FIGHT ON"

Answer 2

Absolutely, if you are willing to work. But plan on not getting a check the first 30-60 days. I was on schedule to making over $80,000 my first year in the business (interrupted due to personal reasons), without any previous experience in finance. The money is there, but you do have to work for it and know how to market yourself.

Answer 3

Why don't you go do your job instead of coming on here, maybe then you will make some much needed money