I want to know exactly how it works. And if I can really make money doing it part time.
2007-03-06 03:12:48 · 3 answers · asked by bird 1 in Business & Finance ➔ Small Business
A loan originator is basically a loan officer for a financial institution, someone who takes all the information for a home mortgage or a car loan, etc. If the association is reputable you can make some money doing it part time, the person who really does all the work is the loan processor. You need to get really good facts as far as a work history for the applicant, home history, pay bill history, assets and debts.
2007-03-06 03:22:53 · answer #1 · answered by Jean S 4 · 0⤊ 0⤋
A loan originator or Loan Officer works in a retail capacity (deals directly with the borrower) for a loan brokerage. They generally work on commission only and earn basis points or a percentage of their total monthly funding dollars. Most reputable companies will provide you with some sales leads and then it is up to you. You must be able to understand and quote accurate pricing, have full understanding of your investors loan guidelines, have an extremely detail oriented personality, a support staff who understands the difficulty of your job and a thick skin. Depending on where you live and how many people you know who are ready to buy or refi their home it can be very lucrative. If you live anywhere in California and are fond of eating and paying your bills I would find another way to make money.
2007-03-06 03:26:06 · answer #2 · answered by 11111 1 · 0⤊ 0⤋
Not if you are trying to work with an online place.
I would only advise doing it for a legit, real company where you can go meet the people.
2007-03-06 03:17:25 · answer #3 · answered by waddelljeff 1 · 0⤊ 0⤋