Its hard out here for a loan officer... especially a green one like me!?

Question

in one month of working as a loan officer I have got 14 applications... and as we all know getting 14 applications does mot mean 14 loans, because you always run into your shoppers, people with crappy credit, or homes with no value, or even worse negative value... so what advice would a seasoned loan officer have for a newbie like me. Right now I am just using the companies leads, but I would like to know how to get my own leads, and referrals, where to get better training, my company just kinda throws us out there. And what do you do to stay afloat in this market? I got in now thinking the market has to turn around within a year, and I would be a better saleswoman if I started when it was hard. But I don't feel like I am getting good training on how to sale and really do a loan. We only got about 2 hours total of training.

Answer 1

the problem we are all haivng now is nobodys fault but our own! when borkers qualify a client on an arm product that is going to adjust up and they are at the limit of DTI they set borrowers up for failure. the fact is borkers could only see the rebate they where gonna get if they push loans that where not best for the clients in the long run. you say your a newbie here is my best advise to you do what is best for your clients when its not in thier best nterest tell them straight yea i can do the loan but your gonna be in trouble later.
the fact is, the guys that where selling loans wont be around much longer and the lenders as well. referals are the best lead and although you will be told when you realize a loan is wrong for a borrower, sell the loan! tell them why its wrong and if you can find a better salution tell them. this sets you apart from the rest.
DONT BE A SALESMAN.

I have been in the bussiness for years in several states i get more referals than leads and to be honest buying leads from some of these companies is asking for shoppers. they sell the same lead to 5-8 diff. brokerages.
as far as the training yea i started years ago under a company that was the same way and you gave up 50% of your commision to the brokers above you.

when you start to try to be a salesman and not an advisor you put yourself into the role of all the other fast talkers out there!
every lender and broker i have ever worked for wanted us to charge a minimum of 3% in fee front and back total. If you didnt you made no money! If you are a licansed broker find a good company you can trust thats not screwing you not training you is screwing you!

I hate every hearing someone say you need to sell them the loan. thats a load af horse____!

when you start working for the borrowers your referals will pickup and they are the easiest loans to do. as far as the run with the wolves wolves only live about 4 years on average then they die.
I found a company that is great nobody pushing me and i make more now in a bad time than i did when it was great! my income has doubled. due to better quality clients and a better company policy!
if you want to aks me anything feel free!

Answer 2

You have joined a boiler room position. There is really no such thing as a professional car salesperson nor a professional credit / loan officer. You will find that the person sitting next to you will eventually display tendencies to sell his/her mother and grandmother on a 2 for 1 for the right price. The general public is aware of this. It's the worst sort of sales atmosphere there is. I've been there. You have to be a wolf if you want to run with them. Good luck

Answer 3

william has generalized
i have met few brokers i trust. It truely is about someones charicter if yo have it you dont fall into the catagory of salesman. If you dont you become a professional and in my book a professional does whts best for thier client not the company or themselves. granted theyare few and far between. as far as running with the wolves anyone whos been alone int he woods knows wolves are to be avoidved.

find a company with morals they are few.
lots of companies are in trouble now due to bad lending practices look for a new company not affected by this now.
i see alot on here about directlendingplanet and thier borrowers are talking about them here and google
see if you can find a way to contact someone thereto get advise