What about a 2nd career as a mortgage originator. Where can I get on-line training and what about the pay?

Question

I am 62 and thinking about semi-retiring. I would like information concerning mortgage loan originators. How much do they make on average? Do you have to work for a bank or other lender or can you work freelance? How do you obtain the necessary training?

Answer 1

i agree working under a qualified senior broker can help you tremandously. there are many brokers now looking for work and many companies laying off thousands. get your training thru your states department of finance. and look for a good company that will take you in look for a company that provides leads to you and support.

good luck

Answer 2

If you plan to be a broker - you will need to be licensed. Working for a bank (direct lender) you will not be required to be licensed. Each state has different requirements to be licensed. Check with the state.

You can freelance as a broker - this will require YOU to generate your own business. As many statistics will tell you, mortgage originator employment is DOWN 35% since Jan 2007. You better deceid that you LOVE this career choice because it is not an easy career to learn and you need to keep up with the market, education and program criteria.

I went to school in CA and FL to get licensed, then went to school for other states, (TX, LA, NC, OH and NJ) However, my bank covers all my license requirements now but I do keep my FL license =)

Hope this helps,
Choose this career because you LOVE to help people. If you choose it for the $$, you will be one of the 35% that leaves. Good Luck

Answer 3

There are some companies that will train you. Look for ads in your local newspaper, look for ads that say Loan officers, will train no experience needed.

For the person that is looking for a second career this is a tremendous field to be in. You are getting involved at the right time as you will learn to become a loan consultant and not an order taker.

There are many good brokers that are looking for those that are seniors and have good common sense. I applaud you for the career field as I find that seniors make excellent loan consultants, they have a trait that good loan officers need, they listen.

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

"FIGHT ON"

Answer 4

if you are asking to become a mortgage broker training varies from state to state! training is done in class most states dont allow online training. in many states you only have to take about 24 hours of class. the test can be taken soon after the class. there are fingerprint cards federal checks that are done and a criminal background check!

that said most good companies offer bigginning brokers 50% commision and you work under a licansed seasoned professional. this is not a bad deal due to the fact that every loan is different and with several hundreds of banks out there offering thousands of programs. you need to work under someone for the first year. as silliy as it sounds you will make more starting out working under a seasoned professional.

Answer 5

some medical ones like x-ray technition...go to the help wanted section of different hospitals if you can find them on line.