Mortgage Broker/Loan Officer

[Jamesw]

Ok I really dont know where to post this but it seemed like a ok spot. Anyways I am 20 y/o and I have made the choice that I would like to become a Mortgage Broker or a Loan Officer. Has anyone else on here picked this as their career? If so how did you get started? I have searched the internet but I can seem to find anything. So any advice you might have would be of great help and appreciation.

Thanks,
James

[LWOOD]

James, this should go into off-topic discussion, this area is for general discussions about the 300 and 300C. Thanks,
Bill

[jtrejo]

James,

I just turned 22 years old last month, and have been in this business for over a year and a half. This year my 1099 taxes came out to over 125,000 total!!! I purchased my first house over 500K eight months ago and bought my 300c myself. I can tell you this, it is a very rewarding business, however it is also very challenging. A year and a half ago I had sold my jordan shoe collection just to catch up with my finances. Good Luck!!

[ericraven]

I am in home sales. I work closely with alot of mortgage brokers. They tell me the first 2-3 years are really hard(little money and lots of hours(at least in the Dallas market), but that long term it is a good profession.

[5point7]

It's a 100% referral business. Real Estate agents and Loan Officers are a dime a dozen. 95 to 97 of 100 loan officers give the same "advice" to all of their clients, or they simply quote the lowest rate they can and hope their's is the lowest (order takers).
Every loan officer out there says they have the best rates, the best programs, and best service - what makes you different from them? You need to be different and offer your clients more....MUCH more...Much more than rates, much more than service, and if you do it right - you will have clients and referrals for life.

This is a VERY tough market right now (where I am anyway), if you can get in it, learn it "properly", and stay with it - it's very rewarding. Do it for the love of the job though, not the money - because if you do it for the money, your clients see it and you won't be in it for long.

You can pm me if you want to talk with me. I'd be happy to share my 15+ years of experience with you, and give you my recommendations.

jtrejo, the offer stands for you as well!

[turbohips]

Look for a person whom can train you properly. I've seen guys come and go in my office because they were trained like telemarketers. You need someone that can show you how to ask the right questions and then to shut up and listen. 5point7 would be a good start with having 15yrs exp. Good luck and remember to have at least three months reserves before starting this venture.

[First300COwner]

What all these guys said is true. Think of it as pushing a big heavy boulder up a hill.

If you stop pushing the boulder while you’re on the incline, it will start to push you back. After a few years of very focused hard work you seem to reach a plateau.

For the majority we never stop pushing the boulder, it just becomes easier. You have to keep moving forward.

Just like any career! Most people come into the Real Estate game thinking that they will get rich quick but it comes down to pleasing the client. If they love you they will refer business.

www.loantoolbox.com is an awesome place to start. I think it’s like 30$ a month but worth every penny.

We can go on talking about this forever but you get the basics. Need more answers just PM me or call me

Just keep walking and don't look back. You always have to meet new people. Good training is the key!

[myrtle300c]

Good advice guys. I've been selling oceanfront Real Estate in SC for 5 years now, and owe it to the people who taught me those same ethics you guys speak of.
Think past what money you can make and focus on what your clients really want. They'll come back everytime and have their friends call you, too. That's respect for a job well done. Everybody wins, you the client, and whoever you work for.

[dkals]

James,

If you have time pm me next week and I will give you some information. The reaso I say next week is that we have our company's Presidents club starting tomorrow. We head to Cabo for 5 days. I have been a mortgage banker for the last 8, and made the company trip 5 years running years.

It is going to take possibly 3 years to get rolling well in the business. Listen to the others advice there is experience talking to you. When you talk to people who want to hire you take what they tell you about income with a grain of salt.

Last years income includes the tail of the refi boom. All gone now. There are companys closing and loan officers quiting. Alot of people quiting where the money chasers, now going to some other industry. Unless you go to an 800 lender, you will work more than 40 hours a week to be a good loan officer.

[dkals]

Sorry about the spelling, second child makes sure we all sleep in short shifts at this house!