Loan Officer Question

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Comments (7)

wrocksmith in Bothell, Washington

50 months ago

I am looking to become a part time Loan Originator to supplement my income. I have heard of people that work for an institution that doesn’t have sales quotas. All I want is to originate loans for friends and family for extra income on occasion. I don’t have my license yet, as I am just in the thinking stages. My question is "Is there a financial institution that will provide mortgages to my customers on an as needed basis, and with no minimum amount of loans I need to originate every month/year?

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nkpett1942@bellsouth.net in Rome, Georgia

48 months ago

wrocksmith in Bothell, Washington said: I am looking to become a part time Loan Originator to supplement my income. I have heard of people that work for an institution that doesn’t have sales quotas. All I want is to originate loans for friends and family for extra income on occasion. I don’t have my license yet, as I am just in the thinking stages. My question is "Is there a financial institution that will provide mortgages to my customers on an as needed basis, and with no minimum amount of loans I need to originate every month/year?

I have the same question, but have an in-home office and originate loans for a mortgage company now. I am fully licensed with the State of
Georgia. Just need to place mortgage loans when I can get them from my home office. Anyone interested?

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Ella Pacey in Massachusetts

46 months ago

wrocksmith in Bothell, Washington said: I am looking to become a part time Loan Originator to supplement my income. I have heard of people that work for an institution that doesn’t have sales quotas. All I want is to originate loans for friends and family for extra income on occasion. I don’t have my license yet, as I am just in the thinking stages. My question is "Is there a financial institution that will provide mortgages to my customers on an as needed basis, and with no minimum amount of loans I need to originate every month/year?

I don't sure but I think there's not.

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Trey in Alabaster, Alabama

43 months ago

I would steer clear of the mortgage business if you know nothing about it. Not a good time to get in even with a good head on your shoulders. You'll need to be trained and there is probably not a company that would train you and let you produce just a few loans a year. And you learn from experience in this. If your not good at what you do ( and you woukld need to do a lot of loans to become good) you could very well mess something up terribly and cost a family member or friend a lot of money without meaning to. Also the company would have to answer tons of questions for you and do all your work on the first few loans until you learned. You better stay away from the real estate business.

Trey 26 year mortgage banker.

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Trey in Alabaster, Alabama

43 months ago

It's illegal for you to place loans at other lenders if you are currently working for another mortgage company. You are talking about breaking a federal law and that was clearly on your test if you are truly licensed. You cannot take deals from one company and give them to another. It's illegal.

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Carey in Buena Vista, Colorado

25 months ago

I work for a company that does not have sales quotas and allows (encourages) me to work from home. But it's a Colorado based company.

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Melody in Broomfield, Colorado

21 months ago

Carey in Buena Vista, Colorado said: I work for a company that does not have sales quotas and allows (encourages) me to work from home. But it's a Colorado based company.

I'm also in Colorado and thinking about getting a license to originate loans. Would you mind steering me in the right direction to get started with a company that I can work at from home and not have quotas?

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