Boom or bust?

Are jobs in this industry on the rise? Are there any sub-sectors that are growing?

Where are the jobs? Which places have the most mortgage loan processor opportunities?

Jobs are hard to find now. If you have one hold on to it. I have been unemployed for almost 6 months with 13 years under my belt. Smaller broker companies don't want to pay. You get for what you pay for.

Host said: Are jobs in this industry on the rise? Are there any sub-sectors that are growing?
Where are the jobs? Which places have the most mortgage loan processor opportunities?

This is not exactly the best time to get on board. I've ben laid off twice this year. Last job did not last even six months, though I was paid well. Been in the business for more than 7 years as a loan processor and pretty much know all the fundamentals but that was no guarantee. This business is cyclical, and this is certainly a low period.

There are a couple tools on Indeed.com that can give you an idea for Mortgage Loan Processor trends and salary averages:

Job Trends:
www.indeed.com/jobtrends?q=%22Mortgage+Loan+Processor%22

Salary Search:
www.indeed.com/salary?q1=Mortgage+Loan+Processor&l1=&tm=1

Also check out the lefthand Refinement Margin on the below link. This will give you a good idea for what the most popular job titles, companies, locations and such are within the Indeed index:
www.indeed.com/salary?q1=Mortgage+Loan+Processor&l1=&tm=1

I was sick and tired of not getting paid what I was worth to process loans. Doing all the work and seeing none of the money.

I opened up my own contractual processing company and have been doing great for 2.5 years now.

With the fall of the Sub-Prime Market- brokers are vanishing faster and faster, making it hard for processors to find jobs. I think once the dust settles and all the rookies have left the industry, job opportunities will be on the rise.

I worked for a company for 12 yrs & was called while on vacation that I don't have a job to come back to the company is closing down. So if you have a job don't loose it & live for another one until you are real sure about the company. This industry is real bad right know & I have been in the mortgage banking industry for 24 yrs.

Randi Scott in Alpharetta, GA said: Jobs are hard to find now. If you have one hold on to it. I have been unemployed for almost 6 months with 13 years under my belt. Smaller broker companies don't want to pay. You get for what you pay for.

Same here and seems like we as Processors are being discriminated against, even with temp companies. Entry level jobs and other jobs are not comming easy. We are lucky to get anything over $10 from the looks of it. Prior to entering the mortgage business I was a Secretary with a real estate background and was told employers don't care about that unless the title was held within the last year or two. Employers want to see that you held certain titles that pertain to job v/s you may have performed some of the job duties as a processor which I think is bs. You can't give up just pray about it. Temp agencies are almost useless.
It's going to take a special blessing from the Lord to get us through this.

I feel the pain as well. I was laid off from Countrywide about 3 months ago. I had been with Countrywide for 5 years. It is so hard to find a job in the mortgage industry now. I am trying to get out of the mortgage industry but it is so hard. No one will look at you unless you have the exact experience they are looking for. It seems like having a college degree doesn't help any more.

I hate to say it, but getting a processing job in the industry is tough and I'd highly recommend a look elsewhere. Why? I'm a 18 year veteran and I've been lucky to work for just 2 companies over that time. The fact is, processing and even a lot of underwriting/ops is going away. Even when the business 'comes back' to an extent, most companies of any scale are modernizing as we speak and updating processes and offshoring more. My company had -0- loans processed offshore until 2006, now 80+% are literally processed in India. The moment we hit app complete in the system, day or night, a processor in India is already on it and at a cost of about $60 per file. It's literally the same for us as if that processor was sitting in the next office over. The same goes for UW. All of my FHA files are underwritten either electronically or offshore. Not one is needs a local hand or eye on it. Processor positions once numbered around 700, we now have < 100 and those won't exist by Q1 2008. With systems as they are now about the only thing you can't do cheaper offshore is the face to face selling piece. If you're going to stay in the business, look at running your own show, but honestly, it's just a matter of time before you can count that out. Sort of like those who would buggywhips some 90 years ago. Sorry but this is what I'm seeing everywhere.

Rolly, I am looking for an offshore processing resource to get started. Would you mind sharing who you use. Thanks in advance.

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Rolly in Scottsdale, Arizona said: I hate to say it, but getting a processing job in the industry is tough and I'd highly recommend a look elsewhere. Why? I'm a 18 year veteran and I've been lucky to work for just 2 companies over that time. The fact is, processing and even a lot of underwriting/ops is going away. Even when the business 'comes back' to an extent, most companies of any scale are modernizing as we speak and updating processes and offshoring more. My company had -0- loans processed offshore until 2006, now 80+% are literally processed in India. The moment we hit app complete in the system, day or night, a processor in India is already on it and at a cost of about $60 per file. It's literally the same for us as if that processor was sitting in the next office over. The same goes for UW. All of my FHA files are underwritten either electronically or offshore. Not one is needs a local hand or eye on it. Processor positions once numbered around 700, we now have < 100 and those won't exist by Q1 2008. With systems as they are now about the only thing you can't do cheaper offshore is the face to face selling piece. If you're going to stay in the business, look at running your own show, but honestly, it's just a matter of time before you can count that out. Sort of like those who would buggywhips some 90 years ago. Sorry but this is what I'm seeing everywhere.

As a realtor I am looking for another profession or income producing stream at least until the market changes. Ideally a permanent change of careers. Anyone have any ideas on what small businesses may be on target for the near future. I would appreciate any insights into career changes at an older age (64).

Larry, we have a program that allows Realtor's to originate and be paid commisions on mortgage loans. We operate under a bank charter, which means our originators are not required to be licensed. We team you up with a Product Specialist so you can earn and learn at the same time. It is a very simple process. If you are interested let me know. bobby@fastactionprocessing.com

We are hiring at Freddie Mac. Right now, I have 20 auditor positions that I am looking to fill in our Internal Audit Division. At a meeting last week there was a discussion of 70 underwriter positions opening very soon. If you know of anyone, send them my way.

Thanks

I have owned my own successful shop - worked for other Brokers, and took off for
about 1 1/2 years last year, hoping things would settle down in the industry, plus some personal reasons. Want to get back into industry, called top 3 banks and applied - they said they are getting so many applications from people that stayed in the industry and they want to hire them over me! That unless I had a following, I didn't have a chance to get hired. I was a Vice President for a small bank, top producer in the past-----------Couldn't believe what I was hearing!! I don't know what else I can do, I have done loans and banking all of my life. I also have my DE Underwriting Certificate.(Never used it- but, still, I have good qualifications.) I just thought I was so qualified and anyone would love to have me onboard!!! What an awakening!!! Just thought I would share this with anyone out there that was in this mortgage industry!! Is Freddie Mac still hiring for auditor positions/or underwriters? I would really appreciate a look at my resume.

Welcome to reality my friend. This sucks but is a fact in the business right now. Don't give up, just broaden the search. You will find someone who values your experience. Why get back in the mortgage biz by the way? I've worked with a bunch of former folks over the last 2 years who've made very successful transitions into other sales sectors. It can be done.

Does the Loan processing class provided by AZ school of Real Estate help?

I mean will that help me getting a entry level loan processing job easier?

I was just recently laid off from my previous job for 9years. Wanting to do something different.

I was thinking maybe get some experience right now in RE, so i'm prepare when RE market is back to normal again.

I applied to Quicken Loan in Scottsdale, but they didnt want me.

Thanks for any suggestions or help.