Getting started as a loan officer

Get new comments by email
You can cancel email alerts at anytime.
Comments (20)

Sharkey in Owensboro, Kentucky

63 months ago

Hello, all. I was in sales for a major telecommunications provider for over 5 years. I've decided I want something different and I've always been attracted to the mortgage industry. I understand the challenges it presents: 100% commission, long hours, lots of paper-work. I want that. :-) I can be successful at whatever I do.

A few days ago, I purchased two books by author David Reed: Mortgages 101 and Your Successful Career as a Mortgage Broker. There are a few local brokers here in my town. I've always been good at sales and I have some time and resources to get my feet wet and still be OK without any immediate pay.

What are your suggestions for getting into the industry? I have the aptitude, no doubt about it. I'm brushing up on the knowledge this weekend and I will be ready soon to start making waves. Should I start with a local broker or find an online broker? I wouldn't mind being an apprentice for a few months. I will be good at this. I appreciate any guidance the forum can offer. Thanks!

- Was this comment helpful? Yes (4) / No (1) Reply - Report abuse

bevt in Greenville, North Carolina

63 months ago

Sharkey in Owensboro, Kentucky said: Hello, all. I was in sales for a major telecommunications provider for over 5 years. I've decided I want something different and I've always been attracted to the mortgage industry. I understand the challenges it presents: 100% commission, long hours, lots of paper-work. I want that. :-) I can be successful at whatever I do.

A few days ago, I purchased two books by author David Reed: Mortgages 101 and Your Successful Career as a Mortgage Broker. There are a few local brokers here in my town. I've always been good at sales and I have some time and resources to get my feet wet and still be OK without any immediate pay.

What are your suggestions for getting into the industry? I have the aptitude, no doubt about it. I'm brushing up on the knowledge this weekend and I will be ready soon to start making waves. Should I start with a local broker or find an online broker? I wouldn't mind being an apprentice for a few months. I will be good at this. I appreciate any guidance the forum can offer. Thanks!

Sharkey,

1st. you have to find out if you need to be licensed in your state. You can check with the commissioner of Banks for your state. This year there will be a law that all mortgage loan officers/ originators will need to be licensed. I just went to a 3 day workshop here in NC and am in the process of taking the test and getting licensed. Let me know how you make out. Hope ths helps.

- Was this comment helpful? Yes (4) / No Reply - Report abuse

Sharkey in Owensboro, Kentucky

63 months ago

bevt, did a broker sponsor you or did you foot the bill for the license training yourself? Thanks.

- Was this comment helpful? Yes (4) / No (1) Reply - Report abuse

bevt in Greenville, North Carolina

63 months ago

Sharkey, I paid for it myself. Most do not sponsor you. I paid $199.00 to me it was well worth it. They have so many sample tests and videos on their web site. It is Abacusmortgagetraining.com It was an excellent course. Seeing you are in Ky. maybe you could go online and do a search or go to the commissioner of banks web site for your state and they will list some companies that give courses. That's how I found this one. Good luck and let me know how you make out.

bevt

- Was this comment helpful? Yes (2) / No Reply - Report abuse

Sharkey in Owensboro, Kentucky

63 months ago

I have no experience in mortgage lending, but I'm a good salesperson. If I get licensed first, will a broker hire me locally or would I be better off going online or relocating?

- Was this comment helpful? Yes / No Reply - Report abuse

bevt in Greenville, North Carolina

63 months ago

I don't know what the market is like in your area. You could go to www.mortgageboard.com and look up jobs for your area. This is an excellent site for loan officer jobs. If you are a good sales person you will do well as a loan officer. The rest is learning the laws and abiding to strict ethics. Once you get licensed you will be an asset to any mortgage company or bank.

- Was this comment helpful? Yes (7) / No Reply - Report abuse

IO in Rome, Georgia

63 months ago

bevt, are you going to a local broker or trying to find a bank to hire you? I keep hearing how mortgage brokerages are being targeted by the government nowadays. Are you sure this is the best thing to be getting in to?

- Was this comment helpful? Yes / No Reply - Report abuse

bevt in Greenville, North Carolina

63 months ago

IO,

I am going with a mortgage broker. Banks don't pay that well and you are limited on what you can sell. With the strict laws out if you are doing what your surposed to be doing ethically you have nothing to worry about. As far as brokers go you need to get with a very ethical firm.

- Was this comment helpful? Yes / No Reply - Report abuse

IO in Rome, Georgia

63 months ago

bevt, how many loan closings per month do you feel is realistic right now? Do you already have a job lined up? How difficult was it for you to find a job once you were licensed? You see, I'd love to quit my current sales job and get licensed. But I'm not sure how valuable I'd be right now in this market.

- Was this comment helpful? Yes / No Reply - Report abuse

bevt in Greenville, North Carolina

63 months ago

IO, loan closings starting out will vary by area and what part of country. I am in the process of getting licensed. I sent everything in and now I have to wait 3-4 weeks. Don't quit yet. The course is only 24 hrs. (3 days) you can do that and still work. Take vacation days. When mortgage companies find out you applied for a license many of them will hire you or at least start the process. Once you apply for a license and find a mortgage company start networking with realtors. They are always looking for good mortgages. Good luck and let me know how you are doing.

bevt

- Was this comment helpful? Yes (2) / No Reply - Report abuse

IO in Rome, Georgia

63 months ago

bevt, you were approached by mortgage brokers after you sent in your application for the license? How did they find out you were applying? I take it the market in your area is good? Why would I limit myself to one area though? I eventually want to deal with all 50 states.

- Was this comment helpful? Yes / No Reply - Report abuse

bevt in Greenville, North Carolina

63 months ago

IO, I went online to www.mortgageboard.net and looked up loan officer jobs. I applied to the ones I wanted and they contacted me for interviews. Since they knew I was in the process of getting licensed they were more apt to make a job offer. I chose the one I thought was a good fit for me. We can write in all 50 states. What you do for out of your area is: You get a referral fee. Your Broker has to be licensed in the states you want to write in. I was lucky in that the company I decided to go with is willing to pay for me to get licensed in various states. Hope this helps.

bevt

- Was this comment helpful? Yes (2) / No Reply - Report abuse

IO in Rome, Georgia

63 months ago

bevt in Greenville, North Carolina said: We can write in all 50 states. What you do for out of your area is: You get a referral fee. Your Broker has to be licensed in the states you want to write in.

bevt, does your broker provide you any leads or are you expected to generate them on your own? Thanks.

- Was this comment helpful? Yes / No Reply - Report abuse

bevt in Greenville, North Carolina

63 months ago

IO, Both. He gives me some and the others well I have a database of all my previous customers. a lot of them got high rate fixed mortages so many will be ready to re-finance.

- Was this comment helpful? Yes (1) / No Reply - Report abuse

John Doe in North Hollywood, California

63 months ago

Sharkey in Owensboro, Kentucky said: I have no experience in mortgage lending, but I'm a good salesperson. If I get licensed first, will a broker hire me locally or would I be better off going online or relocating?

you can work for anyone within walking distance from your house because you most likely will be getting paid on commisions only!

- Was this comment helpful? Yes / No Reply - Report abuse

eric in eldersburg in Baltimore, Maryland

62 months ago

I know you can't believe much about what one hears media,but is anyone getting loans closed with any regularity? Are the smaller banks the place to go to start off a career in mortgage lending because they didn't make subprime loans? Anyone let me know, thanks.

- Was this comment helpful? Yes (1) / No (1) Reply - Report abuse

faithn01 in Chula Vista, California

53 months ago

I have written the CEO of Bank of America at
Mr. Kenneth D. Lewis, CEO of BA,
100 N. Tryon Street
Mail Code NC-1-007-18-01
Charlotte, NC 28255

because of the way this company and some customer service representatives handled the credit reporting of my Short Sale and the way they actually show our 2nd mortgage as active in their system and the credit bureaus. I have asked him in my letter to remove the 2nd mortgage as shown in their system as active because my house was short sold already on July 9, 2008. One of the conditions in the short sale is that there is no deficiency judgment against us for both 1st and 2nd mortgage and that is included in the escrow papers and was also confirmed via email by their negoatiator, Adam Herson on June 4, 2008 . Per teller of Bank of America in San Diego we still have this Mortgage showed as active. Per Shawn of BA this 2nd Mortgage still shows active., was referred to the Negotiator Adam Herson who is now a Manager on November 11, 2009 but never returned the call. Can I sue Bank of America for not fulfilling the terms of condition at closing?

- Was this comment helpful? Yes / No (2) Reply - Report abuse

Andy May in Wake Forest, North Carolina

36 months ago

Make sure you don't fall for one of those sliding scale comp plans....where they pay you 30% of gross commission. I've always paid 65% of gross commission regardless of what you close. And I pay employer taxes on top of that. Pretty simple. Most loan officers can't figure it out and go broke working for someone that's taking too big a piece of the pie. www.adrmortgage.com
Andy May

Sharkey in Owensboro, Kentucky said: Hello, all. I was in sales for a major telecommunications provider for over 5 years. I've decided I want something different and I've always been attracted to the mortgage industry. I understand the challenges it presents: 100% commission, long hours, lots of paper-work. I want that. :-) I can be successful at whatever I do.

A few days ago, I purchased two books by author David Reed: Mortgages 101 and Your Successful Career as a Mortgage Broker. There are a few local brokers here in my town. I've always been good at sales and I have some time and resources to get my feet wet and still be OK without any immediate pay.

What are your suggestions for getting into the industry? I have the aptitude, no doubt about it. I'm brushing up on the knowledge this weekend and I will be ready soon to start making waves. Should I start with a local broker or find an online broker? I wouldn't mind being an apprentice for a few months. I will be good at this. I appreciate any guidance the forum can offer. Thanks!

- Was this comment helpful? Yes (5) / No Reply - Report abuse

Admin in Riverside, California

9 months ago

You can use www.loanofficerlicense.net to find out what requirements you need to become loan officer.

- Was this comment helpful? Yes (1) / No Reply - Report abuse

Elle in North Las Vegas, Nevada

21 days ago

referral fees? smh

bevt in Greenville, North Carolina said: IO, I went online to www.mortgageboard.net and looked up loan officer jobs. I applied to the ones I wanted and they contacted me for interviews. Since they knew I was in the process of getting licensed they were more apt to make a job offer. I chose the one I thought was a good fit for me. We can write in all 50 states. What you do for out of your area is: You get a referral fee. Your Broker has to be licensed in the states you want to write in. I was lucky in that the company I decided to go with is willing to pay for me to get licensed in various states. Hope this helps.

bevt

- Was this comment helpful? Yes / No Reply - Report abuse

» Sign in or create an account to comment on this topic.