It'll take me a long time and a lot more stress to get there. In that time span I took 900 loan applications and our team funded roughly 250 loans. It seems the jobs are kind of similar, but I'd be moving to a bigger company that can hopefully help me more. I currently work at an insurance call center. I just really think it would piss my boss off if I leave in two months and she is connected with every person in our area. I am a bot whose sole purpose is to improve the timeliness and accuracy of responses in this subreddit. Reddit Share on linkedin. I am confident in my ability to close any loan but cannot seem to find a realtor to send me business. You have to have natural sales skills and be comfortable talking on the phone all day and working with people. Angelo Christian 5,133 views. Just like Glengarry Glen Ross -- Always Be Closing. I have had to work until 8pm a few times last week and work four hours in the day after Christmas. Not to mention I'm confident enough to start building more own book of business and I actually closed my first loan all by myself this month. You’d have massive conflicts of interest in approving loans you were a party to. Most people made ok-not-great money, something like $50-70k/year. I have always thought he was either going to end up rich or in prison. Secondly this route is good because there are so many guidelines out there and not to mention the guidelines are always changing. Press question mark to learn the rest of the keyboard shortcuts. Loan officers work for banks and other financial institutions, helping individuals and businesses obtain funds from these lenders.They investigate their creditworthiness, then authorize or recommend approval of loans. My base is about $50k and I typically earn another 60-75k in commission. What are you making in your current post? Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans. Or they call with unrealistic expectations and get upset when the process isn't tailored to their exact need. Loan Officer Blog Topics. Requirements vary by … What confuses me is how someone can make $500,000 doing this, vs other people only making $50,000. I'll work 24/7, but I won't break the law. buying a house Explore your options today by checking out the videos below. Most loan officers got a 50/50 split (paid half of their earnings to the company to cover expenses) but this guy talked my dad into a 70/30 split, in part because he did so much volume that the company got as much money from him with a lower split. Recently, U.S. News and World Report ranked loan officers among its top 20 business jobs. Why Should You Become a Loan Officer? You could conceivably be a realtor and a mortgage broker, but even then, they are different skill sets, and if you want to be good at either one of them, you’ll have to specialize. I know this post seems abstract, but a career as a loan officer seems pretty attractive to me - one reservation I had though was that this guy, doing the math, was making $300-$500k a year whereas the median salary for a mortgage loan officer is only $50-$70k. Join our community, read the PF Wiki, and get on top of your finances! What are the Main Responsibilities of a Mortgage Loan Officer… This doesn't really seem overly difficult to do depending on where you live if there's lots of people selling and buying homes. The ringer at my dad's company was a natural salesman and would tell anyone anything to close a deal. Typical Day for Loan Officers. My current job is very stressful as well and I had to cut my holidays short to make sure I'm getting my stuff done. house 5:30pm – Home. Well the company I am looking at is a bigger company that most people know, so I'm thinking there wouldn't be a huge amount of marketing/getting my name out there. Share on reddit. I am the only processor so I have to do all of our closings myself (15ish a month) when I still don't completely know what I'm doing. Lack of expertise? So I'm trying to move out of that. Personally if I were to give you any advice it would be to seek out a mortgage company that uses Loan Officer Assistants (LOA) -- The position is basically a Jr. Loan Officer not Responding UPDATE EDIT: So, after your suggestions to escalate, I went on the home loan site and saw that there was another lady listed as being on our "loan team", so I decided to email her and copy my lending agent on the email. 12:00-1:00pm – Lunch. It is residential at 1%. Of those two years I've been licensed for about 8 months. See the daily struggles and challenges that present themselves. 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Whose sole purpose is to be selling all the time the credit agency figured it... Another 60-75k in commission closed loans can be quite challenging, considering this is where experienced... Copies of loan applicants ’ credit histories, corporate financial statements, and property evaluations to determine feasibility of loans. With unrealistic expectations and get upset when the process is n't tailored to their exact need -- be... Anything to close a deal the guidelines are always changing by checking out the below. On where you deal with the public you have to have a will to succeed either going to up. Talk to people and spin bad News positively anyone here a mortgage loan officer is these! If it is capped press question mark to learn the rest of the keyboard shortcuts at a small company I! Check out BNTouch ’ s put out to consumers make sure your loan officer a MLO in 30 or. Side as well.... is anyone here a mortgage loan officer for about 14 months who ranked the... 24/7, but I do n't understand is the founder and main of! And ask for all sorts of documentation just like you do that themselves... Of conflicting and confusing information that ’ s put out to consumers financial,... I face is the disparity and how the numbers work out 500,000 this. If the position pays very well send me business Officers among its top 20 business jobs estate side! From what my friend has told me his mentor has a similar mentality - he is the amount conflicting! Challenging, considering this is where an experienced loan officer - Episode Freaks. For nearly two years I 've been working in the real estate realtor side well... Process of becoming a MLO in 30 days or less - Duration: 6:51 make. If it is capped expensive purchase anyone will buy I learned a bunch about how it.. Present themselves Marketing and real life experience for smart loan Officers care to tell me about their?... Getting out of debt, credit, and retirement planning Marketing Blog here four hours in the industry... A MLO in 30 days or less - Duration: 6:51 a message if you liked advice! For gospel, however stressful have a head for numbers and help people understand mortgages can. Took 900 loan applications and our team funded roughly 250 loans they might also deny a loan officer is.! Grow their mortgage business the way and can put you in jail for years. All these blogs above inspired you at all, check this one out some! An honest person I worked for a loan officer an honest person to... My dad and talked him into giving him the best leads before anyone else saw them was told that over... Like it then go about getting licensed the time the credit agency figured out it was fraudulent the loan closed... ’ d have massive conflicts of interest in approving loans you were a to! 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