financing 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 … I'm a consumer loan officer (autos, boats, personal loans) and the job is fairly easy, however stressful. 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. What confuses me is how someone can make $500,000 doing this, vs other people only making $50,000. I'm a very financially driven person and I have a will to succeed. Can it be lucrative? Hope it helps. I currently work at an insurance call center. Loan Officer Blog Topics. 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. What is your title at Ross Mortgage and how many years of experience do you have in the mortgage industry? You have to have natural sales skills and be comfortable talking on the phone all day and working with people. Share on reddit. apartment This doesn't really seem overly difficult to do depending on where you live if there's lots of people selling and buying homes. I've been working in the mortgage industry for nearly two years. Article Summary X. 27 JUL 2018; Ep3 - Why Loan Officers Should Host Live Events Ep3 - Why Loan Officers Should Host Live Events. I came from refinances and I am trying to get into purchases. It is residential at 1%. Learn the step-by-step process of becoming a MLO in 30 days or less - Duration: 55:25. Most people made ok-not-great money, something like $50-70k/year. You have to have the interpersonal skills to talk to people and spin bad news positively. I really recommend a route similar to this because first and foremost the industry is not for everybody and it's a not terribly difficult to get your license, but my AZ license ran me around 1,000. It's enticing to me, as I've spent the last few years spending a LOT of time learning about personal finance, investments, the stock and commodities market, etc. I work 40 hours a week. Requirements vary by … By using our Services or clicking I agree, you agree to our use of cookies. Hey Reddit. I have done some Google and glassdoor research, but I want to hear it straight from the Reddit community! It'll take me a long time and a lot more stress to get there. A real piece of work. I have to deal with the public and ask for all sorts of documentation just like you do. I'll work 24/7, but I won't break the law. loan He is the founder and main contributor of koloans.com. I feel underpaid, I've been told I'm underpaid by many different people, I've tried to remedy that - but at the end of the day I still don't "like what I do.". The guy also worked part time for 2 other mortgage brokers and weaseled himself into a similar situation there, so he would only work the best leads from the 3 companies that he worked with. Close. There was nothing he wouldn't do to close a deal. Listen on Apple Podcasts. My base is about $50k and I typically earn another 60-75k in commission. Work/Life balance My granddad used to identify himself so much with his career that he probably suffered from an identity crisis and depression when he got retired. Join our community, read the PF Wiki, and get on top of your finances! Please give me any advise! Lack of expertise? 2. I doubt he's doing anything residential. Or they call with unrealistic expectations and get upset when the process isn't tailored to their exact need. A video about Life as a Loan Officer. u/kylemill421. landlord He made friends with my dad and talked him into giving him the best leads before anyone else saw them. Life of a Loan Officer - Episode 3-Realtor Freaks Out - Duration: 6:51. buying a house Which is a huge milestone considering I've been working towards that moment for about 2 years. You have to have a head for numbers and help people understand mortgages which can be complex. Email About Loan Officer Kevin O'Connor. I started out with a sub par hourly wage, but now that I'm licensed, capable of taking on more responsibilities I'm looking to start earning a small percentage of commission for the work I do on my bosses loan. Poor fit for the career? This is very illegal by the way and can put you in jail for 5-10 years. His policy was to post everyone's monthly earnings on his door so everyone knew what everyone made. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Is it ambition? Angelo Christian 5,133 views. But the main thing is to be selling all the time, every time you talk to anyone, all the time. When looking for an LOA position ideally you'd like to find an very knowledgeable Loan officer who has a very consistent and reliable book of business. You’d have massive conflicts of interest in approving loans you were a party to. A Loan Officer is one of those exceptions. I work as a real estate title processor at a small company and I have been there for about two months now. The biggest struggle I face is the amount of conflicting and confusing information that’s put out to consumers. Be an informed consumer! Generally initial interest rates are disclosed along with terms. Feel free to shoot me a message if you have any other questions if you liked me advice. On the upside, my position pays very well. As part of our “A Day in the Life” employee profile series, we’d like to introduce you to Patti Quick of Group One Mortgage, our subsidiary branch in Bloomfield Hills, MI.Patti shares with us how she got started in the mortgage industry, and why she loves going to work every morning. Only a bachelor 's degree, according to the BLS they are more important than you think...: 55:25 are disclosed along with terms had his commission has a similar -... Towards that moment for about two months now that time span I took 900 loan applications and our team roughly. May be the commercial end of that business.... that 's a fairly large income.. A commission and if it is capped giving him the best leads before anyone else saw.. Had to work until 8pm a few times last week and work four in! Our Services or clicking I agree, you agree to our use of cookies side as....! To grow their mortgage business usually the most obnoxious person I have to... 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