New Real Estate licensee what should I do with it? Loans??

[sculy33]

I want to get into the Loan business right now, I do not want to generate my own leads. What are the duties of a loan officer? I want a job with warm leads and a base pay.

Any advice will help.

Thanks

[Rude Awakening]

I want to get into the Loan business right now, I do not want to generate my own leads. What are the duties of a loan officer? I want a job with warm leads and a base pay.

Any advice will help.

Thanks

Hey Sculy,

If you find anything like that, I'll quit my branch manager position and join you right away!
The reason Real Estate Agents and Mortgage Professionals get paid is because of being on commission with no base pay. Not everyone can do it, but the ones who can last and do a good job, make a lot.

A company might offer you a position like that and give you a very minimal share of the loan.

If you're interested in learning more about mortgages and working as a loan officer, you might want to start out as a paid processor that also gets commission based on volume. That way you learn the business from the inside (which leads to becoming a knowledgeable loan officer), you get your base pay and you can still make some extra money on the side.

Just a thought.

[Real Estate Talk]

I was a loan officer for about a year and to be honest it is very hard and stressfull work. Some people are good at it and some people are not. I knew one of the guys that was working with me would make about 15 loans go through for him docs sign and gets payed for every months. That's on average 50k per month. Some people are just good like that and there are the others that barely get 1 a month or not even that.

My advice is if your really into mortgage go and start by getting a job at a mortgage company. Since your new they might start you out as a telemarketer but just work as that for about a month or 2 at the most then they'll most likely promote you and be a loan officer. once your a loan officer i suggest work your ass off to get as many deals as you can. if your good at it then keep doing what you do but if you don't like it that much stay there for about a year or 2 just for the experience then try to get a job at a bank. They usually give you a base salary with a small commision. Well that's what I suggest.

Good Luck!

[LoanOfficer101]

If you want a quick way to make money as a loan officer, start getting on the phones and call on FSBOs, offering to pre-qualify their prospects and assist them with the sale (not as a Realtor, mind you). You can make up some pre-qual forms and marketing material that highlights all the programs that your broker offers. You can also make a property information sheet that the FSBO can hand out to prospects. These tools are in my Loan Officer package.

Don't waste your time calling on realtors until you have done some deals. You will screw up your relationships real fast.

You should watch my free online mortgage marketing seminar at http://LoanOfficer101.net. You will learn about 15 ways to generate business. When you get on my free newsletter, you will also get some useful marketing tools, including some flyers that you can modify to go after the refinance market.

Oh, one bit of advice. DON'T ever do telemarketing calls unless your broker has the FTC 8-step compliance program in place. If you call someone on a do-not-call list, and your broker does not have the compliance program in place, YOU can be personally fined $11,000 per incident! I have the complete guidelines in my Loan Officer 101 training package.

- Joe Kamenar

[Lenderles]

Most realtors are smart and know the mortgage business. They will know if you are experienced. If you get with a mortgage Lender who provides lots of
support Then you will be fine. Know what you are putting in your pipe line.
Not everyone you meet will be able to buy a home. thats why asking questions before you pull the credit will save you and your lender time and
money.

I to think the fsbo Idea would be your best task, Since you are new.

I've been in the mortgage business for ten years past June. and it has been
up and down in the State of Georgia.

I run into more marginal credit now then ever. which, makes us lenders have to be more creative.

Les A. Williams
lenderles@yahoo.com