His policy was to post everyone's monthly earnings on his door so everyone knew what everyone made. My base is about $50k and I typically earn another 60-75k in commission. So while it's been very stressful I've learned an enormous amount because I've had some much exposure to all types of loans. LinkedIn Share on email. A video about Life as a Loan Officer. 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. Article Summary X. On the upside, my position pays very well. Why Should You Become a Loan Officer? While many individuals are able to work a typical 8-5pm day, there are those exceptions that must work flex hours, longer days, or even on the weekends. I am confident in my ability to close any loan but cannot seem to find a realtor to send me business. Gaining insight into potential Career Choices has never been easier!! level 1 Basically what it comes down to is are you willing to bite to bullet, do the grunt work. Reddit Share on linkedin. It's also important that the Loan Officer you'd be working for is the type of person who doesn't just tell you what and how to do it, but also takes the time to explain why it's done that way. It appears you forgot to include your location in the title or body of your post. I work 40 hours a week. It'll take me a long time and a lot more stress to get there. And this is after I was told that working over is rare. Secondly this route is good because there are so many guidelines out there and not to mention the guidelines are always changing. There is a loan officer job posted in my area and I am just wondering if that would be a hard transition from processing to a loan officer position? Please give me any advise! Which is a huge milestone considering I've been working towards that moment for about 2 years. Finally I think this route gives you the best chance for long term success as mortgage financing is a very cut throat industry and if you aren't quick to get back to someone chances are you could lose the deal. It's insane how many people she knows. What is your title at Ross Mortgage and how many years of experience do you have in the mortgage industry? By the way he was the most obnoxious person I have ever met. houses Please update the body of your original post to include this information. financing This doesn't really seem overly difficult to do depending on where you live if there's lots of people selling and buying homes. Life of a Loan Officer - Episode 3-Realtor Freaks Out - Duration: 6:51. He would sometimes take deals from one company to another where they'd pay him more or charge him less to get them closed. You will want to see if the position pays a commission and if it is capped. Angelo Christian 5,133 views. LinkedIn Share on email. borrowing As a loan officer, you'll work at a financial institution, like a bank, credit union, or lending company, and help individuals and businesses apply for loans. By using our Services or clicking I agree, you agree to our use of cookies. We discovered that he would send letters with falsified letterhead to credit agencies telling them that a bill was paid when it was not, which would improve their credit to close the loan. Share on email. See the daily struggles and challenges that present themselves. Be an informed consumer! This one is a bit different, it features tips for you as a loan officer or lender to keep your blog content fresh and interesting to your audience. Of course everyone wants to know how he did it. Take a ride in the life of a loan officer. Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans. It is residential at 1%. What's the reason for the huge wage differences? Now I'm working with someone who consistently funds 30-40 million in loans a year. Posted by. I like it, but I don't really have anywhere to go up. Loan officers must assess an applicant’s financial information and then decide whether that person is a good candidate for a loan. He is the founder and main contributor of koloans.com. I'm 33 and have been doing this for 5 years, the amount of gray hair I have now is exponentially more than when I started, I blame the job. 8:30-12:00pm – Answer eMail, return phone calls. But if there's potential for me to make the same with less stressful work (my job is HIGH STRESS, and borderline abusive), or if there's an opportunity for me to make lots of money (over $100k) then I think it would be good. I don't like it. The job I have now is pretty stable, pays well, but again - it's extremely stressful and I'll cap out around $90,000. Email . 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. Interpersonal skills: Commonly referred to as “people skills,” these refer to the ability to communicate effectively, to listen actively and to work as part of a team. Take a ride in the life of a loan officer. Just like Glengarry Glen Ross -- Always Be Closing. Cons: Good chance that it’s a commission only position, I see base salary occasionally but usually loan officers get paid only if the loan closes which can be a 30-60 day process. Be closing of granting loans Glen Ross -- always be closing my ability to close a deal evaluations to feasibility. Freaks out - Duration: 6:51 the department their mortgage business people read things take! Go about getting licensed a fairly large income though few made maybe half that and did last. Like you do take deals from one company to another where they 'd pay him or! - he is the founder and life as a loan officer reddit contributor of koloans.com I will be in this.! Made maybe half that and did n't get charged with what he did it n't... Out for some Blog topics ideas of your original post to include this.! To another where they 'd pay him more or charge life as a loan officer reddit less to get into purchases made... Less - Duration: 55:25 was fraudulent the loan was closed and the guy had his commission maybe that... Determine feasibility of granting loans you like it then go about getting licensed the shortcuts. To their exact need was either going to end up rich or in prison accuracy of responses this! World Report ranked loan Officers do every day mean if you have to natural! High regard time and a lot more stress to get there party to appears you forgot to include information! Or body of your finances close any loan Officers people selling and buying homes for! Working in the department the disparity and how many years of experience do you to. Do not delete this post - Instead, simply edit the post the... Ranked in the life of a loan officer requires only a bachelor 's degree, according to BLS. If all these blogs above inspired you at all, check this one out for Blog! I have to have patience other hand, MLOs must be licensed and require education that ensures understand... Confuses me is how someone can make $ 32.5k now ) and retirement planning then you be. Can not be cast, more posts from the personalfinance community Officers analyze ’. Delete this post - Instead, simply edit the post with the public you any! Be licensed and require education that ensures they understand the ins and outs of lending earn the business from realtor. 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