How do I become a Loan officer/Mortgage broker in NYC?

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I have a 4 year business degree and I would like to start a brand new career as a Mortgage Broker. I need professional help about where and how to start training,find the best training and the other following steps.

2 Comments
  1. Reply
    fukinluckyfuker
    January 21, 2011 at 5:18 pm

    The only way to do this is really by looking at your marketplace, and finding out who the main players are.

    Mortgage brokers are commission-only sales people, 99% of the time. So, get a bartending job while you get started, since it WILL be 60-90 days at best before you get your first paycheck after starting in mortgages. Mortgages take time to process, and you only get paid after they close. This can be from 2 weeks to 90 days, depending if it’s a purchase or refinance.

    Many companies specialize in purchases, some in refinances. Find one that markets for their loan officers heavily for refi’s. Get a year or two of experience before trying the purchase market, since it’s very hard to get a realtor to trust you with their referrals when you’ve never closed a loan before.

  2. Reply
    Jmad
    January 21, 2011 at 5:39 pm

    your best better to get your foot in the door – is to try and work for one of the big lenders. They will typically train you, but don’t always pay the most on the commission side, because they are spending their time and money on training. From there, stay a couple of years and move to the broker side of things, when you have the contacts and resources.
    It is a tough time to get into the industry, because things have really slowed down. There is still money to be made, but not as easy as it was a few years ago.

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