How is it that the mortgage loan officer seller /?

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I’m considering getting a mortgage seller / Loan Officer. I want to know how it is. If you did, you recommend it? What are the advantages and disadvantages? Long hours? Good pay? All the work would help a lot! Thank you
I have an interview tomorrow with a company a loan officer. You tell me is 2k a month and after 3 months to pay him an advance on commission. Can I get a lot of money a loan officer. You say you can make 150k a year, is it possible? What is a typical day as a loan officer? This is a position inside sales

8 Comments
  1. Reply
    crazylegz mgee
    February 23, 2011 at 7:22 am

    i heard it sukt from a friend that was one

  2. Reply
    Dan D
    February 23, 2011 at 7:25 am

    I’m not sure but I just got hired today to be a loan officer.

  3. Reply
    acid tongue
    February 23, 2011 at 7:27 am

    boring job

  4. Reply
    Jack
    February 23, 2011 at 7:58 am

    I’ve been in banking for over 20 years so I might be able to shed some light on the subject.
    To be honest Kristina, lending in today’s market is not a very difficult job. Probably the hardest part would be delinquency control. In this day and age of Credit Scores and Debt repayment histories, most of the decision process is taken care of for you. The job is more public relations than anything.
    In our bank, a consumer loans officer earns about $ 40,000. a year plus benefits.
    It’s good work for the right person and I would urge you to seriously consider it. It’s also a pretty good stepping stone in moving up the corporate ladder.
    Good luck with your career.

  5. Reply
    robert495713
    February 23, 2011 at 7:58 am

    I like it – I’ve been doing it for almost 10 years.
    The hours are pretty flexible, but in general you’ll work some evenings because that’s the best time to get ahold of people.

    The income potential is very good if you get in with the right company.

  6. Reply
    Bobo
    February 23, 2011 at 8:25 am

    very though job, but very rewarding for the right person, a lot of competitors in todays market, a lot of people fall out of the game after they can’t put food on the table on a regular basis, but if you are succseful than you can earn a lot of money

  7. Reply
    Sweet T
    February 23, 2011 at 8:59 am

    You should look at salary.com and see what the median is for this job.
    A commission job of any type takes time to build your name in the community. If everyone could make 150k I think that there would be a lot of real estate, brokers, agents ect.
    The short answer is it is to risky for most people especially if you have a family that has to have a income every month.

  8. Reply
    tony911m
    February 23, 2011 at 9:58 am

    NO!
    This is NOT a good job!

    Why?
    Well, when interest rates (the “cost” of a loan) were going down AND sales in homes were booming, you got TWO big groups of people coming in to get loans.. the folks BUYING a house, and the folks REFINANCING the house. Most were the LATTER!

    Right now there are FEWER folks buying (housing slowdown, front page news!), and hardly ANY one refinancing (folks who wanted to do that mostly did!).

    So, you are getting a job in a field that is SHRINKING, not GROWING! And thus, your piece of a shrinking pie will be small!

    Why? Well, when there are fewer folks getting loans, it is the people who sell loans who have made past clients happy that will get the work, NOT you! Their past clients refer their friends and so on.

    And here you are, new to the field, they will pay you for a few months, and then CUT YOU LOOSE! They have nothing to lose if you cannot hustle and sell loans! The money they pay you the first few months is a pretty small investment really, and then they want you to generate your own leads, income etc. And they will take a lot of it off the top! So you make THEM money or at least won’t cost them much.. but making yourself money is not on their list of things they will care about!

    This is a classic front page news scam.. similar to selling toilet brushes or insurance! They hire a bunch at next to nothing, pay them nothing but commissions after training, and then if you DO make some money, they keep most of it.

    If you are serious about this, you CAN make money, but most likely you won’t make much.. THEY can’t lose!

    What you could use would be the “likelihood” of making money, what is their “retention” of folks in this field, stuff like that.

    Like I said, this is a SHRINKING field! There were MORE folks working in this a year ago than today! What happened to their OLD employees? Did they lay off too many? Did the ones they had before quit because they are broke?

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