Is this a good time to be an agent for a mortgage?

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I have an offer with a loan company. They offer all tracks. 40% commission to start.
Each loan officers know where they each get a good mortgage?

7 Comments
  1. Reply
    koolkaikc
    February 11, 2011 at 3:56 am

    real estate market is cooling down. may be the end of the stream

  2. Reply
    wisdom1
    February 11, 2011 at 4:47 am

    Yes, right now is a great time to become a Mortgage Loan Officer. Although there is a perception that the housing market is cooling, because of the immature reports from WallStreet in October, the truth of the matter is that the momentum in new home sales and preowned home sales is continuing to be positive. Also, there are a large percentage of Mortgage Loans directed to refinancing and cashing in for equity. If you work hard and become the best in your field, anytime is a great time! Good Luck!

  3. Reply
    Morpheous
    February 11, 2011 at 4:52 am

    Yes, it’s a good time. Refinancing is going to be a good market for mortgage companies next year, because many people’s adjustable rates will mature and it will be their time to refinance. I would try finding a better commission split though. 40% seems low to start, unless they also pay you a base salary. If not, try to negotiate 60% for yourself.

  4. Reply
    wexeter
    February 11, 2011 at 5:45 am

    I would phrase it differently. Now is not a bad time to start with a mortgage company. The financing activity is still pretty good, but refinance activity is way down. I do not believe that the current real estate cycle is going to be a prolonged down turn.

    I would evaluate your potential near term earnings potential to make sure that you can at least pay the bills until the real estate market returns to more normal levels.

  5. Reply
    Mohit Madaan
    February 11, 2011 at 6:20 am

    This is a good time of course but remember. This is not going to be easy if you do not hold any experience in this job. The first two years will be the hardest for you. Do not let yourself go down when you are out of loans.

    Most of the times the companies does not provide good Leads to call up and still they expect that you close good loans. Anyhow you have to close loans to survive.

    The bottom line is this is a nice job but hardworking for sure. “No gain withour pain”

    Here is something which will help you further when you join.
    Mortgage Leads is something you can opt buying.
    Impressive Leads generate their own exclusive Leads, therefore most of the brokers and loan officers are enjoying their services. They have some lead programs like live transfers where you get the customer online who wants to start the loan application.
    http://www.ImpressiveLeads.com

  6. Reply
    J O
    February 11, 2011 at 6:31 am

    Realtors!!! Get out there and pound the pavement.

  7. Reply
    Doctor Deth
    February 11, 2011 at 7:19 am

    why would you be asking your competition for leads – talk to real estate agents – that’s where you would get leads from

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