Where can I get training to be a loan officer in NYC?

Deal Score0

I’m thinking on a career change, preferring to be commercial lender rather than a mortgage-lender if there’s any difference. If possible what are the fees, license, etc..,thanks.

I am really interested in this. One of my neigbors has 12 years of expirience and loves it, and makes decent money. She has offered to train me and everything, and she needs help because she said she has about 50+ loans to do at the moment.
Anyway, how much money do you think I can expect to make in my first year. I know it may not be much, and thats okay because this is something that I think I would really like doing. Im working on a BS in business, so this should go hand in hand. I had one job before, but my boss was pretty much a jerk, and wasnt training me.
What do you think?

I know the market is bad right now, but I think thats why its a good time to start….while its slow, and I live in Tampa, so its a pretty big area!

  1. Reply
    February 6, 2011 at 6:01 pm

    No licensing requirements to become a commercial lender, but a lot more training than a mortgage lender. Major issues in commercial lending are business cash flow, cash flow available to service debt, current ratio, debt/worth, understanding business balance sheets and financial statements, and then understanding your niche (ie, construction, equipment, working capital, asset based lending, etc.). I’d take a look at the web sites for RMA and/or shockproof.biz, that should give you an idea of what you need.

  2. Reply
    February 6, 2011 at 6:35 pm

    the gro area is the bakroom weer all the klerks tri tu proses all the forkloesed morgages. Em R 6 months behind on the paperwerk.

  3. Reply
    bay1realty Francisco SF Bay Area
    February 6, 2011 at 7:14 pm

    The mortgage business is really slow right now. I do agree with your idea of getting in now getting ready for a future boon. Many mortgage agents made $ 100-200K a year in the boon years in 2003. These are mortgage agents and not the people they hired to process the paperwork.

    Mortgage agent or loan officer are more sales people with knowledge in the mortgage business. If you like doing sales then this can work for you. As in all sales jobs, your ability to make money depends on your ability to make connections and procure business.

    If your neighbor is going to ask you to help her do the paperwork, then that is not a career. Only if you are going to be on a commission split is when you will be on your path to a loan officer or mortgage agent career.

    Leave a reply

    Register New Account
    Reset Password