Mortgage Industry??
For those that are in the mortgage industry what is your opinion of it? How did you get started? What's the best approach for someone that doesn't have any experience to get in this field? Will a real estate license help me get my foot in the door? What's your job, and what position do you see yourself in 5 yrs from now?
Sounds like job interview questions...I was getting flashbacks..
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Whats up man,
I am manage a mortgage branch here in duluth.. I have 12 loan officers working for me right now and i have been in the businiess for 8 years.
Dont waste your t ime getting a real estate license if your goal is to be in the mortgage business. it really will not help you out.
there are several different aspects of this business. I guess in order for you to get your foot in the door you must figure out what you want to do.
There are 2 different sides to this business... there is a wholesale side and a retail side. The wholesale side can be lucrative but very hard to get into a posisition without retail experience. The best place to start out would be what is called a post-closer. those guys make only about 24,000/yr ... you would more than likelybe stuck there for at least a year or 2 and withhard work would have to hope for a promotion into another position with more customer contact.... The money on the wholesale side would be an Account Executive position. This is a sales position that is commision only, but I know alot of account executvies that make 100,000- 300,000 a year... But at the same time iknow alot of them who struggle.....
My advice would be not to take that route, but rather try and get a job as a jr loan officer.. This is a commission only position as well, but has the most opportunity for growth, advancement and quick good easy money.
I started as a loan officer when i was 18 and only made about $1000 a month for the first year.. I consider my dues paid to this point and I am now making a ridiculous amount of money.
This business is really not for everyone... and no matter how you go about getting into it you will starve for at least your first 3 - 6 months... If you are a good fit for what we do than your income will be as much as you want it to be as long as your a hard and dedicated worker.
If you are interested in getting a job in this field than PM me to set up an interview.. If you have potential ill take you on and train you! good luck
Alex hit it on the head. RE license will not do anything for you in our field, although there are plenty of ex RE agents in our line of work. Go figure.
To be an AE, you are usually required to have atleast 2 yrs of retail exp before they'll even consider you. It's not for the faint at heart either. Alex can tell you first hand. His mother is an AE. (BTW, she came by my office the other day. Very very nice lady. I appreciate it Alex.).
I've been in the mortgage business for almost 12 yrs. now. It definetly is not as easy to get the ball rolling down the hill sorta speak. You have to pay your dues. You have to have financial where-with-all during those lean times of the initial learning curve. I've seen plenty of bright minds have to go into a different line of work simply because they weren't prepared for those first 6 mos of lean times. Trust me, it takes a ton of work to make it your first year in the business, let alone 10.
With all that said, it's definetly possible for the person with the right attitude to succeed. Too many people get into the business thinking since they saw their buddy do it and make a lot of money they too could do it. WRONG!!! You gotta have the right attitude and the right tools to get any distance in this field. People like Alex and I can give even a monkey the "tools" they need, problem is we can't give people that "attitude" they need to get out of the gate. You either have it or you don't.
It is a great field to consider as a career.
those two men administered very truthful info.
Leisa and S. 4 Life NM?
Hmmmm. Very interesting. I am considering one of these fields as well. Everyone I know tells me I am a fool to not be using the people skills for this. How did you guys start? Real estate agents, or did you always know that wasnt for you?!
Greg
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As in any job, networking is the key to success. It is always good to have established relationships with agents as they can be a primary source of business for you.
Since the feild is mainly comprised of commision-based earnings, it's would be beneficial to have a plan worked out to compen$ate for the time it takes to be educated.
I've seen numerous people become successsful in this feild. You have to have the drive for it. As stated, you can't just get into this feild because your aunt or you friend from highschool is prosperous. you must personally have the ambition. That will ultimately determine your success.
Leisa and S. 4 Life NM?
Real estate is great too. My fiance is going through RE school right now. I prefer my side of things though ( mortgages ) and I would never consider doing real estate...Originally Posted by Allstar1.8T
Im sure you could succeed at mortgages though. I rely on my friends to help me out alot. I know a ton of people here in Atlanta and those people refer me business. If it wasnt for them, I would not be where i am today. So if your the type of guy that has a lot of friends and alot of good solid contacts than go for it. Even if you start out part time. One of my guys now owns a restraunt and works for me part time. But that part-time work gets him about 7gs a month in extra income. He uses his restraunt to get leads for his mortgage business.
If you would like to talk more in detail about the possibilities of becoming a loan officer, id be happy to sit down with you.
Stealing away from Alex LOL Visit www.homebanc.com we are always hiring and we are number one place to work in Atlanta and number 20 Best place to work in fortune magazine. Tell them Jose Soto sent you. Sorry Alex much love bro!
2008 Pontiac G8 GT (Not your Daddys 4 door)
2006 CBR F4i - (Sold)
2007 Lexus IS - (Sold)
2006 MazdaSpeed 6 - (Sold)
Most recent cars list is too long
hey man... tell Jennifer Vargas (la gringa) David G said hello.!!!!
its all good homie! I got a lot of homebanc dudes with me now! hahahaha...
homebanc dont pay them poor guys what i do!
I'll tell her!
Alex Power to ya bro BUT some do get Paid big time for real though Because they drive the AMG's so I know someone is making the Bank not me.
2008 Pontiac G8 GT (Not your Daddys 4 door)
2006 CBR F4i - (Sold)
2007 Lexus IS - (Sold)
2006 MazdaSpeed 6 - (Sold)
Most recent cars list is too long
I know a few guys that used to work at Homebanc. They don't speak very highly of Homebanc now. I personally don't know. I like their Christmas parties, I know that. I used to go every year.
NO HOMEBANC LOAN OFFICERS DO MAKE BANK... BUIT HERE IS THE THING MAN..
THOSE GUYS MAY CLOSE 4-5MILL A MONTH IN VOLUME AND MAKE ONLY $20,000.00
WHERE YOU TAKE THE SAME LOAN OFFICER AND HE WORKS FOR ME DOING THAT SAME VOLUME AND HE WOULD BE MAKING ABOUT DOUBLE...
WHICH IN ALL REALITY THE HOMEBANC BOYS RELY ON THE NAME TO GET BUSINESS AND WHEN THE LEAVE THEY WONT CLOSE THOSE BIG FIGURES.. THEY MAY CLOSE HALF OF THAT AND STILL BREAK EVEN ON INCOME..
Most of the guys here have spoken the truth on the business. I've been in it 10 years myself, own a mortgage brokerage, and a mortgage education school. I'm approved in 26 states to provide pre-licensing and CEU for the mortgage business. Teach currently around 6000-8000 students a year.
My advice to you is, get some education. www.mortgage-education.com is a good beginning. We're online. I've got 85 different corporate partners including UGA, Primerica, EFI, Challenge Mortgage, Allied Home Mortgage Capital, to name a few. Our CMIC course is designed to give you some formal background training to help you structure deals and get them closed knowing the background 411 on what loan is best for each borrower. Takes me on average to close a refinance 8-10 days. Purchases, I got down to 7-10 days. When I got out of originating full time, I was doing 65 million a year myself in loan volume. Not bad, but its a lot of work. I wanted to play more golf and travel more.
Get with a company and start learning the loan processing. Thats how you will really learn this business. But with the non-conforming programs out there now days, you can really make some money, even on purchase deals.
If you have any questions, please email me. [email protected], I will be more then happy to help any one in this business. If your successful mortgage company, you don't have the time to fully train someone and close loans at the same time. Let me help ya.
btw.. Julio.. This is Chris J.. old owner of BarrettRaceWay.Com in case you think this is spam for being my first post under this name. I think my old name was deleted for lack of posts.
2000 Corvette FRC
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what's the name of your brokerage?
RIP Aunie
RIP Leisa
You will never be forgotten!!!
explain what you mean by even on purchase deals? IMO thats the only way tom ake money
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