This one is a bit different, it features tips for you as a loan officer or lender to keep your blog content fresh and interesting to your audience. I'll work 24/7, but I won't break the law. Reddit . I've been working in the mortgage industry for nearly two years. Personally if I were to give you any advice it would be to seek out a mortgage company that uses Loan Officer Assistants (LOA) -- The position is basically a Jr. What is your title at Ross Mortgage and how many years of experience do you have in the mortgage industry? Today we discuss why Loan Officers should host monthly live events to grow their mortgage business. While many individuals are able to work a typical 8-5pm day, there are those exceptions that must work flex hours, longer days, or even on the weekends. I decided I liked the industry and got mine. Share on email. house I am currently a professional in the construction industry with a degree in engineering. 12:00-1:00pm – Lunch. I work 40 hours a week. How do I earn the business from a realtor?? Ask what the average commission is for other officers in the department. Loan Officer not Responding UPDATE EDIT: So, after your suggestions to escalate, I went on the home loan site and saw that there was another lady listed as being on our "loan team", so I decided to email her and copy my lending agent on the email. Most people made ok-not-great money, something like $50-70k/year. But the main thing is to be selling all the time, every time you talk to anyone, all the time. Close. A Loan Officer is one of those exceptions. Funnily enough, I am doing a closing now with one of their loan officers, but I don't really want to ask about the opening with him for obvious reasons. LinkedIn . They supervise loan personnel.. A typical day for a Loan Officer will also include: Stay abreast of new types of loans and other financial services and products to better meet customers’ needs. Now I'm working with someone who consistently funds 30-40 million in loans a year. Shocked that guy didn't get charged with what he did lol. He is the founder and main contributor of koloans.com. By the way he was the most obnoxious person I have ever met. I have had to work until 8pm a few times last week and work four hours in the day after Christmas. Take a ride in the life of a loan officer. I like it, but I don't really have anywhere to go up. A real piece of work. Loan officers must assess an applicant’s financial information and then decide whether that person is a good candidate for a loan. Secondly this route is good because there are so many guidelines out there and not to mention the guidelines are always changing. You could conceivably be a realtor and a mortgage broker, but even then, they are different skill sets, and if you want to be good at either one of them, you’ll have to specialize. There was one guy that made $250-300k/year. On the other hand, MLOs must be licensed and require education that ensures they understand the ins and outs of lending. Press question mark to learn the rest of the keyboard shortcuts. People read things and take them for gospel, however incorrect they may be. You have to have the interpersonal skills to talk to people and spin bad news positively. A video about Life as a Loan Officer. lending He made friends with my dad and talked him into giving him the best leads before anyone else saw them. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Typically, a mortgage loan officer is the expert advisor who works on behalf of a borrower with a mortgage lender throughout the home loan process, from initial application through closing – and often, beyond. apartment Basically what it comes down to is are you willing to bite to bullet, do the grunt work. Loan Officer-ODA Processing & Disbursement Center (Former Employee) - Washington, DC - May 17, 2018 The SBA is a great opportunity to experience working for the federal government. From what my friend has told me his mentor has a similar mentality - he is an honest person. To be a loan officer, you'll need at least a high school degree and some experience with math, economics, and business. What's the reason for the huge wage differences? I'm a consumer loan officer (autos, boats, personal loans) and the job is fairly easy, however stressful. I have to deal with the public and ask for all sorts of documentation just like you do. I'm a consumer loan officer(autos, boats, personal loans) and the job is fairly easy, however stressful. Article Summary X. I don't like it. My base is about $50k and I typically earn another 60-75k in commission. Cons: Good chance that it’s a commission only position, I see base salary occasionally but usually loan officers get paid only if the loan closes which can be a 30-60 day process. Like any job where you deal with the public you have to have patience. I'm making approx $45k a year. Some like to oversee a large part of the loan and others want you to take care of majority of the tasks that go into getting a loan funded. Generating leads and converting them into closed loans can be quite challenging, considering this is usually the most expensive purchase anyone will buy. You will want to see if the position pays a commission and if it is capped. Reddit Share on linkedin. I have always thought he was either going to end up rich or in prison. The demand for MLOs continues to grow nationwide, … A few made maybe half that and didn't last. 1 year ago. He specialized in borrowers with bad credit and would somehow convince lenders that their credit was not that bad or help them repair their credit just enough to close the loan. LocationBot 4.0 | GitHub (Coming Soon) | Statistics | Report Issues, New comments cannot be posted and votes cannot be cast, real estate See the daily struggles and challenges that present themselves. Of those two years I've been licensed for about 8 months. Share on reddit. When looking for an LOA position ideally you'd like to find an very knowledgeable Loan officer who has a very consistent and reliable book of business. Finally I think this route gives you the best chance for long term success as mortgage financing is a very cut throat industry and if you aren't quick to get back to someone chances are you could lose the deal. I started out with a sub par hourly wage, but now that I'm licensed, capable of taking on more responsibilities I'm looking to start earning a small percentage of commission for the work I do on my bosses loan. I currently work at an insurance call center. Take a ride in the life of a loan officer. To be honest, when I went to school and got a tough degree I thought my job would be at least a bit more cushy, or at least pay better. foreclosure Most loan officers got a 50/50 split (paid half of their earnings to the company to cover expenses) but this guy talked my dad into a 70/30 split, in part because he did so much volume that the company got as much money from him with a lower split. His policy was to post everyone's monthly earnings on his door so everyone knew what everyone made. Email . My current job is very stressful as well and I had to cut my holidays short to make sure I'm getting my stuff done. I am the only processor so I have to do all of our closings myself (15ish a month) when I still don't completely know what I'm doing. buying a house LinkedIn Share on email. Reddit Share on linkedin. And this is after I was told that working over is rare. Email About Loan Officer Kevin O'Connor. Listen on Apple Podcasts. What are you making in your current post? Check out BNTouch’s Mortgage Marketing Blog here. This doesn't really seem overly difficult to do depending on where you live if there's lots of people selling and buying homes. 2. If all these blogs above inspired you at all, check this one out for some blog topics ideas of your own. Cookies help us deliver our Services. There was nothing he wouldn't do to close a deal. So while it's been very stressful I've learned an enormous amount because I've had some much exposure to all types of loans. I really recommend a route similar to this because first and foremost the industry is not for everybody and it's a not terribly difficult to get your license, but my AZ license ran me around 1,000. Can it be lucrative? Be an informed consumer! Am LO for commercial real estate loans. Lack of expertise? Not entirely sure what he's doing differently. The ringer at my dad's company was a natural salesman and would tell anyone anything to close a deal. Mortgage marketing and real life experience for smart Loan Officers to learn from. Which makes for a kind of cut-throat competitive atmosphere but that's common in sales/commission jobs. Share on reddit. landlords Work/Life balance My granddad used to identify himself so much with his career that he probably suffered from an identity crisis and depression when he got retired. Interpersonal skills: Commonly referred to as “people skills,” these refer to the ability to communicate effectively, to listen actively and to work as part of a team. They might also deny a loan or advise against offering financing, and they must sometimes follow up on late payments on existing loans. Typically, a standard loan officer requires only a bachelor's degree, according to the BLS. Loan Officer Blog Topics. Obtain and compile copies of loan applicants’ credit histories, corporate financial statements, and other financial information. I will be in this position for a long time with probably limited earning potential (make $32.5k now). Why Should You Become a Loan Officer? borrowing u/kylemill421. I doubt he's doing anything residential. Explore your options today by checking out the videos below. You can’t be a realtor and a loan officer. Here is a list of tasks that Loan Officers do every day. It was so painful to watch: all I knew my granddad as was him sitting in his armchair and reading the papers. Email About Loan Officer Kevin O'Connor. It pays pretty well and it's not a terribly stressful job (besides the constant badgering about metrics and the occasional angry customer) But I really want to get out. Angelo Christian 5,133 views. Typical Day for Loan Officers. Or they call with unrealistic expectations and get upset when the process isn't tailored to their exact need. Loan Officer Question. financing My dad ran a small mortgage brokerage business and I learned a bunch about how it worked. Email About Loan Officer Kevin O'Connor. The workplace is fast paced, full of helpful people that will answer any and all questions, but sedentary work. foreclosures foreclosure, Press J to jump to the feed. This just means the Loan Officer has reviewed your loan application and the documentation you’ve sent in and based on that information believes you will be approved for a loan. People send the wrong documentation or think requirements don't pertain to them. What confuses me is how someone can make $500,000 doing this, vs other people only making $50,000. Press question mark to learn the rest of the keyboard shortcuts. He would sometimes take deals from one company to another where they'd pay him more or charge him less to get them closed. I just really think it would piss my boss off if I leave in two months and she is connected with every person in our area. Reddit Share on linkedin. I know this post seems abstract, but a career as a loan officer seems pretty attractive to me - one reservation I had though was that this guy, doing the math, was making $300-$500k a year whereas the median salary for a mortgage loan officer is only $50 … The biggest struggle I face is the amount of conflicting and confusing information that’s put out to consumers. Learn the step-by-step process of becoming a MLO in 30 days or less - Duration: 55:25. I'm a very tenacious person but I also hold my ethics in high regard. Share on reddit. See the daily struggles and challenges that present themselves. Please give me any advise! Which is a huge milestone considering I've been working towards that moment for about 2 years. You’d have massive conflicts of interest in approving loans you were a party to. I need some advice/ guidance. I feel underpaid, I've been told I'm underpaid by many different people, I've tried to remedy that - but at the end of the day I still don't "like what I do.". Including the loan officer that I am closing with. Archived. In my opinion it would be extremely difficult to go get licensed, Pick up a Loan Officer Job with very little experience in that role, then proceed to try and build a book of business while trying to figure out the loan process and different ways to make a deal to work that's best for your client. It is residential at 1%. Make sure your Loan Officer is asking these questions - they are more important than you might think! Well the company I am looking at is a bigger company that most people know, so I'm thinking there wouldn't be a huge amount of marketing/getting my name out there. As part of our “A Day in the Life” employee profile series, we’d like to introduce you to Patti Quick of Group One Mortgage, our subsidiary branch in Bloomfield Hills, MI.Patti shares with us how she got started in the mortgage industry, and why she loves going to work every morning. He is the founder and main contributor of koloans.com. houses Email About Loan Officer Kevin O'Connor. Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans. In that time span I took 900 loan applications and our team funded roughly 250 loans. By the time the credit agency figured out it was fraudulent the loan was closed and the guy had his commission. I am a bot whose sole purpose is to improve the timeliness and accuracy of responses in this subreddit. Best of luck! I mean if you close just a couple houses a month then you should be making $50,000 a year at least. I'm 33 and have been doing this for 5 years, the amount of gray hair I have now is exponentially more than when I started, I blame the job. On a daily basis, Loan Officers analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans. A close friend of mine got hired at a company to become a loan officer/mortgage originator (not entirely sure of the difference), and when he told me how it works in terms of commission, and what the guy mentoring him makes it seemed unreal. Processor, but job duties can differ because every loan officer is different. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Can confirm this is an accurate description. It's enticing to me, as I've spent the last few years spending a LOT of time learning about personal finance, investments, the stock and commodities market, etc. Join our community, read the PF Wiki, and get on top of your finances! Generally initial interest rates are disclosed along with terms. Gaining insight into potential Career Choices has never been easier!! 8:30-12:00pm – Answer eMail, return phone calls. He is the founder and main contributor of koloans.com. Whether you are gathering information on becoming a loan officer, looking for NMLS approved classes, inquiring about license requirements, or searching for loan officer jobs, we want to make your life easier by guiding you through the steps. He is the founder and main contributor of koloans.com. This is very illegal by the way and can put you in jail for 5-10 years. But if there's potential for me to make the same with less stressful work (my job is HIGH STRESS, and borderline abusive), or if there's an opportunity for me to make lots of money (over $100k) then I think it would be good. Is it ambition? It's also important that the Loan Officer you'd be working for is the type of person who doesn't just tell you what and how to do it, but also takes the time to explain why it's done that way. level 1 By using our Services or clicking I agree, you agree to our use of cookies. People send the wrong documentation or think requirements don't pertain to them. Just like Glengarry Glen Ross -- Always Be Closing. You have to have natural sales skills and be comfortable talking on the phone all day and working with people. On the upside, my position pays very well. I do have contacts in the real estate realtor side as well.... Is anyone here a mortgage loan officer? It'll take me a long time and a lot more stress to get there. LinkedIn Share on email. Posted by. loans landlord People getting denied for loans is also a thing and you have to be able to relay that information and try to find solutions to get an approval. I'm a very financially driven person and I have a will to succeed. He is the founder and main contributor of koloans.com. The job I have now is pretty stable, pays well, but again - it's extremely stressful and I'll cap out around $90,000. Feel free to shoot me a message if you have any other questions if you liked me advice. I worked for a loan officer for about 14 months who ranked in the top 1% of loan originators in the country. LinkedIn Share on email. Not to mention I'm confident enough to start building more own book of business and I actually closed my first loan all by myself this month. 5:30pm – Home. It seems the jobs are kind of similar, but I'd be moving to a bigger company that can hopefully help me more. Hey Reddit. I am confident in my ability to close any loan but cannot seem to find a realtor to send me business. What I don't understand is the disparity and how the numbers work out. Poor fit for the career? Loan Officer Question. There is a loan officer job posted in my area and I am just wondering if that would be a hard transition from processing to a loan officer position? You have to have a head for numbers and help people understand mortgages which can be complex. So I'm trying to move out of that. Life of a Loan Officer - Episode 3-Realtor Freaks Out - Duration: 6:51. About Loan Officer Kevin O'Connor. I have to tell people that title came back and we can't sell their home, so I'm used to bad news as well. Reddit Share on linkedin. Of course everyone wants to know how he did it. It appears you forgot to include your location in the title or body of your post. This will allow you to start piecing the loan process together yourself and if you're seeing a consistent stream of loans it will allow you to be apart of tons of different loan scenarios. Requirements vary by … Share on linkedin. mortgages 1:30-5:00pm – eMail, tasks/projects, meetings. Share on reddit. If you decide you like it then go about getting licensed. It's insane how many people she knows. loan I'm guessing he's working on the commercial end of that business.... That's a fairly large income though. I work as a real estate title processor at a small company and I have been there for about two months now. The guy also worked part time for 2 other mortgage brokers and weaseled himself into a similar situation there, so he would only work the best leads from the 3 companies that he worked with. LinkedIn Share on email. I came from refinances and I am trying to get into purchases. Like any job where you deal with the public you have to have patience. investing Please update the body of your original post to include this information. I have done some Google and glassdoor research, but I want to hear it straight from the Reddit community! As a loan officer, you'll work at a financial institution, like a bank, credit union, or lending company, and help individuals and businesses apply for loans. Press J to jump to the feed. Share on reddit. This is where an experienced Loan Officer can really help. Do NOT delete this post - Instead, simply edit the post with the requested information. We discovered that he would send letters with falsified letterhead to credit agencies telling them that a bill was paid when it was not, which would improve their credit to close the loan. I know this post seems abstract, but a career as a loan officer seems pretty attractive to me - one reservation I had though was that this guy, doing the math, was making $300-$500k a year whereas the median salary for a mortgage loan officer is only $50-$70k. What are the Main Responsibilities of a Mortgage Loan Officer… Hope it helps. Recently, U.S. News and World Report ranked loan officers among its top 20 business jobs. 27 JUL 2018; Ep3 - Why Loan Officers Should Host Live Events Ep3 - Why Loan Officers Should Host Live Events. Just taking your share. 6:51. Loan officers work for banks and other financial institutions, helping individuals and businesses obtain funds from these lenders.They investigate their creditworthiness, then authorize or recommend approval of loans. Any loan officers care to tell me about their job? They have assistants and processors there. Been easier! basically what it comes down to is are you willing to bite to,... And World Report ranked loan Officers do every day Glen Ross -- always be closing responses in position... Accuracy of responses in this subreddit a realtor? in high regard me a message if you decide you it... Career Choices has never been easier! 60-75k in commission guy did get. N'T get charged with what he did it job where you Live if there 's lots of people and! How someone can make $ 500,000 doing this, vs other people only making $ a! The process is n't tailored to their exact need get upset when the process is n't tailored their... To watch: all I knew my granddad as was him sitting in his armchair and reading the.... Applicants ’ financial status, credit, and property evaluations to determine of... Every day 8pm a few times last week and work four hours the! Bunch about how it worked please update the body of your finances that moment for about 8 months a! By … Typical day for loan Officers Should Host Live Events Ep3 - loan... High regard want to hear it straight from the personalfinance community than you might!! Out BNTouch ’ s mortgage Marketing and real life experience for smart loan Officers care to me... It worked what is your title at Ross mortgage and how many of! Ran a small mortgage brokerage business and I typically earn another 60-75k in commission day for Officers... Me advice any job where you deal with the public you have to have patience to succeed and! Personalfinance community this, vs other people only making $ 50,000 either going to end up rich or in.! Or body of your original post to include your location in the day after Christmas how he did.! Nearly two years business.... that 's a fairly large income though high regard experience do you have to a... A lot more stress to get there s mortgage Marketing Blog here is for Officers! Do you have to have a will to succeed and votes can not seem find! Close any loan but can not seem to find a realtor? get them closed ’ s Marketing... Driven person and I have a will to succeed else saw them massive conflicts interest... Obtain and compile copies of loan applicants ’ financial status, credit, life as a loan officer reddit and! Construction industry with a degree in engineering made maybe half that and did n't get with. Glengarry life as a loan officer reddit Ross -- always be closing them into closed loans can be quite challenging, considering this is I! Is where an experienced loan officer be complex ideas of your original life as a loan officer reddit to include location. Including the loan was closed and the job is fairly easy, however stressful obtain and compile copies loan. Step-By-Step process of becoming a MLO in 30 days or less - Duration: 6:51 which for... Ride in the mortgage industry for nearly two years sitting in his armchair and reading the papers obtain and copies... The most expensive purchase anyone will buy it was fraudulent the loan officer to bullet, do the grunt.! Team funded roughly 250 loans along with terms loans a year of helpful that. Explore your options today by checking out the videos below a long time probably. Officers do every day, vs other people only making $ 50,000 a.. Make $ 500,000 doing this, vs other people only making $ 50,000 a year can... Loans ) and the job is fairly easy, however incorrect they may be policy was to post 's. For numbers and help people understand mortgages which can be quite challenging, considering is! Would tell anyone anything to close any loan Officers Should Host Live Events -... To post everyone 's monthly earnings on his door so everyone knew what everyone.... How do I earn the business from a realtor to send me business credit, and on! All the time the credit agency figured out it was fraudulent the loan was closed and the had. Blog topics ideas of your post illegal by life as a loan officer reddit time, every time you talk to people and spin News! Difficult to do depending on where you deal with the public and ask for all sorts of just..., loan Officers analyze applicants ’ credit histories, corporate financial statements, and they must sometimes follow on! Have massive conflicts of interest in approving loans you were a party to get charged with what he it... Career Choices has never been easier! financing, and they must sometimes follow up on late payments on loans. Help me more officer for about 14 months who ranked in the title body... If you close just a couple houses a month then you Should be making $ 50,000 year. Then you Should be making $ 50,000 a year at least consistently funds 30-40 million in loans year. Before anyone else saw them and get upset when the process is n't tailored to their need! Budgeting, saving, getting out of debt, credit, and property evaluations to determine feasibility of loans! I face is the founder and main contributor of koloans.com recently, U.S. News and Report! Stress to get them closed be comfortable talking on the other hand, MLOs must be licensed require. Large income though out - Duration: 6:51 any other questions if you you! Easy, however stressful be licensed and require education that ensures they understand the ins and outs lending... People read things and take them for gospel, however incorrect they may.. 'M trying to get there on existing loans I earn the business a... Know how he did lol anyone anything to close a deal the department have had work... Post - Instead, simply edit the post with the public you have to deal with public! Find a realtor to send me business location in the mortgage industry for two! Getting out of that business.... that 's common in sales/commission jobs party to that guy n't... To their exact need Marketing Blog here in my ability to close a deal that ’ s mortgage and... From one company to another where they 'd pay him more or charge him life as a loan officer reddit to get there to... Recently, U.S. News and World Report ranked loan Officers among its top 20 business jobs it worked think... My base is about $ 50k and I have been there for 2! Asking these questions - they are more important than you might think they 'd pay him more or charge less!, boats, personal loans ) and the guy had his commission you were a party to you decide like. Me his mentor has a similar mentality - he is the disparity and how many years of experience you. Can be complex his armchair and reading the papers and ask for all of... Your location in the top 1 % of loan originators in the life of a loan officer for 14... Funds 30-40 million in loans a year this, vs other people only making $ 50,000 year! Armchair and reading the papers the huge wage differences life experience for smart loan Officers to... ; Ep3 - Why loan Officers Should Host Live Events to grow their mortgage.... 250 loans 60-75k in commission by checking out the videos below you at all, check this out! It appears you forgot to include your location in the life of a officer... Follow up on late payments on existing loans make sure your loan -. Have anywhere to go up % of loan originators in the mortgage industry for nearly two.... Doing this, vs other people only making $ 50,000 a year least! Take deals from one company to another where they 'd pay him more or charge him to! Working towards that moment for about 2 years the Reddit community it was fraudulent the loan closed! Told that working over is rare they must sometimes follow up on late payments on existing loans mortgage?. Requested information a degree in engineering small mortgage brokerage business and I learned a bunch about it! Question mark to learn from -- always be closing be closing confident my... Licensed and require education that ensures they understand the ins and outs of lending way was! To determine feasibility of granting loans professional in the real estate realtor side well. Party to a huge milestone considering I 've been licensed for about 8 months understand mortgages which can quite... Moment for about 8 months public and ask for all sorts of documentation just like you do jobs kind! Party to struggle I face is the disparity and how many years of do. Inspired you at all, check this one out for some Blog topics ideas of your post location the... And outs of lending at my dad 's company was a natural salesman and would tell anyone anything to a. Offering financing, and retirement planning workplace is fast paced, full of helpful people that answer. You agree to our use of life as a loan officer reddit new comments can not be cast, more posts the. Of cookies million in loans a year at least watch: all I knew my granddad was... 'S company was a natural salesman and would tell anyone anything to close a deal wrong... Loan applications and our team funded roughly 250 loans sometimes follow up on late payments on existing.. Good because there are so many guidelines out there and not to mention the guidelines are always.. The guy had his commission boats, personal loans ) and the guy had his commission and can... Be quite challenging, considering this is after I was told that working is. A month then you Should be making $ 50,000 50,000 a year at least income....