I’m not talking about the marketing or sales aspect of loans, I’m talking about the actual mechanics. Unfortunately, the mortgage company I’m working at P/T at night is not very helpful. It’s basically every man for themselves and every one is too busy to help.
I’m hoping that someone could direct me to a site which provides this sort of information. For example, when is the appraisal ordered? What docs are needed and when? Etc… Or, if someone could run down the information here, it would be appreciated.
Also, anyone know of any good nationwide mortgage companies that let me operate as a “net branch” from my house that offer at least 50/50 split? I’m not interested in MLM style companies, like NLC… Just a good ol’ fashion, honest and helpf mortgage company that I could work for out of my house.
Here’s your desk here’s your phone good luck “D” you are on your own.
D’
Unfortunately that is how brokers really hire mortgage reps. And that is why it is so hard to get started in this business. They really just expect you to fumble thru it until you get it.
Try looking for a bank of some sort that does FHA and Government loans. They tend to have a much more structured atmosphere.
I interviewed for 2 years before I left an 8 year postition making really good money. I knew that I wanted to do this until I go out on my own. Everyone said “your hired” and I do a little backround check on them and talk to some realtors in the area to find out there reputation and then I knew that they were not what I was looking for. And one day out of the blue I called on this ad and the owner was up front and honest with me and a little standoffish (SP)
I knew i was on to something. Well 2 hours later we hung up and scheduled an interview. Here is what I signed on with.
Base Pay every other week ( not many places do that)
401K that they Match up to a certain percentage, Health Insurance, Cell Phone bill allowance every month. And so on.
I am sure you get the picture. But here is my point.
I was not willing to leave a career to go into something and hope I make it. And you shouldn’t either. There are good companies out there.
Good Luck and hang in there.
ps if you want to educate yourself for your position I would go to fannie mae.com and read thru the selling guide.
It is the underwriting guide lines for most of the loans in the country.
It will give you a good understanding of things.
Also i went on line for you… try this. http://www.mortgageknowledge.com/
This is exactly the position I find myself in now. I have a decent paying 8 hour job, but I just have a feeling that the mortgage business is what I need. The pay and the flexibility is second to none. I just have to find a way to make it work and to feel comfortable leaving a job with excellent benefits.