I’m interested in learning about this path of employment.
Is anyone a mortgage LO here?
What are the best books to read to learn about this position and industry?
What is the best way to get training for employment?
Thanks in advance, Vesuve.
My friend is a loan officer. She took a weekend course and the cost was minimal. I think the course itself cost $200 or so and the license was $300 (I think). She’s out of town now, but when she returns, I’ll ask her how she found out about them and what you may be able to do in order to get your license. Are you here in Texas?
Howdy Vesuve:
The mortgage business may be crowded right now. This has come up in several posts in the past and several brokers have said their are too many loan officers chasing the same clients. I do get a lot of email telling me I am approved for $554K loan on my house and credit is no issue only to find out that they have hundreds of agents ready to call me at all hours of the night. Study carefully before you go out on your own. If you can get a 9 to 5 with a salary you would be safer and you can learn the business at your employer’s expense. LOL
tedjr is right…and isn’t that amazing? Just kidding Ted.
The market has changed dramatically and is not the “free for all” that it once was. The only way to make it in the market today is to have built up a referral base.
I, like Ted, receive tons of mailers, at home, telling me about the “great rates and programs available”.
The phone does not ring, like it once did, as I am on the DNC list. 8)
The reason why there is so much activity in the employment area of lenders is that they are “turning and burning” employees. People are not making “gobs of cash” It sounds sooo good and the money is so wonderful. Then why are they hiring? Why do they need to hire if the money is so great? The boom is over.
I also receive flyers from lenders wanting to hire me. The money and incentives are tantalizing. However,they make sure that they make mention, towards the end of the letter, that you need to bring your own customer base.
Unless, you have some type of connection (i.e. builder, realtor, investor, etc.) that guarantees to keep you busy, I would look for a 9-5 :exclaim:
Im just getting started myslef in the business. Like anything in life, you work hard enough and you will be successful. The market is crowded for sure, but their are also niche areas where you can target and be a success. I live in a small community that I market to as part of the small community. People like helping their own and vice versa.
Contact some realtors, for example, I contacted the agent I bought my home from. I referred my own family to her, hence she helps me out now.
This whole industry is about contacts. Make 1 person happy and she goes to work and tells her friends, then maybe the friend says “wow, you refi’d and got cash, weve been thinking about that ourselves…”
I dont think its overly crowded, the ways homes change hands nowadays and the endless options of financing along with the trendiness of REI today, the boom is most certainly not “over”
REI is regional, what is over in one area is a full boom in another. For example, my areas growth rate is comparable to Las Vegas like growth. You cannot blanketly state that anything is “over”
No matter what, people need a place to live. Bottom line.
I agree with you straitfromJapan. The naysayers are people looking at the glass half empty. People are doing loans daily and the good thing about loans is you don’t have to do too many to make a good living.
Marketing your product and treating your customer fairly and follow up is the most important ingredient in any business. The loan business never dries up until the real estate is all gone. People always need houses, they most surely have to finance, we all need money. Loans are a way of life in America.
It is hard… hard work but enjoyable work and the fruits of your labor are sweet.