Loan Originator Career (property, banks, salary, buy)

[tripleintegral]

Many of my friends and family buy and rent out property, and I'm considering getting a loan originator license to write their loans.

This is something I'd like to do on the side without making this a full mortgage career, but not sure as to the feasibility.

Are there companies that hire loan originators (without a fixed salary and) with the flexibility to work at their leisure and no production quotas?

Thank you.

[SmartMoney]

Originally Posted by tripleintegral

Many of my friends and family buy and rent out property, and I'm considering getting a loan originator license to write their loans.

This is something I'd like to do on the side without making this a full mortgage career, but not sure as to the feasibility.

Are there companies that hire loan originators (without a fixed salary and) with the flexibility to work at their leisure and no production quotas?

Thank you.

You may find a broker to hire someone dabbling, but most would want someone more committed. I can tell you none of the banks I've ever worked for would want anything to do with a recreational originator. Each employee costs the employer.

Pre-2010, it would have been more likely, but not today. This is a career that can cost you more money than you make for a mistake.

[Pfhtex]

Originally Posted by tripleintegral

Many of my friends and family buy and rent out property, and I'm considering getting a loan originator license to write their loans.

This is something I'd like to do on the side without making this a full mortgage career, but not sure as to the feasibility.

Are there companies that hire loan originators (without a fixed salary and) with the flexibility to work at their leisure and no production quotas?

Thank you.

You should pursue this, I think it will go exactly as you describe.

[Okey Dokie]

Your first sentence tells why this is a bad idea. Never mix work with friends or family.

[tripleintegral]

Originally Posted by SmartMoney

You may find a broker to hire someone dabbling, but most would want someone more committed. I can tell you none of the banks I've ever worked for would want anything to do with a recreational originator. Each employee costs the employer.

Pre-2010, it would have been more likely, but not today. This is a career that can cost you more money than you make for a mistake.

Could you give an example on how it could cost more than you make for a mistake? Not sure I understand.