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I have a good job, but it gets too stressful. I am thinking to be a partime loan originator. How hard to get a job as loan originator in mortgage business? How much they make in average? Thank you for your suggestions!
Um, you may have maybe heard of a wee little thing called oh THE GLOBAL FINANCIAL MELTDOWN that kinda sorta had a lot to do with a whole bunch of people with way more debt than they shoulda had. Yes?
Well the number one source of that debt was mortgage lenders, most of whom have IMPLODED, so there is kind of a little surplus of loan originators.
Honestly there are so many good people out there all of whom have tons of experience, never did a fraudulent thing and are all looking for work in the industry due to the massive layoffs. I agree that you should probably consider another field. Good luck in whatever you do!
Not that best time to consider a new career in this field. If you want to still get into it, look at a big lender's retail division. They will be able to provide plenty of training and leads.
Also, if you are looking to avoid stress than this is not an industry for you. From irate and insane realtors to clients who call you at 10:00 at night crying hysterically because they are so nervous about something going wrong and everything in between. This is not a 9-5 and then leave your duties at the office type of job. It's a great industry to be in, don't get me wrong, but it is hard and demanding and most don't last very long.
I have a good job, but it gets too stressful. I am thinking to be a partime loan originator. How hard to get a job as loan originator in mortgage business? How much they make in average? Thank you for your suggestions!
Stress? True story....
Imagine working on a loan for 12 months, the client who didn't qualify for a loan becuase of their low credit scores. You work with that client to repair their credit. A year later - the father gets involved, right before closing. They decide to go with another lender whose rate was 1/4% less and the closing costs were $500 cheaper...... That's not stress, it's a slap in the face...
Imagine spending hours upon hours on the phone, talking about a persons situation. Then they say they'll get back to you. Cannot count the number of times was told this....
I worked in Mortgages for almost ten years - over the 1000's of individuals spoke to, I would not be where I am today... Now working for a mortgage attorney, helping people out of bad loans...
Now working PT going to school trying to get out of mortgages all together - finished my A+ and CCNA certs. Looking to start my own Computer Forensics company....
No offense, but a part-time loan officer wouldn't make it out the gates. The market changes too rapidly, as do the guidelines and investor requirements. Very few places are training, and those that are, won't sign on someone that can't attend 9 AM meetings. I've been originating loans since the mid 80's and this is the toughest I have ever seen it.
In my ten years as an originator, I developed quite a bit of rage, which led to several trips to the emergency room, too much drinking, graying hair that just flies off my head, and I put on weight.
I would never recommend the job, especially now. I was among the top performers in my company, but today, I've even had placement firms tell me they do not work with anyone with a mortgage background because of the reputation of the industry. I cannot get out, so I'm going back to get my MBA and starting over.
Everone who has posted on this thread is accurate. Do anything else.
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