Mortgage Job Question (loan officer, loan, lenders, contract)

[nloanprocessor]

Hi,
I have a short question. As a start-up career in Mortgage as a loan originator/processor, what would be the job type- working under the vigilance of a broker /originator and learning things, like an on job training or is the main focus on opening up a new business ? What is the market trend? Do people first work with others and then think of opening their own?
In case, companies hire you, do they pay you a salary and if there is a sale , you get a %age as a commission or just commission? Which one is the popular practice?

[SmartMoney]

There are two types of processors: contract and employee. Employed processors usually start out some where else in the office, maybe as an assistant/set-up personnel that is later trained and promoted into a full processor. Depending upon environment and the individual, this can be a matter of months or years. To be fully trained on VA, FHA, and USDA systems can equal a highly paid position. Contract employees are independent processors that are typically highly experienced former employees that task on processing by the loan. With the birth of compliance regulations, the contract employee is almost non existent.

Loan officer positions are all over the map. If you have your own book of business (Realtor following), you can find excellent commission positions. If you are a babe in the woods, you can find a rookie starting salary and some kind of basic commission tier. The business is so complex, the younger generation wants nothing to do with the work involved for the pay received. The average loan officer is now 49.

[thelopez2]

You might be able to find a local monthly meeting of National Association of Mortgage Professionals. I'll run into everyone from Processors, Wholesale lenders, Brokers, and MLOs. You might even find a job.