U.S. CitiesCity-Data Forum Index
Happy Halloween!
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 01-20-2009, 06:36 AM
 
95 posts, read 572,983 times
Reputation: 74

Advertisements

I am perplexed at how loan officer jobs require atleast two years of experience. What if you don't have experience? What is the best way to break into the industry? Do you have to start as a teller and work your way up?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 01-20-2009, 07:36 AM
 
Location: MID ATLANTIC
8,166 posts, read 20,075,520 times
Reputation: 9401
Coming in thru bank branches is most likely the easiest way right now. No one wants to train, there have just been too many constant regulation changes, no one can keep up. Almost all loan officer positions are 100% commission and the failure rate is high for those that are new.

Most of the bank branches have personal bankers, which are customer service reps that sit at a desk opening accounts, selling CDs, and limited mortgages. Once you get in, you can apply for other positions as soon as you are eligible. Another solution would be to apply with a large credit union and work in the loan department that will offer positions in mortgages after you get to know the ropes.

It's a tough time right now. Banks are looking for loan officers that have a book of referral business (like realtors), something that takes years to build. Many loan officers are bailing because they can't find the business.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-21-2009, 10:16 AM
 
930 posts, read 2,239,658 times
Reputation: 1000
Dude, your last question was about becoming a realtor.

Have you completely ruled out college? You know, make yourself a little more skilled and indispensable?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-21-2009, 04:18 PM
 
95 posts, read 572,983 times
Reputation: 74
money is tight right now for college
Rate this post positively Reply With Quote Quick reply to this message
 
Old 01-21-2009, 04:34 PM
 
Location: MID ATLANTIC
8,166 posts, read 20,075,520 times
Reputation: 9401
The only area right now that is really making any money is the legal side - foreclosures, modifications, refinancing and purchases. I know of two huge law firms in our area that have gone to 24 hour (yes, 24 hour) staffing to handle the increased work. These are title examiners, clerks, processors, etc. Many will train and if you pick things up quick and are willing to work hard, it's a darn good way to get into the industry. But coming in new, nothing within our industry is paying big money unless you are established with your own referral base (and even then, it's leaner than we have seen in a long time).
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-20-2009, 05:16 PM
 
95 posts, read 572,983 times
Reputation: 74
Default ok so i'm going back to college

Quote:
Originally Posted by Beena View Post
Dude, your last question was about becoming a realtor.

Have you completely ruled out college? You know, make yourself a little more skilled and indispensable?

So I decided to go back to the community college. Thanks for the advice! And no, it's not as expensive as I thought.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top