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Old 12-27-2008, 07:46 AM
 
95 posts, read 592,762 times
Reputation: 74

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Is it now with the economy?
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Old 12-27-2008, 08:18 AM
 
Location: MID ATLANTIC
8,282 posts, read 21,004,018 times
Reputation: 9636
Quote:
Originally Posted by tallandbuff View Post
Is it now with the economy?

It's 5 times harder than it ever was, for one quarter the pay. Rates are down, our call volume is up, but only one in every 4 callers can be helped.

Most definitely recommend having at a minimum 6 months savings before considering this line of work. If you are still living w/ mom and dad, that's a perfect set up in the event it doesn't work. If you are the primary bread winner and have children to support, I ask what can I say to convince you not to try this now?

This is far from the time for any consumer to be working with an inexperienced loan officer. A mistake costs thousands (while many will have you believing it's all okay if the rate is good).

Look hard, think hard. If you don't have the business base or business contacts, it's going to be a very rough road.
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Old 12-27-2008, 08:55 PM
 
930 posts, read 2,287,302 times
Reputation: 1000
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Originally Posted by tallandbuff View Post
Is it now with the economy?
It helps tremendously if you are tall and buff.

Oh wait....
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Old 12-29-2008, 09:40 PM
 
406 posts, read 1,281,106 times
Reputation: 146
i don't have much respect for loan officers, and would never consider the line of work. soon, they will be obsolete because of the internet. only the super rich, or commercial lenders will use loan officers in the future.
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Old 12-29-2008, 10:01 PM
 
Location: MID ATLANTIC
8,282 posts, read 21,004,018 times
Reputation: 9636
Quote:
Originally Posted by michael11747 View Post
i don't have much respect for loan officers, and would never consider the line of work. soon, they will be obsolete because of the internet. only the super rich, or commercial lenders will use loan officers in the future.

We heard that in the 1990's with the birth of Lending Tree and DiTech and they have done more harm.

Unfortunately the internet has zero accountability and the real estate community won't stand for it. Like it or not, that is the heart and soul of referral sources for most loan officers. Someone 14 states over threatening never to use me again isn't going to get the same weight that a mega producing agent in my back yard would bring.

I feel we are back to the future, the loan officers in the banks. The loan officers that can walk down to the underwriter's office and discuss the deal or the to VP and argue why it's a good loan.
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Old 12-30-2008, 01:24 AM
 
406 posts, read 1,281,106 times
Reputation: 146
Quote:
Originally Posted by SmartMoney View Post
We heard that in the 1990's with the birth of Lending Tree and DiTech and they have done more harm.

Unfortunately the internet has zero accountability and the real estate community won't stand for it. Like it or not, that is the heart and soul of referral sources for most loan officers. Someone 14 states over threatening never to use me again isn't going to get the same weight that a mega producing agent in my back yard would bring.

I feel we are back to the future, the loan officers in the banks. The loan officers that can walk down to the underwriter's office and discuss the deal or the to VP and argue why it's a good loan.
true enough, but there is the fact that loan officers did a great disservice to our country by convincing uneducated buyers to take out ARM's. i doubt the public's trust will heal quickly, and if the up and coming social lending sites play they cards right they can find more than a niche in this damaged market.

with that said, i don't think it's all the loan officers' fault. the big banks cooked up these schemes, the appraisers appraised terribly, the builders kept on building, realtors kept on selling homes which they knew were inflated, and the customers ran out or got scared after the first wave of ARM started to adjust. a very broad over generalization, but i'm sure you will forgive me since it is almost 130 am.
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Old 12-09-2011, 09:00 PM
 
1 posts, read 7,061 times
Reputation: 12
Sad.
All I ask is for people to be accountable for the decissions they make an not always look for someone to blame. Save money, plan for the future, dont try to keep up with the Jones'. The Jones' are broke. Save money. Pay your stuff off. The relief of lowering your debt is so much more comfotable than the feeling you get when it looks like you are big time materialistic items.
I am a loan officer. I am better than no one. I am thankful for the position I am in and for the continued succes I have earned due to good business decissions. I am sad that even today I will have someone sit down and almost demand a 100% loan. That means they have nothing invested. Walking away from the debt is so easy. They have no savings. Work week to week and want 100% without any liabilty if they do not pay. Thats not right. Its not my money but what if it was yours. How many of your friends would you loan $150,000 of your own money when you know they can walk away from the debt with only the threat of a law suit they will avoid for 20 years. I am not perfect. I have learned how important it is to be accountable though. I honestly am not judging anyone or putting anyone down but those who chose ARM loans or interest only loans where looking for the least amount of obligation. Least amount they would have to pay every month. I see the paperwork. There is no way anyone that should have even a drivers license can complain that they got a loan they didnt want. At a closing is it so repetative what they are getting. It is usually what they ask for. By the way. Any amd all ARM loans have only gone down in the last 4 years. ARM are adjusted with the prime rate. The prime rate has gone down for 4 years so an ARM loan is low. Its an excuse for the borrowers embarrasement of hoe foolish they were. I see it every day. No accountability. Its someone elses fault always. I am very sorry for those in hard times. I am thankful those times have not hit me yet but it still hurts me what is happening to others. I ask those (others) to do this. Stay strong, survive, provide, strong strong strong and when you come out of this change the way you live from then on. It will get better. Now for those that think I am some rich fellow and have no idea what I am talking about this is a short breakdown of me. I am married. Have no kids, Wife works. Bought a house one fouth of what we would qualify for. NOT MAX! Paid extra every month to pay my car off 2 years early and didnt go buy another new one. My house note is less than most rentals. I pay my house notes 6 months ahead of time and my wife calls me cheap. I dont care what she calls me I intend on providing a roof over her head. MEN! I SAID MEN! Do what you need to do. Work hard but save. Try hard but also live responsible. The good things in life are what you make them. For you it may be a boat in the garage that has a note and insurance to pay every year. For me,the $6,000 a year you may waist on that boat so you look good to you friends looks and feels so much better driving home from an awful day at work and thinking about quiting but knowing I have $6,000 in the bank. I am honestly sorry for any offensive nerve I hit but I am also proud of anyone reading this and becoming a real man or woman. Take care of your business. You will be 70 years old. Break it down. What will it take for you to live comfortably at 70 years old. See you on the seniors cruise!!!!!!!
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Old 12-10-2011, 07:09 AM
 
Location: Columbus, Ohio
1,413 posts, read 4,191,884 times
Reputation: 1427
Quote:
Originally Posted by michael11747 View Post
true enough, but there is the fact that loan officers did a great disservice to our country by convincing uneducated buyers to take out ARM's. i doubt the public's trust will heal quickly, and if the up and coming social lending sites play they cards right they can find more than a niche in this damaged market.

with that said, i don't think it's all the loan officers' fault. the big banks cooked up these schemes, the appraisers appraised terribly, the builders kept on building, realtors kept on selling homes which they knew were inflated, and the customers ran out or got scared after the first wave of ARM started to adjust. a very broad over generalization, but i'm sure you will forgive me since it is almost 130 am.
Uneducated buyers are to blame. They should have done their research.

Stop trying to blame "the man" and realize a lot of these problems is due to lack of personal accountability.
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Old 12-10-2011, 07:54 AM
 
Location: Wartrace,TN
6,681 posts, read 10,677,198 times
Reputation: 13221
Mortgage loan "officer" (aka originator?)?

This is a very competitive sales field and it has a lot to do with your ability to network and win over real estate agents more than anything else. The agents often influence purchasers to use a particular loan officer. Don't ever fool yourself into believing this is a finance job, it is a sales job.

Another issue as other have mentioned is the internet resources available to borrowers. Personally I could never see myself going to a loan officer for a loan. I like the convenience of being able to rate shop online and the ability to do a full analysis in excel on the available loan options. I do not like the thought of having to sit down with a loan officer to fill out the paperwork, I would rather have the time to read everything I am signing.

Whether or not is a good field for YOU is something that can't be answered by a stranger. If you have great sales and client relationship skills it may be a great fit for you. It WILL take a while to develop your business so you really need to have a financial cushion to work with.

If you really think you would do well in sales this might be a great option for you.
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Old 02-20-2012, 02:16 PM
 
41 posts, read 60,208 times
Reputation: 80
Quote:
Originally Posted by tallandbuff View Post
Is it now with the economy?
God no, anything in real estate is shot , shot to hell.
Forget it,
Sorry to shoot you down, but it will save you trouble.

People need to get away from the mid 80's to mid 2000's mindset of these real estate,m ortgage, type jobs that you sit in a cube and puke all day basically.

Look at oil/gas/energy - thats where the jobs are going and the world.
Military, law enforcement , civil service

Loan officer is fine the pay the bills while waiting for a real job, but don't bank on it as a career

It already happened years ago.
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