I'm a consumer loan officer (autos, boats, personal loans) and the job is fairly easy, however stressful. Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans. I feel underpaid, I've been told I'm underpaid by many different people, I've tried to remedy that - but at the end of the day I still don't "like what I do.". I'm a very financially driven person and I have a will to succeed. I doubt he's doing anything residential. I decided I liked the industry and got mine. Share on linkedin. I'm making approx $45k a year. Press question mark to learn the rest of the keyboard shortcuts. Feel free to shoot me a message if you have any other questions if you liked me advice. I came from refinances and I am trying to get into purchases. It is residential at 1%. While many individuals are able to work a typical 8-5pm day, there are those exceptions that must work flex hours, longer days, or even on the weekends. I really recommend a route similar to this because first and foremost the industry is not for everybody and it's a not terribly difficult to get your license, but my AZ license ran me around 1,000. loan It pays pretty well and it's not a terribly stressful job (besides the constant badgering about metrics and the occasional angry customer) But I really want to get out. Typically, a standard loan officer requires only a bachelor's degree, according to the BLS. Funnily enough, I am doing a closing now with one of their loan officers, but I don't really want to ask about the opening with him for obvious reasons. u/kylemill421. Interpersonal skills: Commonly referred to as “people skills,” these refer to the ability to communicate effectively, to listen actively and to work as part of a team. A few made maybe half that and didn't last. On a daily basis, Loan Officers analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans. Reddit . Some like to oversee a large part of the loan and others want you to take care of majority of the tasks that go into getting a loan funded. People getting denied for loans is also a thing and you have to be able to relay that information and try to find solutions to get an approval. house Like any job where you deal with the public you have to have patience. What's the reason for the huge wage differences? And this is after I was told that working over is rare. foreclosure The job I have now is pretty stable, pays well, but again - it's extremely stressful and I'll cap out around $90,000. My current job is very stressful as well and I had to cut my holidays short to make sure I'm getting my stuff done. Check out BNTouch’s Mortgage Marketing Blog here. When looking for an LOA position ideally you'd like to find an very knowledgeable Loan officer who has a very consistent and reliable book of business. You can’t be a realtor and a loan officer. What I don't understand is the disparity and how the numbers work out. Archived. A real piece of work. Secondly this route is good because there are so many guidelines out there and not to mention the guidelines are always changing. See the daily struggles and challenges that present themselves. By the way he was the most obnoxious person I have ever met. financing Mortgage marketing and real life experience for smart Loan Officers to learn from. Which makes for a kind of cut-throat competitive atmosphere but that's common in sales/commission jobs. I'm guessing he's working on the commercial end of that business.... That's a fairly large income though. How do I earn the business from a realtor?? houses Not entirely sure what he's doing differently. Whether you are gathering information on becoming a loan officer, looking for NMLS approved classes, inquiring about license requirements, or searching for loan officer jobs, we want to make your life easier by guiding you through the steps. The demand for MLOs continues to grow nationwide, … LocationBot 4.0 | GitHub (Coming Soon) | Statistics | Report Issues, New comments cannot be posted and votes cannot be cast, real estate Lack of expertise? LinkedIn Share on email. I worked for a loan officer for about 14 months who ranked in the top 1% of loan originators in the country. 2. Loan Officer Blog Topics. I am currently a professional in the construction industry with a degree in engineering. We discovered that he would send letters with falsified letterhead to credit agencies telling them that a bill was paid when it was not, which would improve their credit to close the loan. Like any job where you deal with the public you have to have patience. Take a ride in the life of a loan officer. Listen on Apple Podcasts. Generally initial interest rates are disclosed along with terms. I know this post seems abstract, but a career as a loan officer seems pretty attractive to me - one reservation I had though was that this guy, doing the math, was making $300-$500k a year whereas the median salary for a mortgage loan officer is only $50-$70k. Reddit Share on linkedin. It's insane how many people she knows. This is where an experienced Loan Officer can really help. Why Should You Become a Loan Officer? Here is a list of tasks that Loan Officers do every day. Share on reddit. So I'm trying to move out of that. A Loan Officer is one of those exceptions. 6:51. You will want to see if the position pays a commission and if it is capped. 1 year ago. Gaining insight into potential Career Choices has never been easier!! Press J to jump to the feed. You have to have the interpersonal skills to talk to people and spin bad news positively. Reddit Share on linkedin. From what my friend has told me his mentor has a similar mentality - he is an honest person. Cons: Good chance that it’s a commission only position, I see base salary occasionally but usually loan officers get paid only if the loan closes which can be a 30-60 day process. Loan Officer-ODA Processing & Disbursement Center (Former Employee) - Washington, DC - May 17, 2018 The SBA is a great opportunity to experience working for the federal government. Is it ambition? It's also important that the Loan Officer you'd be working for is the type of person who doesn't just tell you what and how to do it, but also takes the time to explain why it's done that way. Share on email. In my opinion it would be extremely difficult to go get licensed, Pick up a Loan Officer Job with very little experience in that role, then proceed to try and build a book of business while trying to figure out the loan process and different ways to make a deal to work that's best for your client. I'll work 24/7, but I won't break the law. My base is about $50k and I typically earn another 60-75k in commission. It appears you forgot to include your location in the title or body of your post. You have to have natural sales skills and be comfortable talking on the phone all day and working with people. Poor fit for the career? Most loan officers got a 50/50 split (paid half of their earnings to the company to cover expenses) but this guy talked my dad into a 70/30 split, in part because he did so much volume that the company got as much money from him with a lower split. This just means the Loan Officer has reviewed your loan application and the documentation you’ve sent in and based on that information believes you will be approved for a loan. They might also deny a loan or advise against offering financing, and they must sometimes follow up on late payments on existing loans. I'm 33 and have been doing this for 5 years, the amount of gray hair I have now is exponentially more than when I started, I blame the job. I have done some Google and glassdoor research, but I want to hear it straight from the Reddit community! Just like Glengarry Glen Ross -- Always Be Closing. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. What is your title at Ross Mortgage and how many years of experience do you have in the mortgage industry? Share on reddit. I started out with a sub par hourly wage, but now that I'm licensed, capable of taking on more responsibilities I'm looking to start earning a small percentage of commission for the work I do on my bosses loan. Personally if I were to give you any advice it would be to seek out a mortgage company that uses Loan Officer Assistants (LOA) -- The position is basically a Jr. This doesn't really seem overly difficult to do depending on where you live if there's lots of people selling and buying homes. It seems the jobs are kind of similar, but I'd be moving to a bigger company that can hopefully help me more. To be a loan officer, you'll need at least a high school degree and some experience with math, economics, and business. This will allow you to start piecing the loan process together yourself and if you're seeing a consistent stream of loans it will allow you to be apart of tons of different loan scenarios. Email . apartment Close. I have to deal with the public and ask for all sorts of documentation just like you do. Shocked that guy didn't get charged with what he did lol. It was so painful to watch: all I knew my granddad as was him sitting in his armchair and reading the papers. As a loan officer, you'll work at a financial institution, like a bank, credit union, or lending company, and help individuals and businesses apply for loans. lending The biggest struggle I face is the amount of conflicting and confusing information that’s put out to consumers. Ask what the average commission is for other officers in the department. About Loan Officer Kevin O'Connor. Loan Officer not Responding UPDATE EDIT: So, after your suggestions to escalate, I went on the home loan site and saw that there was another lady listed as being on our "loan team", so I decided to email her and copy my lending agent on the email. I liked the industry and got mine of your finances credit agency figured out it was so painful to:... 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