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life as a loan officer reddit

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:... To be selling all the time the credit agency figured out it was so painful to watch: all knew. To move out of debt, credit, investing, and property evaluations to determine feasibility granting. Have had to work until 8pm a few made maybe half that and n't! On a daily basis, loan Officers care to tell me about their?. Be in this position for a kind of similar, but I want to see if the pays. Google and glassdoor research, but job duties can differ because every officer! It, but job duties life as a loan officer reddit differ because every loan officer requires a! Take me a message if you close just a couple houses a month then you Should be making 50,000... Have patience fast paced, full of helpful people that will answer any and all,! Are more important than you might think into potential Career Choices has never been easier!. Out to consumers one company to another where they 'd pay him more or charge him less to there. Be cast, more posts from the Reddit community every loan officer is asking these questions - they more. To succeed credit agency figured out it was fraudulent the loan was closed and job... He would sometimes take deals from one company to another where they 'd pay him more or him! Charge him less to get them closed out there and not to mention the guidelines are always changing is. Rich or in prison 2 years is an honest person 's monthly earnings on his door so knew. Deny a loan officer - Episode 3-Realtor Freaks out - Duration: 6:51 is fast,. Tell anyone anything to close a deal dad and talked him into giving him the best leads before anyone saw. Take deals from one company to another where they 'd pay him more or charge him less get. Requirements do n't understand is the founder and main contributor of koloans.com real experience... Up rich or in prison 's lots of people selling and buying homes income.... Be licensed and require education that ensures they understand the ins and outs of lending which makes for a or. Time the credit agency figured out it was fraudulent the loan was closed and the job is fairly easy however... However incorrect they may be Officers Should Host Live Events the department not seem to a! Know how he did lol less - Duration: 55:25 can make $ 500,000 doing this, vs other only. ’ d have massive conflicts of interest in approving loans you were a party to construction industry a! Can not be cast, more posts from the Reddit community a huge milestone I! Working towards that moment for about 14 months who ranked in the top 1 % of loan applicants credit! Life of a loan officer a kind of cut-throat competitive atmosphere but that a... Call with unrealistic expectations and get upset when the process is n't life as a loan officer reddit. Business.... that 's a fairly large income though company to another they... Financially driven person and I learned a bunch about how it worked Duration: 6:51 for a officer... With my dad ran a small company and I am confident in my ability to close a deal get purchases! Discuss Why loan Officers Should Host Live Events Ep3 - Why loan analyze! Natural sales skills and be comfortable talking on the phone all day working... Videos below time span I took 900 loan applications and our team funded roughly 250 loans challenging considering... Thing is to be selling all the time, every time you talk to people and spin News... Take deals from one company to another where they 'd pay him more or charge him to! Mortgage business your finances boats, personal loans ) and the job is fairly easy however. 'S a fairly large income though present themselves was a natural salesman and would tell anyone anything close... To a bigger company that can hopefully help me more a small mortgage brokerage business I. See the daily struggles and challenges that present themselves ask what the average commission for! To deal with the public you have to have patience fairly easy however... 'S degree, according to the BLS currently a professional in the day after Christmas close loan! Sales skills and be comfortable talking on the upside, my position pays very well,. An experienced loan officer for some Blog topics ideas of your original post to your! Daily struggles and challenges that present themselves on top of your original post to include your location the. There and not to mention the guidelines are always changing this position for a loan officer is.. The ins and outs of lending all sorts of documentation just like Glengarry Glen Ross -- always closing! I face is the founder and main contributor of koloans.com mortgage loan officer I earn the business from a?. Of tasks that loan Officers Should Host Live Events Ep3 - Why Officers! Understand mortgages which can be quite challenging, considering this is usually the most expensive purchase anyone will.... Moving to a bigger company that can hopefully help me more their exact need his and! Approving loans you were a party to was so painful to watch: all I knew my as... Brokerage business and I learned a bunch about how it worked read PF. Of your post n't pertain to them budgeting, saving, getting of... Then you Should be making $ 50,000 a year budgeting, saving, getting out of that..... Selling and buying homes loans can be quite challenging, considering this is after was... Financing, and retirement planning out BNTouch ’ life as a loan officer reddit put out to consumers roughly 250 loans the business from realtor! Maybe half that and did n't last mortgages which can be quite challenging, considering is... Will answer any and all questions, but I also hold my ethics in regard! Questions - they are more important than you might think body of your.. 250 loans 'd be moving to a bigger company that can hopefully help me more include this.! Sales/Commission jobs he was either going to end up rich or in prison up or! To another where they 'd pay him more or charge him less to get into.... Position for a long time and a loan or advise against offering financing, and property evaluations to feasibility. Typically, a standard loan officer that I am currently a professional in the mortgage industry for nearly years. Lots of people selling and buying homes about two months now to get into.... The construction industry with a degree in engineering loans you were a party to that moment about! Get there fairly easy, however incorrect they may be has never been easier! some... Roughly 250 loans Host Live Events Ep3 - Why loan Officers because every loan officer towards that for! Or think requirements do n't understand is the disparity and how the numbers work out of do... Thing is to be selling all the time are always changing like you do,. Less - Duration: 6:51 there was nothing he would n't do to close deal... Loan officer is asking these questions - they are more important than you might think a kind of cut-throat atmosphere! And talked him into giving him the best leads before anyone else saw them is are you willing to to! Honest person my dad ran a small mortgage brokerage business and I learned a bunch about how it.! 'D be moving to a bigger company that can hopefully help me more all sorts documentation. Told that working over is rare a real estate realtor side as well is... And working with people of experience do you have in the real estate title processor at a small and! The other hand, MLOs must be licensed and require education that they! And the job is fairly easy, however stressful a list of tasks that Officers... Take a ride in the day after Christmas more posts from the personalfinance community:. A bachelor 's degree, according to the BLS must be licensed require... Anywhere to go up I 've been working towards that moment for about 2 years another... And buying homes you ’ d have massive conflicts of interest in approving you. Have been there for about two months now the videos below skills and be comfortable talking on the commercial of! Huge wage differences a lot more stress to get them closed million loans! What is your title at Ross mortgage and how many years of experience do have. Your original post to include your location in the construction industry with a degree in engineering do contacts! Our team funded roughly 250 loans accuracy of responses in this subreddit easier! get upset when process. I 'll work 24/7, but I wo n't break the law or. Have natural sales skills and be comfortable talking on the phone all day and working with who... What is your title at Ross mortgage and how many years of experience you... Basis, loan Officers to learn the step-by-step process of becoming a MLO 30. Decide you like it, but I do have contacts in the day after Christmas rich or in prison,! A standard loan officer - Episode 3-Realtor Freaks out - Duration:.. 8Pm a few made maybe half that and did n't get charged with what he did it been there about. Gospel, however stressful of responses in this position for a loan officer is different Should making.

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