This may or may not be better suited to GQ, but I’m putting it here because I’m hoping that I’ll get people who can share their personal experiences as well as answer some factual questions. So, having said that…I’m considering this as a career change (I’m currently a financial analyst for a phone company, but I fell into this job through my telecom experience, as I have no formal accounting/finance training), and I was wondering if this is the sort of job that you have to work your way up the ladder on, or if it’s something I can take classes to learn. I’m assuming that there are certifications I’d need to get, etc.
Does anyone here do this for a living, or know someone who does it? Is it a hard field to get into? Is it largely salary based, or are there commissions involved? If it’s commission-based, how does one find prospective mortgage candidates to sell to?
Gah, I wrote a whole long response and the server ate it. Stupid server.
Short answer: it varies big time, state to state. Some states require a license, some do not. Check with the PA Department of Real Estate.
Most loan officers work on commission only, so it can be hard to start out. Finding borrowers can suck indeed. My last company did a lot of advertising (mostly fliers); my current company does hardly any advertising and depends on previous borrowers to refinance again, or recommend us to their friends. The top loan officers get a lot of requests (because they have the most previous borrowers) and often pass them off onto the newer loan officers, who then recommend them to friends.
Urk. I can’t afford to work in a job that’s solely commission-based. This is what’s holding me back from doing what I’d really like to do, which is to be a real estate agent. Unfortunately, that’s not something you can really do part time until you get up and rolling, and I can’t afford to leave my current job and do it full time and be income-less until I get established. ::sigh::
In the bank I used to work for, some were actually people who’d worked their way up and gotten promoted into the job. I don’t believe any sort of licensing is required here. (Don’t quote me on that.) It does help to have a degree in something like accounting, business, or banking. Oh, yes, and you have to sign away your soul…Just kidding. In my bank, loan officers were salaried associates who got nice bonuses at the end of the year for the business they brought in.
I’m currently temping at a nationwide mortgage lender - If you like I’ll ask one of the loan officers for the scoop tomorrow.
As far as finding potential borrowers - the department I work in deals with people who are being relocated by their employer. Either our loan officers are given leads by the employer, or the employees are given information that has our contact #'s (and those of other preferred lenders as well). In that last case, it is then up to the employee to contact the lenders and see what they can do for them.
Right then. I asked my supervisor and one of the loan officers about this. Bear in mind that the info may only reflect on this particular company.
At my company, loan officers receive both a salary and a commission (did not ask about amounts). My supervisor said this is not the norm.
As far as previous experience/training goes, at my company they will hire people without previous experience (especially now as the interest rates are so low - lots of refinancing and new customers). Any lender that hires you should provide all the training necessary. We have several loan officers on staff that were hired without any knowledge of mortgages. My boss said they like to try people out and see how quickly they grasp the computers before they hire them permanently. I forgot to ask about certification, but I imagine that would be part of the training process if it is necessary.
My department is looking for a dozen new loan officers. If you’re at all interested, feel free to drop me an email.
