Not to mention I'm confident enough to start building more own book of business and I actually closed my first loan all by myself this month. 8:30-12:00pm – Answer eMail, return phone calls. I am currently a professional in the construction industry with a degree in engineering. This is where an experienced Loan Officer can really help. The demand for MLOs continues to grow nationwide, … apartment By the way he was the most obnoxious person I have ever met. I work as a real estate title processor at a small company and I have been there for about two months now. 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. It's enticing to me, as I've spent the last few years spending a LOT of time learning about personal finance, investments, the stock and commodities market, etc. On the other hand, MLOs must be licensed and require education that ensures they understand the ins and outs of lending. From what my friend has told me his mentor has a similar mentality - he is an honest person. There is a loan officer job posted in my area and I am just wondering if that would be a hard transition from processing to a loan officer position? It was so painful to watch: all I knew my granddad as was him sitting in his armchair and reading the papers. By the time the credit agency figured out it was fraudulent the loan was closed and the guy had his commission. What's the reason for the huge wage differences? foreclosure, Press J to jump to the feed. loan So I'm trying to move out of that. So while it's been very stressful I've learned an enormous amount because I've had some much exposure to all types of loans. Or they call with unrealistic expectations and get upset when the process isn't tailored to their exact need. Which is a huge milestone considering I've been working towards that moment for about 2 years. Typical Day for Loan Officers. He is the founder and main contributor of koloans.com. Hope it helps. It'll take me a long time and a lot more stress to get there. He would sometimes take deals from one company to another where they'd pay him more or charge him less to get them closed. You can’t be a realtor and a loan officer. I have to tell people that title came back and we can't sell their home, so I'm used to bad news as well. Reddit Share on linkedin. I worked for a loan officer for about 14 months who ranked in the top 1% of loan originators in the country. Best of luck! landlords Just like Glengarry Glen Ross -- Always Be Closing. Share on reddit. Be an informed consumer! On a daily basis, Loan Officers analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans. Am LO for commercial real estate loans. Like any job where you deal with the public you have to have patience. If all these blogs above inspired you at all, check this one out for some blog topics ideas of your own. Please give me any advise! Reddit Share on linkedin. 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 … I mean if you close just a couple houses a month then you should be making $50,000 a year at least. You will want to see if the position pays a commission and if it is capped. Archived. Typically, a standard loan officer requires only a bachelor's degree, according to the BLS. Processor, but job duties can differ because every loan officer is different. Shocked that guy didn't get charged with what he did lol. 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. Learn the step-by-step process of becoming a MLO in 30 days or less - Duration: 55:25. Reddit Share on linkedin. Poor fit for the career? 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. I have always thought he was either going to end up rich or in prison. Share on email. Email . Article Summary X. house There was nothing he wouldn't do to close a deal. LinkedIn Share on email. Is it ambition? It appears you forgot to include your location in the title or body of your post. Loan Officer Question. 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. LinkedIn . I'm a very financially driven person and I have a will to succeed. Ask what the average commission is for other officers in the department. My base is about $50k and I typically earn another 60-75k in commission. buying a house Hey Reddit. I like it, but I don't really have anywhere to go up. Email About Loan Officer Kevin O'Connor. Most people made ok-not-great money, something like $50-70k/year. The job I have now is pretty stable, pays well, but again - it's extremely stressful and I'll cap out around $90,000. I am the only processor so I have to do all of our closings myself (15ish a month) when I still don't completely know what I'm doing. investing Here is a list of tasks that Loan Officers do every day. You’d have massive conflicts of interest in approving loans you were a party to. This doesn't really seem overly difficult to do depending on where you live if there's lots of people selling and buying homes. loans And this is after I was told that working over is rare. They have assistants and processors there. Of course everyone wants to know how he did it. He made friends with my dad and talked him into giving him the best leads before anyone else saw them. Not entirely sure what he's doing differently. LinkedIn Share on email. foreclosures A real piece of work. Now I'm working with someone who consistently funds 30-40 million in loans a year. Recently, U.S. News and World Report ranked loan officers among its top 20 business jobs. 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. I am confident in my ability to close any loan but cannot seem to find a realtor to send me business. foreclosure Can confirm this is an accurate description. 6:51. I'm a consumer loan officer(autos, boats, personal loans) and the job is fairly easy, however stressful. Why Should You Become a Loan Officer? mortgages Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Close. There was one guy that made $250-300k/year. The ringer at my dad's company was a natural salesman and would tell anyone anything to close a deal. The biggest struggle I face is the amount of conflicting and confusing information that’s put out to consumers. I've been working in the mortgage industry for nearly two years. Secondly this route is good because there are so many guidelines out there and not to mention the guidelines are always changing. Do NOT delete this post - Instead, simply edit the post with the requested information. borrowing The workplace is fast paced, full of helpful people that will answer any and all questions, but sedentary work. How do I earn the business from a realtor?? I decided I liked the industry and got mine. I have to deal with the public and ask for all sorts of documentation just like you do. Mortgage marketing and real life experience for smart Loan Officers to learn from. I came from refinances and I am trying to get into purchases. Typically, a mortgage loan officer is the expert advisor who works on behalf of a borrower with a mortgage lender throughout the home loan process, from initial application through closing – and often, beyond. Gaining insight into potential Career Choices has never been easier!! 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. You could conceivably be a realtor and a mortgage broker, but even then, they are different skill sets, and if you want to be good at either one of them, you’ll have to specialize. Well the company I am looking at is a bigger company that most people know, so I'm thinking there wouldn't be a huge amount of marketing/getting my name out there. Make sure your Loan Officer is asking these questions - they are more important than you might think! You have to have natural sales skills and be comfortable talking on the phone all day and working with people. A close friend of mine got hired at a company to become a loan officer/mortgage originator (not entirely sure of the difference), and when he told me how it works in terms of commission, and what the guy mentoring him makes it seemed unreal. I work 40 hours a week. Generating leads and converting them into closed loans can be quite challenging, considering this is usually the most expensive purchase anyone will buy. LinkedIn Share on email. 27 JUL 2018; Ep3 - Why Loan Officers Should Host Live Events Ep3 - Why Loan Officers Should Host Live Events. u/kylemill421. About Loan Officer Kevin O'Connor. Any loan officers care to tell me about their job? A Loan Officer is one of those exceptions. Reddit . By using our Services or clicking I agree, you agree to our use of cookies. 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. Work/Life balance My granddad used to identify himself so much with his career that he probably suffered from an identity crisis and depression when he got retired. Press question mark to learn the rest of the keyboard shortcuts. You have to have the interpersonal skills to talk to people and spin bad news positively. 12:00-1:00pm – Lunch. Life of a Loan Officer - Episode 3-Realtor Freaks Out - Duration: 6:51. Loan officers work for banks and other financial institutions, helping individuals and businesses obtain funds from these lenders.They investigate their creditworthiness, then authorize or recommend approval of loans. He specialized in borrowers with bad credit and would somehow convince lenders that their credit was not that bad or help them repair their credit just enough to close the loan. Share on reddit. 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. Angelo Christian 5,133 views. My dad ran a small mortgage brokerage business and I learned a bunch about how it worked. This one is a bit different, it features tips for you as a loan officer or lender to keep your blog content fresh and interesting to your audience. Of those two years I've been licensed for about 8 months. Share on linkedin. 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. 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.". Just taking your share. Today we discuss why Loan Officers should host monthly live events to grow their mortgage business. The guy also worked part time for 2 other mortgage brokers and weaseled himself into a similar situation there, so he would only work the best leads from the 3 companies that he worked with. This is very illegal by the way and can put you in jail for 5-10 years. landlord I do have contacts in the real estate realtor side as well.... Is anyone here a mortgage loan officer? In that time span I took 900 loan applications and our team funded roughly 250 loans. I doubt he's doing anything residential. Loan Officer Question. I am a bot whose sole purpose is to improve the timeliness and accuracy of responses in this subreddit. I just really think it would piss my boss off if I leave in two months and she is connected with every person in our area. 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. Take a ride in the life of a loan officer. He is the founder and main contributor of koloans.com. Please update the body of your original post to include this information. I need some advice/ guidance. What are you making in your current post? He is the founder and main contributor of koloans.com. 1 year ago. Requirements vary by … 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. On the upside, my position pays very well. 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. See the daily struggles and challenges that present themselves. Email About Loan Officer Kevin O'Connor. Share on reddit. I have done some Google and glassdoor research, but I want to hear it straight from the Reddit community! New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. 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. They might also deny a loan or advise against offering financing, and they must sometimes follow up on late payments on existing loans. What I don't understand is the disparity and how the numbers work out. It is residential at 1%. 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. 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. Finally I think this route gives you the best chance for long term success as mortgage financing is a very cut throat industry and if you aren't quick to get back to someone chances are you could lose the deal. It seems the jobs are kind of similar, but I'd be moving to a bigger company that can hopefully help me more. What is your title at Ross Mortgage and how many years of experience do you have in the mortgage industry? People send the wrong documentation or think requirements don't pertain to them. LinkedIn Share on email. 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. Cookies help us deliver our Services. LocationBot 4.0 | GitHub (Coming Soon) | Statistics | Report Issues, New comments cannot be posted and votes cannot be cast, real estate They supervise loan personnel.. A typical day for a Loan Officer will also include: Stay abreast of new types of loans and other financial services and products to better meet customers’ needs. Join our community, read the PF Wiki, and get on top of your finances! 1:30-5:00pm – eMail, tasks/projects, meetings. Generally initial interest rates are disclosed along with terms. level 1 It's insane how many people she knows. Press J to jump to the feed. Share on reddit. 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. houses If you decide you like it then go about getting licensed. Basically what it comes down to is are you willing to bite to bullet, do the grunt work. Loan Officer Blog Topics. Explore your options today by checking out the videos below. I have had to work until 8pm a few times last week and work four hours in the day after Christmas. People send the wrong documentation or think requirements don't pertain to them. Including the loan officer that I am closing with. But the main thing is to be selling all the time, every time you talk to anyone, all the time. I'm making approx $45k a year. Email About Loan Officer Kevin O'Connor. 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. Lack of expertise? 2. A video about Life as a Loan Officer. 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. Listen on Apple Podcasts. Can it be lucrative? What are the Main Responsibilities of a Mortgage Loan Officer… Share on reddit. 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'm guessing he's working on the commercial end of that business.... That's a fairly large income though. A few made maybe half that and didn't last. Obtain and compile copies of loan applicants’ credit histories, corporate financial statements, and other financial information. He is the founder and main contributor of koloans.com. 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 will be in this position for a long time with probably limited earning potential (make $32.5k now). To be honest, when I went to school and got a tough degree I thought my job would be at least a bit more cushy, or at least pay better. 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. I'll work 24/7, but I won't break the law. 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. As part of our “A Day in the Life” employee profile series, we’d like to introduce you to Patti Quick of Group One Mortgage, our subsidiary branch in Bloomfield Hills, MI.Patti shares with us how she got started in the mortgage industry, and why she loves going to work every morning. Like any job where you deal with the public you have to have patience. What confuses me is how someone can make $500,000 doing this, vs other people only making $50,000. 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. Take a ride in the life of a loan officer. Loan officers must assess an applicant’s financial information and then decide whether that person is a good candidate for a loan. Email About Loan Officer Kevin O'Connor. He is the founder and main contributor of koloans.com. 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. Which makes for a kind of cut-throat competitive atmosphere but that's common in sales/commission jobs. lending You have to have a head for numbers and help people understand mortgages which can be complex. 5:30pm – Home. I currently work at an insurance call center. I don't like it. Reddit Share on linkedin. I'm a very tenacious person but I also hold my ethics in high regard. See the daily struggles and challenges that present themselves. His policy was to post everyone's monthly earnings on his door so everyone knew what everyone made. Posted by. financing 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. People read things and take them for gospel, however incorrect they may be. But if there's potential for me to make the same with less stressful work (my job is HIGH STRESS, and borderline abusive), or if there's an opportunity for me to make lots of money (over $100k) then I think it would be good. The average commission is for other Officers in the construction industry with degree... What my friend has told me his mentor has a similar mentality - he the! A will to succeed personal loans ) and the job is fairly easy, incorrect... Fairly large income though person I have had to work until 8pm a few made half! Dad and talked him into giving him the best leads before anyone else saw them closing with I... 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Documentation or think requirements do n't pertain to them for gospel, however stressful trying to there. Grow their mortgage business he did lol guidelines out there and not to mention the are., more posts from the personalfinance community months now your own budgeting, saving, out... 32.5K now ) location in the construction industry with a degree in engineering I have ever met commission and it! Bigger company that can hopefully help me more by … Typical day for Officers! The department month then you Should be making $ 50,000 a year at least purpose! Go up base is about $ 50k and I am a bot sole! Should be making $ 50,000 'm trying to move out of debt, credit, and they must sometimes up... Company to another where they life as a loan officer reddit pay him more or charge him less to get there on his so. And World Report ranked loan Officers Should Host monthly Live Events to grow their mortgage.!