If you decide you like it then go about getting licensed. It appears you forgot to include your location in the title or body of your post. LinkedIn Share on email. I'm making approx $45k a year. Share on reddit. Gaining insight into potential Career Choices has never been easier!! 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. 12:00-1:00pm – Lunch. He is the founder and main contributor of koloans.com. 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. So I'm trying to move out of that. financing 2. Secondly this route is good because there are so many guidelines out there and not to mention the guidelines are always changing. Reddit Share on linkedin. Which is a huge milestone considering I've been working towards that moment for about 2 years. 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. A few made maybe half that and didn't last. Life of a Loan Officer - Episode 3-Realtor Freaks Out - Duration: 6:51. He is the founder and main contributor of koloans.com. 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. What I don't understand is the disparity and how the numbers work out. Like any job where you deal with the public you have to have patience. Not entirely sure what he's doing differently. 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. Posted by. I'm a consumer loan officer(autos, boats, personal loans) and the job is fairly easy, however stressful. They have assistants and processors there. LinkedIn Share on email. I'm a very financially driven person and I have a will to succeed. And this is after I was told that working over is rare. LinkedIn . Loan Officer Question. 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. What are you making in your current post? investing 1 year ago. 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. house Typically, a standard loan officer requires only a bachelor's degree, according to the BLS. By the time the credit agency figured out it was fraudulent the loan was closed and the guy had his commission. Lack of expertise? Share on email. 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. I've been working in the mortgage industry for nearly two years. But the main thing is to be selling all the time, every time you talk to anyone, all the time. 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. This is very illegal by the way and can put you in jail for 5-10 years. 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. 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. They might also deny a loan or advise against offering financing, and they must sometimes follow up on late payments on existing loans. 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. 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. A real piece of work. To be a loan officer, you'll need at least a high school degree and some experience with math, economics, and business. Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans. You have to have natural sales skills and be comfortable talking on the phone all day and working with people. 1:30-5:00pm – eMail, tasks/projects, meetings. Any loan officers care to tell me about their job? It seems the jobs are kind of similar, but I'd be moving to a bigger company that can hopefully help me more. houses 6:51. He is the founder and main contributor of koloans.com. Please give me any advise! Why Should You Become a Loan Officer? Be an informed consumer! I don't like it. A Loan Officer is one of those exceptions. Please update the body of your original post to include this information. It'll take me a long time and a lot more stress to get there. This is where an experienced Loan Officer can really help. Hey Reddit. Share on reddit. Best of luck! What are the Main Responsibilities of a Mortgage Loan Officer… LinkedIn Share on email. Explore your options today by checking out the videos below. Like any job where you deal with the public you have to have patience. I'll work 24/7, but I won't break the law. 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. The biggest struggle I face is the amount of conflicting and confusing information that’s put out to consumers. I decided I liked the industry and got mine. What confuses me is how someone can make $500,000 doing this, vs other people only making $50,000. Press J to jump to the feed. 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. landlords 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. I have to deal with the public and ask for all sorts of documentation just like you do. I am confident in my ability to close any loan but cannot seem to find a realtor to send me business. Loan Officer Question. The ringer at my dad's company was a natural salesman and would tell anyone anything to close a deal. The demand for MLOs continues to grow nationwide, … 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. 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. borrowing Recently, U.S. News and World Report ranked loan officers among its top 20 business jobs. 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.". How do I earn the business from a realtor?? Hope it helps. I like it, but I don't really have anywhere to go up. Join our community, read the PF Wiki, and get on top of your finances! There was nothing he wouldn't do to close a deal. Can it be lucrative? I work 40 hours a week. Which makes for a kind of cut-throat competitive atmosphere but that's common in sales/commission jobs. By the way he was the most obnoxious person I have ever met. He made friends with my dad and talked him into giving him the best leads before anyone else saw them. People read things and take them for gospel, however incorrect they may be. About Loan Officer Kevin O'Connor. What's the reason for the huge wage differences? Generating leads and converting them into closed loans can be quite challenging, considering this is usually the most expensive purchase anyone will buy. 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. Can confirm this is an accurate description. Feel free to shoot me a message if you have any other questions if you liked me advice. 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. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Obtain and compile copies of loan applicants’ credit histories, corporate financial statements, and other financial information. Email About Loan Officer Kevin O'Connor. I'm a very tenacious person but I also hold my ethics in high regard. Now I'm working with someone who consistently funds 30-40 million in loans a year. Generally initial interest rates are disclosed along with terms. foreclosure I will be in this position for a long time with probably limited earning potential (make $32.5k now). Typical Day for Loan Officers. Loan Officer Blog Topics. Angelo Christian 5,133 views. 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. Email . A video about Life as a Loan Officer. 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. I am currently a professional in the construction industry with a degree in engineering. 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.