Should I become a loan officer for a mortgage company?
I have an interview tomorrow with a company to be a loan officer. They are going to reimburse me 2k a month and after 3 months it turns into a draw against commission. Can I make a lot of money mortal a loan officer. They say you can make 150k a year, is this possible? What is an average morning like of a loan officer? This is an inside sales position
Answers:
You should look at pay.com and see what the median is for this job.
A commission job of any type take time to build your name in the community. If everyone could engineer 150k I think that there would be profoundly of real estate, brokers, agents ect.
The short answer is it is to risky for most people especially if you own a family that has to own a income every month.
NO!
This is NOT a good job!
Why?
Well, when interest rates (the "cost" of a loan) be going down AND sales in homes be booming, you got TWO big groups of people coming within to get loans.. the folks BUYING a house, and the folks REFINANCING the house. Most were the LATTER!
Right in a minute there are FEWER folks buying (housing slowdown, front page news!), and just about ANY one refinancing (folks who wanted to do that mostly did!).
So, you are getting a job surrounded by a field that is SHRINKING, not GROWING! And thus, your piece of a shrinking pie will be small!
Why? Well, when in attendance are fewer folks getting loans, it is the people who put on the market loans who have made past clients contented that will get the work, NOT you! Their past clients refer their friends and so on.
And here you are, clean to the field, they will pay you for a few months, and consequently CUT YOU LOOSE! They have nothing to lose if you cannot hustle and vend loans! The money they pay you the first few months is a pretty small investment really, and then they want you to generate your own lead, income etc. And they will take a lot of it rotten the top! So you make THEM money or at least won't cost them much.. but making yourself money is not on their catalogue of things they will care about!
This is a classic front page report scam.. similar to selling toilet brushes or insurance! They hire a bunch at next to nothing, money them nothing but commissions after training, and then if you DO fashion some money, they keep most of it.
If you are serious about this, you CAN spawn money, but most likely you won't make much.. THEY can't lose!
What you could use would be the "likelihood" of making money, what is their "retention" of folks surrounded by this field, stuff like that.
Like I said, this is a SHRINKING enclosed space! There were MORE folks working in this a year ago than today! What happen to their OLD employees? Did they lay off too copious? Did the ones they had before quit because they are broke?
awfully though job, but very rewarding for the right individual, a lot of competitors in todays flea market, a lot of people plummet out of the game after they can't put food on the table on a regular basis, but if you are succseful than you can earn deeply of money
Related Questions:
WIth the mortgage market contained by trouble are nearby still ways to win loans?
Is a balloon mortgage a better option for the mortgage company and the consumer in these trying times, or is in that other loans that can help consumers to restructure their debt at this time? Of course within are still...
Answers:
You should look at pay.com and see what the median is for this job.
A commission job of any type take time to build your name in the community. If everyone could engineer 150k I think that there would be profoundly of real estate, brokers, agents ect.
The short answer is it is to risky for most people especially if you own a family that has to own a income every month.
NO!
This is NOT a good job!
Why?
Well, when interest rates (the "cost" of a loan) be going down AND sales in homes be booming, you got TWO big groups of people coming within to get loans.. the folks BUYING a house, and the folks REFINANCING the house. Most were the LATTER!
Right in a minute there are FEWER folks buying (housing slowdown, front page news!), and just about ANY one refinancing (folks who wanted to do that mostly did!).
So, you are getting a job surrounded by a field that is SHRINKING, not GROWING! And thus, your piece of a shrinking pie will be small!
Why? Well, when in attendance are fewer folks getting loans, it is the people who put on the market loans who have made past clients contented that will get the work, NOT you! Their past clients refer their friends and so on.
And here you are, clean to the field, they will pay you for a few months, and consequently CUT YOU LOOSE! They have nothing to lose if you cannot hustle and vend loans! The money they pay you the first few months is a pretty small investment really, and then they want you to generate your own lead, income etc. And they will take a lot of it rotten the top! So you make THEM money or at least won't cost them much.. but making yourself money is not on their catalogue of things they will care about!
This is a classic front page report scam.. similar to selling toilet brushes or insurance! They hire a bunch at next to nothing, money them nothing but commissions after training, and then if you DO fashion some money, they keep most of it.
If you are serious about this, you CAN spawn money, but most likely you won't make much.. THEY can't lose!
What you could use would be the "likelihood" of making money, what is their "retention" of folks surrounded by this field, stuff like that.
Like I said, this is a SHRINKING enclosed space! There were MORE folks working in this a year ago than today! What happen to their OLD employees? Did they lay off too copious? Did the ones they had before quit because they are broke?
awfully though job, but very rewarding for the right individual, a lot of competitors in todays flea market, a lot of people plummet out of the game after they can't put food on the table on a regular basis, but if you are succseful than you can earn deeply of money
Related Questions:
WIth the mortgage market contained by trouble are nearby still ways to win loans?
Is a balloon mortgage a better option for the mortgage company and the consumer in these trying times, or is in that other loans that can help consumers to restructure their debt at this time? Of course within are still...