***Working @ Mortgage Company***

[Charm&Style]

My friend owns a mortgage company and i was thinkin of working with him...

Does/Has anyone worked at a mortgage company?

Is the Pay Good?


im in college so im just looking for a job thatll help me pay for my living.

Ill prbly be starting as a loan officer and just help ppl fill out their forms.


peace


.

 

[S1NN3R]

Loan officers have to do a lot more that just help people fill out forms. Generally, you've got to find the prospective buyer to start with, then you do the 1003 form with them, insert all of that info into your origination software, pull a credit report, then shop the loan, which entails calling every bank that might have a program that fits your client's needs, then dealing with the client for the good faith estimate (which is where you make your money).

Most mortgage brokers have a commision split with their agents where you'll take anywhere from 40 to 90% of the commission and the broker takes the rest, often with a house fee taken off first. You also have to understand all of the laws in your state regarding fair credit legislation. Something as stupid as missing a form filing or accidentally not disclosing a fee can land you in serious ugly.

 

[Charm&Style]

nice nice, tanx for the info.

hopefully he said hes going to train me for the first week.

 

[Bible_Belt]

I bet he wants you to telemarket. af of mine owns a mortgage company. It's not bad work if you can sell. There is a lot of competition, and when you call strangers on the phone and they hear "mortgage," their defenses go up immediately. I found that if I kept at it, eventually I could find someone who was angry enough at their current mortgage company to not hang up on me. Typically, they were just lonely old women who wanted someone to talk on the phone to, but on a typical refi in Florida, I made about a grand, so it was worth the effort, at least compared to other sales jobs.