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| *Loan,banking and credit>>>mortgage loan |
Do mortgage loan agents get paid commision only like realestate agents or are they on salary? |
i just got my real estate license and i live in redding california the housing market id really bad and im struggling to make it so i am thinking of trying motgage work and wondering if it is comission only just like what i get paid now i dont like it it is so stressfull if any one knows please tell me thank you verry much Now is the worst time to go into real estate. Companies that were doing 200 loans a month are struggling to do 50. The wholesale lenders that mortgage brokers send their loans, they are closing their doors left and right. Two closed this week alone and it's only Wednesday when I posted this response. Realtors can't sell anything and nobody can qualify to buy. Save yourself misery and get a real job! Yes it is a 100% commissioned job too. Loan agents who work for banks and credit unions a lot of times or on a salary with a bonus. Mortgage brokers are usaully on a per loan commision. If you are looking for a low stress mortgage job you are in the wrong buisiness. Any sales related job is going to have sales goals and requirents that you are going to need to meet every month. That is why the real estate buisiness has the highest turnover ratio, because most people can not handle the stress of the job. Good luck! Have you thought about working the opposite side of the fence....Foreclosures that is? I see a lot of 'foreclosures' up in your area (Shasta) by searching over at www.foreclosuredeals.com; I'm sure with a little motivation on your part, you can do quite well! I myself am thinking about getting into Real Estate Investing and working foreclosures myself; as well as Pre-Foreclosures and probably FSBO's (For Sell By Owners) as well. Good luck with whatever decision/career you choose to pursue! Cheers! To answer your question, yes loan originator receive commission only. I understand about you being in a bad market, however do not give up. I think it is a wonderful thing that you would consider giving loan origination a try. However allow me to give you a concept. Use your ability to originate loans as a marketing tool toward being a real estate agent. By using this method you can increase the number of house sold, create a diversification in your income, and increase profitability. If this is something you might be interested in, I would love to talk with you one on one about this method. Feel free to leave your contact info at emmanuelfleming@yahoo.com, and I promise to contact you within the next 24 hours. Much success Emmanuel J. Fleming NFS Mortgage Consultant |
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