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| *Loan,banking and credit>>>mortgage loan |
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 pay me 2k a month and after 3 months it turns into a draw against commission. Can I make a lot of money being a loan officer. They say you can make 150k a year, is this possible? What is an average day like of a loan officer? This is an inside sales position very though job, but very rewarding for the right person, a lot of competitors in todays market, a lot of people fall 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 a lot of money lign="right" > Sign in to vote! You should look at salary.com and see what the median is for this job. A commission job of any type takes time to build your name in the community. If everyone could make 150k I think that there would be a lot of real estate, brokers, agents ect. The short answer is it is to risky for most people especially if you have a family that has to have a income every month. lign="right" > Sign in to vote! NO! This is NOT a good job! Why? Well, when interest rates (the "cost" of a loan) were going down AND sales in homes were booming, you got TWO big groups of people coming in to get loans.. the folks BUYING a house, and the folks REFINANCING the house. Most were the LATTER! Right now there are FEWER folks buying (housing slowdown, front page news!), and hardly ANY one refinancing (folks who wanted to do that mostly did!). So, you are getting a job in a field that is SHRINKING, not GROWING! And thus, your piece of a shrinking pie will be small! Why? Well, when there are fewer folks getting loans, it is the people who sell loans who have made past clients happy that will get the work, NOT you! Their past clients refer their friends and so on. And here you are, new to the field, they will pay you for a few months, and then CUT YOU LOOSE! They have nothing to lose if you cannot hustle and sell 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 leads, income etc. And they will take a lot of it off the top! So you make THEM money or at least won't cost them much.. but making yourself money is not on their list of things they will care about! This is a classic front page news scam.. similar to selling toilet brushes or insurance! They hire a bunch at next to nothing, pay them nothing but commissions after training, and then if you DO make some money, they keep most of it. If you are serious about this, you CAN make 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 in this field, stuff like that. Like I said, this is a SHRINKING field! There were MORE folks working in this a year ago than today! What happened to their OLD employees? Did they lay off too many? Did the ones they had before quit because they are broke? lign="right" > Sign in to vote! lass="explain-text">Sometimes none of the answers get it just right. If so, pick "No Best Answer". Voters DO NOT get any points for voting on the No Best Answer. |
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