I am interested in becoming a loan office/mortgage broker, are there any on the board that may help me in becoming one?? Is it a good career and is it a lucrative one??
Loan Officer
- Thread starter Billie Da Kid
- Start date
Former Sr. Loan Officer for 10 yrs. Not to discourage you but the industry has dramatically changed with increased scrutiny and tighter lending requirements for borrowers. Loans now take 2-4 months to close. My suggestion is to apply to any of the larger mortgage banks that pay a salary plus commission, since industry is generally 100% commission only. All the best.
The loan programs have changed dramatically. You used to be able to do loans quick, and had a bunch of programs to choose from. The requirements have tightened. It's a lot harder to get qualified borrowers. Anything is possible though. I guess, you're only as good as the leads that get. The A- Paper (or High Credit Score Borrower) firms are still gettin it. Stay focused and ask a lot of questions before you get into it. Good luck to you fam.
