Im a Loan Officer in the mortgage industry several years
Ive been in the mortgage industry for a long time , I started as a Loan Pricessor and stayed in the industry and started a small mortgage company for 8 years made 500k a year ( that was good for me( iunril the industry crashed in 2009. I made very good money being my own boss/ owner I dabled in the foreclosure market for a few years The industry changed and is regulated, I had to get NMLS loan officer license. I now have them in several states. Ive worked at several jobs as a outside loan officer, requirements are getting realtor business to get borrowers to qualify for loans Ive also worked in a call center environment and Ive done both. The outside loan officer position is challenging because your on a draw and have to close a minimum requirement, ( a draw against COMISSIONS)i and I might have approvals however not enough inventory (homes) for a home to purchase, waiting time etc at the same time, be able to maintain your personal finances.. to keep good credit.. Ive also worked several call center, ( BASE PAY PLUS COMISSIONS ~ usually lower because they are providing leads) providing me with leads, a few companies after a few months coudlnt pay me, unscrupulous and I had ro quit.
I worked for a few call centers made good money, got laid offf because interest rates are increasing.
Even though i have many years experience, willing to make money,, it seems as though opportunities are less. Ive spent so many years in this industry to be disinchanted and disappointed. A few companies that I worked with that didnt pay me ( i took to the labor board); and they settled out of court. Ive noticed people will lie and cheat in this business and dishonest. These are the people that supposidky are in charge making opinions about my work ethic and my abiliries , when they themselves are doing dishomest, unscrupulous and unfair dealings. the moetgage industry, even though your a top producer, its not what you made last month its what your currently making, your only a number to them, they will get rid of you for any reason. There is no loyalty..
Ive worked for a couple companies, only for them to embellish they had great leads and money for marketing and that wasnt the case. Recently, I worked one week on the phones, a company that wanted " a one call close" with unrealistic expectations. My style of closing is to create trust and not pressure people.
Im curious to find out if you had this experience ?
** PLEASE EXCUSE ANY TYPOS I WROTE ON NY PHONE**
Yes but dont give up, we are some of the few with a lot of experience in the Mtg. Industry and I am almost certain that the good days are coming back very soon and we will have the opportunity to shine again and be recognized for our hard work from doing real work in the 90's. I was a Mtg processor/Originator in the Pal Beach County in Florida for 25 years and I really worked to help customers and NOT to make the big buck. Here came the bunch of money hungry with no experience but with plenty of malise and ruined everything . By 2007 the Mortgage Industry was not the same. Iam having trouble finding my identity in the job placement and getting more closer to just do my own company of different things I can do with my experience. Box me and lets be in contact if you desire. My name is Maria
Hi Lori, since you have mortgage experience check out Black knight financial. I've been there 27 years, great pay and benefits. If interested you can check their job site online.
I've been in the mortgage servicing business for years. There is absolutely no loyalty out there
I've been trying to get a house in to raise my family in so I can relax in with them or over 20 yrs
I've been in the mortgage industry for over 20 years it is very cut throat. I've also made a lot of good friends along the way. The interest rates are rising now and I was laid off last month but was lucky to find me another job working with some of the best folks. Get on LinkedIn and start networking. Don't be afraid to ask if anyone is hiring. I did exactly that and that's what helped me find my new job. Your experience is a gold mine put it out there for everyone to see and stay strong hun you will find something soon.
Been there, done that, Lori.
Not including myself, I've known approximately 150 - 200 people that have worked as Loan Originators. To date, every single one I've known has had at least $20,000+ in pay they've never received from their bosses / brokers.
Every. Single. One.
Future advice for sales, in real estate / finance or any other sales position: Never work straight commission. Never work draw against commission. Never work commission caps. You'll make LESS than you should, as the person actually generating the income into the organization.
Every. Single. Time.
You're welcome.
I get it! I know the feeling to well in the corruption. Feast or famine or pay to play...looking for something else !
Hi Lori, Please contact me and I have an idea that may assist you to become wealthy with your incredible skills. You may reach me at LinkedIn.
Nevada right now is booming, Las Vegas, oh my gosh, you want a nice simple new affordable house, Nevada is good. No state tax. A lot of job growth right now, especially they are building the new Raiders stadium out there, they have a hockey team now...watch out. Las Vegas is busting right now. You can rent a brand new apartment, 2 bedroom with all amenaties, for no more than $1,000.00. My advice, better start thinking of relocating. You could probably open up a business in Vegas for less money, establish yourself in 2-3 months...I'm telling you...They are building up the freeways out there. So much jobs out west.
Not exactly.....but close enough