Loan officer???

[335icopeman]

I walk into an interview today. The senior loan officer said when you passed the load to me and I close the deal...U get $00 if its under 300,000 and $1000 if the loan is over 300,000. Is anyone here a load origionator?

[toofasttooslow]

No, but probably not a good time to just start getting into it. Realestate prices are falling in a lot of areas and the stockpiles are only growing. Plus the Fed is probably going to raise interest rates again very soon. I know several loan officers who are actively looking for new jobs. Kind of like rats deserting a sinking ship.

[danielg]

Depends on who and what you're doing. I work for a great internet lender, while we're not making crazy money like before, we're doing fine.

[Dmitriy@AUTOcouture]

Sounds like a scheme or a really poor paying job to me.

As a loan officer for a very reputable organization in NYC, I get paid straight commission by ways of basis points. Even on a $50,000 loan, I will still get paid. So what that guy is telling you sounds like complete BS, and the job sounds like you are going to be doing telemarketing and when you get a hot lead you pass it off to the loan officer, who will actually take it in. By the way, just to give an example, on a $300,000 loan assuming I am not charging any points and not taking any losses, I make aproximatly $2100.

Don't take the job, its not worth it in these market conditions. Like someone said before me, the real estate market is on a decline right now and the rates are sky-rocketing; not a good time to start fresh.


Good Luck!


-Dmitriy

[Kenny H]

What company are you working for? I was an LO for two sub-prime lenders and got out of it in early 2006 as the market slowed dramatically. Real estate isn't quite as dead as some think but I'd get out of origination in a hurry if I were you. Look to pursue other things, become an appraiser, new home sales etc. Also, some parts of the country have a much slower market then others. I'm in North Carolina and my wife is in new-home sales and things have gone quite well for her company even with the 'slow down.'

[mikeman]

its all BS these days...loan officer is another word for telemarketing....being a LO aint as great as it was in 06.

i quit my job as well.

[Dmitriy@AUTOcouture]

Originally Posted by mikeman

its all BS these days...loan officer is another word for telemarketing....being a LO aint as great as it was in 06.

i quit my job as well.

I would have to disagree with that statement.

I don't know how it is in other parts of the country but NYC real estate is not as volatile when it comes to prices, as the rest of the country. Moreover, I do not telemarket, not one bit. I have a wide array of referral sources, friends, attorney's, realtor's, etc. I have never picked up a phone and actually cold called somebody.

Also to correct you even more, '06 was not a great year, it was OK at best; if you recall in August of '06 rates were the same as they are now. The problem with most LO's is that they got spoiled during '02 - '04 when there was a refi boom and now that the rates are high again and business has slowed down, everyone like you just quits. However if you really follow the trend in the lending business you would realize that if it wasn't for times like these, there would never be a refi boom cause rates would always be low and there would be no sense in refinancing.

Come next year or so, you will be back in the business because your ex co-workers who stayed thru this slump will be driving M6's and having e9x's as thier daily drivers.

Just my $.02

-Dmitriy

[mikeman]

your exactly right....i guess i just got sick and tired of it and i jumped ship like everyone else...even if things get better i dont think i'll be back in the game again.

06 wasnt a GREAT year but it was better than it is now.

[Kiemyster]

real estate is crashing, and now people who got into this business recently are getting screwed. now is the test of who teh real men are.... err. i mean real estate agents. this time in the market separates the men from the boys. and i like it like that. times may be tough, but i love watching my competition suffer.

*kicks the following in the head* Century21 , Foxtons. your all going down. hahah.

Support the only real estate agency that really works for you, Remax!

(subliminal advertising!)

[derryck]

It depends on where you are...I have owned a Mortgage Broker Business in Florida for many years and am still quite successful. It's not like the refi boom of a few years ago but still VERY LUCRATIVE. I make money on every deal regardless of how big or small but sounds like you spoke to someone that is hiding profit from you which is not good for you. That being said the average loan amount in many areas of California is over the $300K mark.