Hey Reddit. Join our community, read the PF Wiki, and get on top of your finances! A few made maybe half that and didn't last. Email About Loan Officer Kevin O'Connor. I have to deal with the public and ask for all sorts of documentation just like you do. Please update the body of your original post to include this information. I have had to work until 8pm a few times last week and work four hours in the day after Christmas. On a daily basis, Loan Officers analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans. Press question mark to learn the rest of the keyboard shortcuts. He is the founder and main contributor of koloans.com. Whether you are gathering information on becoming a loan officer, looking for NMLS approved classes, inquiring about license requirements, or searching for loan officer jobs, we want to make your life easier by guiding you through the steps. The job I have now is pretty stable, pays well, but again - it's extremely stressful and I'll cap out around $90,000. I'm a consumer loan officer (autos, boats, personal loans) and the job is fairly easy, however stressful. It seems the jobs are kind of similar, but I'd be moving to a bigger company that can hopefully help me more. Angelo Christian 5,133 views. They might also deny a loan or advise against offering financing, and they must sometimes follow up on late payments on existing loans. Email About Loan Officer Kevin O'Connor. I know this post seems abstract, but a career as a loan officer seems pretty attractive to me - one reservation I had though was that this guy, doing the math, was making $300-$500k a year whereas the median salary for a mortgage loan officer is only $50-$70k. LinkedIn Share on email. houses As part of our “A Day in the Life” employee profile series, we’d like to introduce you to Patti Quick of Group One Mortgage, our subsidiary branch in Bloomfield Hills, MI.Patti shares with us how she got started in the mortgage industry, and why she loves going to work every morning. Be an informed consumer! Obtain and compile copies of loan applicants’ credit histories, corporate financial statements, and other financial information. I came from refinances and I am trying to get into purchases. Funnily enough, I am doing a closing now with one of their loan officers, but I don't really want to ask about the opening with him for obvious reasons. apartment You have to have a head for numbers and help people understand mortgages which can be complex. The guy also worked part time for 2 other mortgage brokers and weaseled himself into a similar situation there, so he would only work the best leads from the 3 companies that he worked with. Make sure your Loan Officer is asking these questions - they are more important than you might think! Loan Officer Question. Learn the step-by-step process of becoming a MLO in 30 days or less - Duration: 55:25. Email . Some like to oversee a large part of the loan and others want you to take care of majority of the tasks that go into getting a loan funded. Like any job where you deal with the public you have to have patience. See the daily struggles and challenges that present themselves. Press question mark to learn the rest of the keyboard shortcuts. Interpersonal skills: Commonly referred to as “people skills,” these refer to the ability to communicate effectively, to listen actively and to work as part of a team. u/kylemill421. lending A close friend of mine got hired at a company to become a loan officer/mortgage originator (not entirely sure of the difference), and when he told me how it works in terms of commission, and what the guy mentoring him makes it seemed unreal. He is the founder and main contributor of koloans.com. There is a loan officer job posted in my area and I am just wondering if that would be a hard transition from processing to a loan officer position? There was nothing he wouldn't do to close a deal. foreclosure Including the loan officer that I am closing with. Feel free to shoot me a message if you have any other questions if you liked me advice. Please give me any advise! Hope it helps. Mortgage marketing and real life experience for smart Loan Officers to learn from. 12:00-1:00pm – Lunch. Gaining insight into potential Career Choices has never been easier!! I like it, but I don't really have anywhere to go up. I'm a very tenacious person but I also hold my ethics in high regard. And this is after I was told that working over is rare. Can it be lucrative? Share on reddit. I am currently a professional in the construction industry with a degree in engineering. Typically, a mortgage loan officer is the expert advisor who works on behalf of a borrower with a mortgage lender throughout the home loan process, from initial application through closing – and often, beyond. This one is a bit different, it features tips for you as a loan officer or lender to keep your blog content fresh and interesting to your audience. He is the founder and main contributor of koloans.com. landlords If you decide you like it then go about getting licensed. Recently, U.S. News and World Report ranked loan officers among its top 20 business jobs. By using our Services or clicking I agree, you agree to our use of cookies. Generally initial interest rates are disclosed along with terms. I don't like it. Which makes for a kind of cut-throat competitive atmosphere but that's common in sales/commission jobs. Email About Loan Officer Kevin O'Connor. On the upside, my position pays very well. See the daily struggles and challenges that present themselves. 1 year ago. buying a house By the way he was the most obnoxious person I have ever met. Best of luck! Why Should You Become a Loan Officer? LocationBot 4.0 | GitHub (Coming Soon) | Statistics | Report Issues, New comments cannot be posted and votes cannot be cast, real estate It's insane how many people she knows. Explore your options today by checking out the videos below. You have to have the interpersonal skills to talk to people and spin bad news positively. Secondly this route is good because there are so many guidelines out there and not to mention the guidelines are always changing. Cookies help us deliver our Services. Loan Officer Blog Topics. You can’t be a realtor and a loan officer. Typically, a standard loan officer requires only a bachelor's degree, according to the BLS. Here is a list of tasks that Loan Officers do every day. What is your title at Ross Mortgage and how many years of experience do you have in the mortgage industry? Check out BNTouch’s Mortgage Marketing Blog here. Work/Life balance My granddad used to identify himself so much with his career that he probably suffered from an identity crisis and depression when he got retired. Press J to jump to the feed. But the main thing is to be selling all the time, every time you talk to anyone, all the time. Now I'm working with someone who consistently funds 30-40 million in loans a year. Share on linkedin. I worked for a loan officer for about 14 months who ranked in the top 1% of loan originators in the country. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Reddit Share on linkedin. I do have contacts in the real estate realtor side as well.... Is anyone here a mortgage loan officer? You could conceivably be a realtor and a mortgage broker, but even then, they are different skill sets, and if you want to be good at either one of them, you’ll have to specialize. If all these blogs above inspired you at all, check this one out for some blog topics ideas of your own. Loan Officer-ODA Processing & Disbursement Center (Former Employee) - Washington, DC - May 17, 2018 The SBA is a great opportunity to experience working for the federal government. When looking for an LOA position ideally you'd like to find an very knowledgeable Loan officer who has a very consistent and reliable book of business. Cons: Good chance that it’s a commission only position, I see base salary occasionally but usually loan officers get paid only if the loan closes which can be a 30-60 day process. I'll work 24/7, but I won't break the law. Close. Take a ride in the life of a loan officer. I am confident in my ability to close any loan but cannot seem to find a realtor to send me business. So I'm trying to move out of that. How do I earn the business from a realtor?? I'm 33 and have been doing this for 5 years, the amount of gray hair I have now is exponentially more than when I started, I blame the job. To be honest, when I went to school and got a tough degree I thought my job would be at least a bit more cushy, or at least pay better. Just taking your share. I know this post seems abstract, but a career as a loan officer seems pretty attractive to me - one reservation I had though was that this guy, doing the math, was making $300-$500k a year whereas the median salary for a mortgage loan officer is only $50 … I doubt he's doing anything residential. On the other hand, MLOs must be licensed and require education that ensures they understand the ins and outs of lending. But if there's potential for me to make the same with less stressful work (my job is HIGH STRESS, and borderline abusive), or if there's an opportunity for me to make lots of money (over $100k) then I think it would be good. Share on reddit. borrowing To be a loan officer, you'll need at least a high school degree and some experience with math, economics, and business. investing It was so painful to watch: all I knew my granddad as was him sitting in his armchair and reading the papers. 6:51. In that time span I took 900 loan applications and our team funded roughly 250 loans. Most people made ok-not-great money, something like $50-70k/year. What's the reason for the huge wage differences? Email About Loan Officer Kevin O'Connor. I mean if you close just a couple houses a month then you should be making $50,000 a year at least. People read things and take them for gospel, however incorrect they may be. Reddit Share on linkedin. As a loan officer, you'll work at a financial institution, like a bank, credit union, or lending company, and help individuals and businesses apply for loans. A real piece of work. LinkedIn Share on email. It's enticing to me, as I've spent the last few years spending a LOT of time learning about personal finance, investments, the stock and commodities market, etc. The demand for MLOs continues to grow nationwide, … Not to mention I'm confident enough to start building more own book of business and I actually closed my first loan all by myself this month. Lack of expertise? About Loan Officer Kevin O'Connor. The biggest struggle I face is the amount of conflicting and confusing information that’s put out to consumers. There was one guy that made $250-300k/year. I'm a consumer loan officer(autos, boats, personal loans) and the job is fairly easy, however stressful. LinkedIn Share on email. It appears you forgot to include your location in the title or body of your post. My dad ran a small mortgage brokerage business and I learned a bunch about how it worked. 5:30pm – Home. Share on reddit. Well the company I am looking at is a bigger company that most people know, so I'm thinking there wouldn't be a huge amount of marketing/getting my name out there. I've been working in the mortgage industry for nearly two years. It's also important that the Loan Officer you'd be working for is the type of person who doesn't just tell you what and how to do it, but also takes the time to explain why it's done that way. This is where an experienced Loan Officer can really help. By the time the credit agency figured out it was fraudulent the loan was closed and the guy had his commission. You have to have natural sales skills and be comfortable talking on the phone all day and working with people. Life of a Loan Officer - Episode 3-Realtor Freaks Out - Duration: 6:51. Do NOT delete this post - Instead, simply edit the post with the requested information. I have to tell people that title came back and we can't sell their home, so I'm used to bad news as well. While many individuals are able to work a typical 8-5pm day, there are those exceptions that must work flex hours, longer days, or even on the weekends. I currently work at an insurance call center. I will be in this position for a long time with probably limited earning potential (make $32.5k now). Reddit . Typical Day for Loan Officers. People send the wrong documentation or think requirements don't pertain to them. Is it ambition? LinkedIn Share on email. Generating leads and converting them into closed loans can be quite challenging, considering this is usually the most expensive purchase anyone will buy. Not entirely sure what he's doing differently. Just like Glengarry Glen Ross -- Always Be Closing. People getting denied for loans is also a thing and you have to be able to relay that information and try to find solutions to get an approval. 8:30-12:00pm – Answer eMail, return phone calls. Or they call with unrealistic expectations and get upset when the process isn't tailored to their exact need. Listen on Apple Podcasts. Loan Officer not Responding UPDATE EDIT: So, after your suggestions to escalate, I went on the home loan site and saw that there was another lady listed as being on our "loan team", so I decided to email her and copy my lending agent on the email. foreclosure, Press J to jump to the feed. Share on reddit. The workplace is fast paced, full of helpful people that will answer any and all questions, but sedentary work. He is the founder and main contributor of koloans.com. foreclosures This will allow you to start piecing the loan process together yourself and if you're seeing a consistent stream of loans it will allow you to be apart of tons of different loan scenarios. I am the only processor so I have to do all of our closings myself (15ish a month) when I still don't completely know what I'm doing. Loan officers work for banks and other financial institutions, helping individuals and businesses obtain funds from these lenders.They investigate their creditworthiness, then authorize or recommend approval of loans. The ringer at my dad's company was a natural salesman and would tell anyone anything to close a deal. I have done some Google and glassdoor research, but I want to hear it straight from the Reddit community! LinkedIn . So while it's been very stressful I've learned an enormous amount because I've had some much exposure to all types of loans. This is very illegal by the way and can put you in jail for 5-10 years. It is residential at 1%. I feel underpaid, I've been told I'm underpaid by many different people, I've tried to remedy that - but at the end of the day I still don't "like what I do.". 1:30-5:00pm – eMail, tasks/projects, meetings. What are the Main Responsibilities of a Mortgage Loan Officer… 27 JUL 2018; Ep3 - Why Loan Officers Should Host Live Events Ep3 - Why Loan Officers Should Host Live Events. I have always thought he was either going to end up rich or in prison. Requirements vary by … level 1 Like any job where you deal with the public you have to have patience. house He made friends with my dad and talked him into giving him the best leads before anyone else saw them. What I don't understand is the disparity and how the numbers work out. I'm guessing he's working on the commercial end of that business.... That's a fairly large income though. You’d have massive conflicts of interest in approving loans you were a party to. I decided I liked the industry and got mine. What are you making in your current post? Archived. loan Any loan officers care to tell me about their job? mortgages My base is about $50k and I typically earn another 60-75k in commission. Share on reddit. Of course everyone wants to know how he did it. Reddit Share on linkedin. I work 40 hours a week. I just really think it would piss my boss off if I leave in two months and she is connected with every person in our area. Basically what it comes down to is are you willing to bite to bullet, do the grunt work. Which is a huge milestone considering I've been working towards that moment for about 2 years. loans In my opinion it would be extremely difficult to go get licensed, Pick up a Loan Officer Job with very little experience in that role, then proceed to try and build a book of business while trying to figure out the loan process and different ways to make a deal to work that's best for your client. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans. Shocked that guy didn't get charged with what he did lol. They supervise loan personnel.. A typical day for a Loan Officer will also include: Stay abreast of new types of loans and other financial services and products to better meet customers’ needs. Can confirm this is an accurate description. Am LO for commercial real estate loans. A video about Life as a Loan Officer. 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