Posted by GMann on July 14, 2003 at 10:50:48:
I would check them out before taking the plunge.
I would also suggest that a newbie go and work in an office first. Maybe a local mortgage broker, bank or mortgage company. The mortgage biz is not rocket science but… You have to learn lingo, lenders programs(conventional, Alt-A, sub prime), how to read appraisals and credit, so on… I don’t see how you can be a good loan officer and sell something with confidence without having a firm grasp on the basics. Remember, people are putting their trust in you on the biggest financial transaction of their lives. Would you want to do a mortgage with someone that didn’t “know their stuff”?
You will have times that you don’t know the answer to the borrower’s question. If you have a manager or seasoned loan officer around to answer questions it will make your life much easier.
On another note…Get in now. The refinance boom will soon be over and business will drop off sharply after it is over. Establish multiple types of lead generation so you can weather the upcoming storm.
Best of luck!