Loan Officer Questions - Posted by Charles

Posted by keith on September 23, 2003 at 20:08:30:

Been a loan officer 1.5 years, graduated from college, worked at a brokerage half a year until I learned all the in’s and outs and sold my first loan. Money is great some months (10K gross per month) … other months i’m lucky to make $1500 gross. Be prepared and save away your money. Learn as much about the industry as you can and be honest

loan officer

Loan Officer Questions - Posted by Charles

Posted by Charles on September 22, 2003 at 09:39:27:

I am interested in being a loan officer part-time while going to law school next year. Is being a loan officer a typical full-time job if you’re only working with a local mortgage broker, instead of a company?

I heard that the turnover rate for LO’s are pretty high, however, there are some that make a decent living from being in the field. Is there any advice that will benefit an LO in the long run?

I’ve been encouraged and discouraged about being an LO. I’ve received advice that doing it part-time is conceivable although I must keep in mind the turnover rate. I’ve also been told that being an LO is a full-time job and that it has its ups and downs (I asked them, what career doesn’t have its ups and downs).

What do you guys think? What’s your take on it?

Thanks in advance!

Re: Loan Officer Questions - Posted by NCPaul

Posted by NCPaul on September 23, 2003 at 20:34:33:

Part-time makes it really tough to be successful as a LO. It’s kind of like a Realtor set-up as far as customer service goes. You can technically do it part time but the difference between full and part time is more the number of clients you can successfully maintain rather than the number of hours you can trade for dollars. (If you have a successful lead generation effort and have 6 new clients as a part-timer, congratulations, you are now going to be working full time!) Usually the “part time” LO’s who have worked for me have ended up deciding to make money, and going full time, or just washing out.

Good luck