Your Questions About Mortgage Loan Officer

Donald asks…

How much does a mortgage loan officer make? Is it a good job?

I have an interview with a mortgage company tomorrow hiring a loan officer. The owner mentioned he typically hires for commission only, but has in the past and considered a small base salary plus commission to get started.

The Economy: Rates are historically low on mortgages, home prices are low, but banks are not lending.

Do you think I could make money? I have 7 years sales experience. How much do loan officers make?

John answers:

Avg. Salary: 42k$

50 Salaries registered here:
http://www.whatsalary.com/us/salary/MORTGAGE-LOAN-OFFICER-T4154.htm

Sandy asks…

What percentage does a mortgage loan officer make from the sell of a home?

I was just curious, when a mortgage loan officer sells a home what percentage of the selling price does the loan officer keep for his commission?

John answers:

Mortgage Loan officers do not make anything from the SALE of a home. They make a certain percentage of the amount of the mortgage loan on the PURCHASE of a house.

The percentage of commission varies from state to state and from lender to lender.

Sharon asks…

How do i find a job as a mortgage loan officer without any mortgage experience?

I currently work in a distribution center, and i have a bachelors in economics and psychology. I am interested in becoming a mortgage loan officer so i took a 24 credit hour course in residential mortgage lending but unfortunately i haven’t been able to find a job because i do not have any mortgage or lending experience. What else should i do to achieve my carer goal?

John answers:

I really suggest looking around at different careers websites, such as monster.com, in addition to checking out our careers page (I’m an employee of Quicken Loans).

Don’t worry about your lack of experience. At many mortgage companies, including Quicken Loans, no lending experience is not a problem.

In addition to on-going training, all new mortgage bankers attend five weeks of industry-leading training. We’ve been hiring 200+ new mortgage bankers a month for the past few months and we consider candidates with various work backgrounds and experiences.

I’ve included a link to our mortgage banker careers page that has more information, but if you have any questions feel free to contact me through my profile.

One thing, we only hire for employment in Detroit, Cleveland, and Scottdale, Arizona.

Good luck!

Nancy asks…

How do I build a successful career as a good mortgage loan officer in a down housing market?

I have recently become a mortgage loan officer in the DFW area. There is not a lot of experience in my office. Any advice where I can get assistance to survive this market? I would be happy to learn how to close at least one loan per month then build from there. Thanks for your assistance.

John answers:

If I was a loan officer, which Im not, I certainly would start my practice in the field that currently needs more experts in. In my opinion I would seek to start in the field of loss mitigation on existing loans preventing foreclosures and if I did a great job on those they would come back for refinance when things settle down. Here is information links on how to understand Loss mitigation

Preventing, Detecting and reporting mortgage loan fraud
https://www.efanniemae.com/lc/publications/pdf/focuson/dec05issue.pdf

Free Foreclosure assistance – Homeownership Preservation Foundation
http://www.995hope.org/

Fannie Mae Loss Mitigation policies on Foreclosures
https://www.efanniemae.com/is/hcounselors/lossmitigation.jsp

Site #2
http://www.fanniemae.com/housingcommdev/resourceshomeed/lossmitigation.jhtml?p=Affordable%20Housing%20&%20Community%20Development

FHA Definition of terms used in Loss Mitigation on Foreclosures
http://www.fha.gov/sf/svc/faqmain.cfm

Government article and information on Foreclosures
http://www.occ.treas.gov/cdd/spring06b/cd/gsesusetech.htm
HUD: Servicing and Loss Mitigation on Foreclosures
http://www.hud.gov/offices/hsg/sfh/nsc/faqnsctc.cfm

Site #2
http://www.hud.gov/offices/hsg/sfh/nsc/nschome.cfm

HUD: Approved House Counseling Agencies includes foreclosure issues, by state
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

HUD: Article on Foreclosure Issues
http://www.huduser.org/Periodicals/ushmc/fall95/fall95.html

Best of luck on your new career

Ruth asks…

What is a typical day like for a mortgage loan officer?

I have 8 years experience in sales and am strongly considering becoming a mortgage loan officer and I want to make sure I have an accurate picture of what to expect. Thanks!

John answers:

I love it.

If you sit around and wait for business, you will not be very succesful, however, if you get out there and pound the pavement and get in good with real estate agents you will be just fine. Best of luck to you.

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2 Responses to Your Questions About Mortgage Loan Officer

  1. Pingback: Your Questions About Mortgage Loan Officer « homeloandebt

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