Your Questions About Mortgage Loan Officer

Helen asks…

What kind of credit score do I need to have to buy a house?

I’m almost 22 and am thinking (in the beginning stages of looking, nothing too serious) of buying a house. What kind of credit score do I need to be approved for a mortgage loan? My current score is 695. I’m sure it depends on other things too. I have two credit cards and a car payment. I’m not seriously looking, and I don’t want to add another bill to my budget quite yet.I’m just wondering if that is a good score or not. What else do the mortgage loan officers look at? Thanks :)

John answers:

You can buy a home and get a good interest rate with a credit score of 620. Family income and debt to ratio are other things a lender will look at. A home is a very good investment and in the current market you can find really good deals.

Susan asks…

I would like to know how to market my loan officer business to get more clients?

I am a loan officer for a mortgage company and would like to be able to service and help people purchase and refinance in areas that have beautiful subdivisions. How do I get into those markets and meet builders and developers?

John answers:

Realtors. Sometimes developers and builders have specific realtors or real estate companies they work with. Often builders have their own real estate division. This has been one of my strategies. Also advertise your services in the target area, ie an informative brochure on current refi or new home purchase, flyers, market at the businesses near those subdivisions you want to target.

Do not forget networking with real estate investors(some maybe even realtors themselves). Use Craigslist advertisement for your city. Contact churches, car dealerships. Check out the signs of new home developments to see who the builder or bank financing the project.

I hope this helps. Just some of the things I do–and it’s working..Oh and ask everyone for referrals including other loan officers.

Jenny asks…

Are you a mortgage loan officer?

I am debating on becoming a mortgage loan officer by obtaining my NMLS license. I just want some advice from someone who is actually in the field. What do you like about being a loan officer? Is it hard to find a job? Is the potential good? Is the sales aspect hard? If you could give me your opinion/advice, I would greatly appreciate it. Thank you!

John answers:

I am. In fact I have been since 1986. NMLS makes you jump through hoops to get licensed though. There is a Federal Test, State Test, Fed & State Background test, they pull credit and it must be good, You will take a 20 hour class over a 2 day period before taking the Fed. & State tests.

I like being an L/O (I’m also an underwriter) because I love helping people & every day is different. Most L/O’s are commission only, but it is good money if you are good. As for finding a job, depends where you live. I’m in TN. & market is booming right now. Most companies prefer hiring an L/O that is already established with realtors & clients but if none are available then they hire new ones. The main issue with a new L/O is training… It’s alot to have to know to do the job & most companies that need someone new are obviously too busy to train.

The sales aspect depends on you. Do you know a bunch of realtors who will refer clients to you? If not you may have to do alot of cold calling to drum up business. We just hired a new L/O who has been in the business & she has made $9000.00 in her first month..so yes money can be great. The biggest part is all the laws, rules, regulations.. You have to know them inside & out & there are TONS of them! You make one mistake & your loan can’t be sold to investors. Most of the test questions that you will take are on law & it can be very confusing. I hope this helps!

Ruth asks…

How can i go about marketing myself as a loan officer?

I just recently started a new job as a loan officer. I have never done this type of work before. I work for a mortgage company and need to know creative ways to market my services to people who may want to buy a mortgage loan in my area. I’ve started a profile online and contacted several people in my area but I don’t want to stop there. What else can I do besides build relationships with realtors? How do I find the people I need to find? The people who want to buy a home????

John answers:

Maybe you should target specific markets. For example, if you’re qualified to handle VA loans, you can get referrals from local military credit unions. Look for other areas you can specialize in and ways of partnering with local businesses to get referrals.

Paul asks…

What training did some of the loan officers get before they started selling mortgages?

What training did some of the loan officers get before they started selling mortgages?

John answers:

Some had no training at all in the past. In fact before the mortgage crunch there were over 600,000 originators. Today less than 100,000 of us. All loan officers now must attend a course either on line or in person of 20 hours. Then pass the exam that is not easy. Also then they must pass the state exams as well. None of this is easy any longer and judging by the numbers of us left you can see it weeded some of the worst of the worst out. I have been a loan officer for 14 years now.

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