Your Questions About Mortgage Loan Originator

Nancy asks…

What is the success rate of being a mortgage loan originator?

I am considering working for Acceptance Capitol in Spokane Washington and wanted to know if there is anyone who has/does work for them and can give me insight on what the success rate/salary/turnover rate of working for this company in this specific location is? Any help would be appreciated! Thanks

John answers:

Less than 10%. There are too many originators in every city. The only way you can guarantee that you will be one of the 10% is to refuse to accept any salary or “draw” against future commissions. If they don’t have to pay you, they will never lay you off. You can continue until you get discovered by the real estate community. It usually takes 2-3 years until you have a stable income.

If they pay you a salary, they will fire you if you don’t produce 5 loans per month. That is almost impossible for a new person to accomplish.

Donald asks…

Can I be a mortgage broker, loan originator, or insurance broker on the side?

I have weekends and some nights free every week. I work pretty efficiently, and I’m thinking about getting into the mortgage, loan origination, or insurance brokerage industries on the side. Has anybody done this? Is it possible? Any resources you would suggest? I’m really competent with the internet and building websites, and I have a large local audience that I can advertise to. If not, are there any other jobs to think about?

John answers:

Maybe an insurance broker. In case you have not noticed, there are thousands of unemployed mortgage brokers and loan originators looking for work. And the ones still working are hard up for sales because of the lending standards going back to normal. Making easy money doing those things is history now.

Joseph asks…

Can a 16 year old be a mortgage loan originator?

This is located in the state of Virginia. I was told that I didn’t need a license but couldn’t get a straight answer on the age thing.

John answers:

How about a yes and no answer. No you probably can not legally enter into a contract so you can’t be a loan originator in the sense of an employed person.

However you could, for instance, help a loan company find clients and they can, with your parents approval and support give you finders fees – through your parents.

Carol asks…

What is the average salary for a Mortgage Loan Originator for National City Bank?

John answers:

With our company you make $500 or $1000 per loan closed. Its a home based business opportunity. You earn $25 fast start bonuses for every person you bring in the business paid weekly and you earn $200 per credit repair sale. You can earn 5 income streams. You are not just limited with originatinn loan with our company. And what makes it sweeter is that you dont have to have a license and you dont have to do any paper work. The company handles all the hard duty. Check it out

Helen asks…

how can I become the best profitable Mortgage Loan Originator in the market?

any books I should read, etc.

John answers:

Your best weapon is you and your business cards. The more money you spend on ads and marketing, the faster you will make yourself become a statistic of people who have “tried” the industry because they heard about someone who was doing so well. What they didn’t further explain, is that this same successful person has been building his/her client base for the past 10 years and has focused his efforts on his existing client base. That base will grow through word of mouth… But it takes years to grow. You don’t have a base? Yes, you do. You start with your friends and family. If you won’t do this, you have no business being in sales. Your friends and family are your own marketing team. Next, is all the networking groups you belong to; sports teams, church groups, BNI, Leads Club, Chamber of Commerce. Your referrals come from those who know and trust you. Consistency over time will get you referrals. Make sure you always dress to a “T”. Suit and tie is a must. Just because you can get away with wearing kakis… Should you? Someone wants to work with someone who takes themselves seriously and what they do for a living seriously. If you don’t, your clients surely won’t.
Eye contact, shaking hands, and handing out your business card is how you do it. It’s hard. Most people want it now and they are not willing or don’t have the savings to do it this way. They are soo anxious that they will spend money on marketing because they don’t know what else to do. These people are wheel spinners…don’t be a wheel spinner. Save your money!!… So you will still be around when these other jokers get weeded out.
I’ve been originating over 11+ years, and I started with nothing myself. I also worked a part time job in the beginning to pay the bills until I could get a pipeline going. Believe in yourself and do whatever it takes. Good luck

Powered by Yahoo! Answers

This entry was posted in Uncategorized. Bookmark the permalink.

3 Responses to Your Questions About Mortgage Loan Originator

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

  2. Nice Blog with Excellent information

  3. Please, keep up the excellent work and continue to post topics like this. I am really fan of your blog!

Comments are closed.