View Single Post
Old 07-12-2005, 10:08 AM   #282 (permalink)
NoSoup
Non-Rookie
 
NoSoup's Avatar
 
Location: Green Bay, WI
Quote:
Originally Posted by BlaqK20
This might not be a technical question, but rather a personal one.

I have been thinking about getting into the mortgage business for a little time now. Could you tell me how you started? I'm planning on interning for an office for a while and then seeing if they will hire me. The other way I found is to apply and become a telemarketer for some time until the company you work for will take you in as a loan office.

What advice, coming from where you are now, could you offer me? Should I get a real estate license? What can I do to make the process easier?
Thanks.
Well, believe it or not, but I actually got started as a teller at a Credit Union, and worked my way up. Once I got my foot in the door there and showed my sales ability, the Credit Union moved me into a position that would be more benefitial (read: profitable) for them. My job then consisted of doing pretty much everything - opening all types of accounts, opening, closing, and drawing from IRAs, consumer lending (vehicle loans, boat loans, ATVs, RVs, personal loans, ect) and a bit of 2nd Mortgages.

I was then offered a job as Assistant Manager of the Mortgage Lending Department of a national bank, which is where I became much more familiar with mortgages. I stayed there for a while, but then finally decided that it was time to start being a broker.

Hmmm... Advice...

First off, expect no training. If you can find a brokerage that does offer training, that's great, but at least around here you pretty much rely on previous experience. Admittedly, brokering is completely different, so it doesn't really help as much as one would like.

Secondly, you now have to take a licensing exam for you Loan Originators License, as well as take continuing education classes... get it over as soon as possible - the classes often fill up near periods of renewing.

I would recommend you don't get a real estate license - I'd recommend taking the classes, as knowlege is especially important in this business, but forego the test for the license. If you are not licensed, you have plausable deniablity - if you are licensed, you can be held responsible for any errors on any offers to purchase that pass through your hands - which will hopefully be a lot

Hopefully that answers some of your questions - if you have any more or want me to clarify, just let me know
__________________
I have an aura of reliability and good judgement.

Just in case you were wondering...
NoSoup is offline  
 

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360