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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.
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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