Posted by Blueink_TN on 6/18/10 4:55pm
Msg #341542
I'm considering becoming a loan officer
and have a few questions for any of you that may know.... I know there's a class and tests and licenses, so start up could be a bit costly. Who usually pays these fees? The employer or loan officer wannabe? Also, I know I wouldn't be able to act as signing agent on my own loans, but would I be able to close loans written by other LO's in my location?
I'm just beginning to research this possible career choice, any info/advice is appreciated.
| Reply by Shoshana/AZ on 6/18/10 5:28pm
Msg #341544
Don't even think about it!
The LO wannabe generally pays the licensing expenses. That varies by state. Here in AZ it's about $1200. Really, unless you have a bunch of active realtors feeding you loans, it would be a very difficult business to get into.
In addition, it is very hard to close a loan these days. There are so many restrictions. Now, with Fannie and Freddie gone, who knows what will happen!!??
Good luck to you!
| Reply by Notarysigner on 6/18/10 6:29pm
Msg #341550
Re: Don't even think about it!
Don't forget, also you must be quick on your feet and know your every document and it's content without having it with you and a back up so when you make a mistake, someone will cover for you.
| Reply by Cheryl Anderson on 6/19/10 2:33am
Msg #341570
Re: Don't even think about it!
Hello!...Just a bit of encouragement for you...NEVER listen to anyone who says you can't, or shouldn't! Be a loan officer, and do it well! Good Luck to you!
| Reply by Linda Juenger on 6/19/10 8:04am
Msg #341574
Cheryl, I can tell you 2 times in my life that I should have
listened to someone who knew what they were talking about. I was so headstrong and wouldn't listen to anyone and just had to do it. Well, I was so wrong. One of the things costs me a ton of money that I am still trying to pay off and the other cost both my husband and I such heartache that we will never get over it. I wish to God that I had listened to what people were trying to tell me. But, no, I knew it all and knew better. I was "following my dreams" as they say.
I just hope she takes some time and really, really, really thinks this through. I can't imagine being a LO in this industry right now, but what do I know. Most of the time we would all like to choke the LO at the table if we could. There are some very good ones too, but a lot of "tell you what you want to hear" kind of people. Can smell them a mile away, even on the phone.
| Reply by C. Rivera Chicago Notary Services on 6/19/10 10:22am
Msg #341583
"Don't even think about it!"...seriously Shoshana?
What a way to crush someone's hopes or thoughts of possibly pursuing a career outside this profession!
ANYWAY, if you want to be a loan officer, my advice is to check out training classes in your area, then talk to LO you may already know, ask for their opinion, and do your research.
Good luck, and let us know how you do.
| Reply by SueW/Tn on 6/19/10 7:02pm
Msg #341626
Re: "Don't even think about it!"...seriously Shoshana?
In all fairness to Shoshana I seem to recall that she was going into this line of work herself. Who better to give a fair opinion that "one of us" that has been there, done that?
| Reply by Shoshana/AZ on 6/19/10 9:16pm
Msg #341630
Yes, you have it right! Been there, done that!
Wait till you do all the work and have some LO come along and undercut you by 1/8 of a point! If you think it's bad in the notary biz, just wait till you have a go at the mortgage biz! The streets are not paved with gold.
| Reply by Michelle_KY on 6/29/10 8:20pm
Msg #343062
Re: Yes, you have it right! Been there, done that!
I haven't been to the forum in a looooong time, so I'm coming into this late. I have to say that I totally disagree. I was a loan officer for many years, then a notary for 8 years (so that I could stay home with my kids). I returned to the loan officer profession last September and couldn't be happier. Our competition in this field is dying off by the thousands every week. They can't pass the national or state exams, background checks or credit checks to get their new licenses. Brokers are closing their doors every day. The big banks are turning refinance applicants away because they don't have th emanpower to process the applications. (Seriously, it can take them 2-3 months to process a loan, if you're lucky.) CHASE is literally giving clients the name of another lender right now. If you can get in with a direct lender, you are usually given a guaranteed base bay, plus commission. My comany paid for my licensing, exam prep, exams, SAFE classes, etc - though not sure if all do.
It IS harder to get loans through underwriting than it was 10 years ago. Every loan is FULL DOC - no short cuts. You can pretty much plan on 50% of the loans you're working to fall out - no matter how much you pre-screen and scrub your loans. That's just the way it is. The job is not for everyone. Not everyone can handle the stress, fall out of loans, and the shoppers who think that they are so fabulous that I might just earn the privilige of letting them borrow money for free if I'm nice enough (ha ha).
The job of a notary is far easier as far as the loan itself goes. You spend an hour with the clients, if that, and wonder if you'll actually get paid. We spend hours upon hours (WEEKS) on a file and wonder the same thing. Yet, I love every minute of it and I'm making far more money than I did as a notary.
Reality: 18 people started my training class with me back in September. Exactly 4 of them are still around. The rest slowly die out because they either couldn't handle the stress, weren't making money, didn't have any sales skills, or couldn't pass the licensing requirements. But that means that four are succeeding (and thriving). I'm the only one who had any experience, so don't think that matters a hill of beans. (As a matter of fact, 2 of the 3 with no experience are crushing my numbers every month!)
You've got nothing to lose if you can find a company who pays for your training, licensing, etc. and guarantees you a base while you're getting started! See if you can find a direct lender near you and GO FOR IT!
| Reply by Shoshana/AZ on 6/19/10 9:20pm
Msg #341632
Cari, go back and reread what I wrote.
If Blue has relationships with active realtors who will give her loans, then she'll have it made in the shade. If not, it's a long hard road. These days not only do you need the prospects, but they have to qualify. Then you have to pray that the appraisal comes in at what you need. It's very tough!
| Reply by MW/VA on 6/18/10 6:12pm
Msg #341548
Do you know something we don't know about the loan business? LOL
| Reply by Blueink_TN on 6/18/10 6:40pm
Msg #341551
Jeeez thank's for all the encouragement! LOL
Granted $1200 is alot to gamble however looking at it in a positive way.... it's a small investment in a lifelong career - worse case scenario, I would totally flop as an LO but oh what a knowledgeable SA I would be!
| Reply by MW/VA on 6/18/10 6:46pm
Msg #341554
Many of those on this forum that are now NSA's were formerly
LO's, processors, escrow officers. I'm sure you'll get feedback, but not necessarily the "go ahead--you'll do great" that you're looking for. It might be a different story if you have a shot of getting on with one of the major lenders. Only you can make that personal/business decision.
| Reply by Susan Fischer on 6/18/10 8:45pm
Msg #341558
I say go for it! That's a pretty cheap education, and I
have faith in your marketing skills, get-up-and-go, glorious smarts, and happy attitude.
One door opens another, right?
Now, go - sit there, front row center, open your book, and stay at the head of the class.
ticktock ticktock ticktock
| Reply by Julie/MI on 6/18/10 9:55pm
Msg #341560
Re: I say go for it! That's a pretty cheap education, and I
I agree. Loan officers get the commissions.
Just remember me when you make it big time 
If I didn't have my husband and children I probably would have taken the lo path a long time ago.
A lot depends on how you get your leads, if you have to cold call, etc, but hopefully you will learn that along your journey. You will be a salesman and they can teach you to pass a test, but sales is something you will have to learn on your own.
Good luck!
| Reply by Blueink_TN on 6/18/10 10:06pm
Msg #341562
Re: I say go for it! That's a pretty cheap education, and I
Yes Julie, Sales is the name of the game - And if I see a better loan for the client, it is my job to convince them of the benefits. I know what you mean about making choices when a family is involved - you need to play it safe then.... no gambling. Been there, done that.
| Reply by Blueink_TN on 6/18/10 9:58pm
Msg #341561
Re: I say go for it! That's a pretty cheap education, and I
Oh Susan! You always have the right words for me. I have always been a 'ready, fire, aim' type of person and somehow, have always landed on my feet. Challenge, risk, persistence.... Now my hubby likes to play it safe, wants me to find the 9 to 5 cubical job with the 401k.... oh how boring.... I want to do what I like and I want to like what I do. I'm going for the loan officer position, I know it's bad timing but at least I'll be licensed when the good times roll around!
| Reply by Susan Fischer on 6/18/10 11:14pm
Msg #341567
Another handy-as-a-shirt-on-a-pocket is a RE Lic. Land
has much value and changes hands, so's to speak. <grin>
Find the need, fill the need. Lots of places...
Stop bickering, start marketing smartly, locally, so's to speak. <wag of the finger>
Be competent and useful. You go girl. <clink, and a wink>
| Reply by PAW on 6/19/10 6:53am
Msg #341571
I don't know the laws in TN concerning Loan Officer and Mortgage Brokers, but here in FL, an employee of a licensed mortgage lender can be a Loan Officer under the lender's license. IOW, Loan Officers (employee) do not require individual licensing. However, Mortgage Brokers do require individual licensing. Mortgage Brokers must affiliate with a Broker Business or Mortgage Lender, though they do not need to be employees of the Broker Business or Lender.
| Reply by jba/fl on 6/19/10 8:29am
Msg #341575
Research, research, research.
I don't have any info for you, but my advice, being free, is worth just as much I suppose. Only you know your situation, your resolve, your persistence, your desire. Your personal financial obligations and what you need also play a big part in your decision making. And, of course, dear hubby. (your first sales job it sounds likeJ)
What can you afford to lose? Conversely, what will you gain? A balancing act to be sure, Will this be an investment or a drain? Can you afford the drain, mentally, financially? Can you afford to let this dream go and possibly kick yourself in the rear later?
Since I have been contemplating this arena also, though not fully acting upon it yet, I can only encourage you to research, research, research. It is so situational, and you know your situation best.
Whatever you decide, have your eyes wide open, keep the faith in yourself and know that many people (we at NR) will cheer you onward and many will also commisserate with you if necessary.
And, since we are a nosy bunch also, keep us in the loop. Good luck, good sailing!
| Reply by Michelle_KY on 6/29/10 8:32pm
Msg #343065
I saw that you are considering a loan officer position. Are you anywhere near Tampa?
| Reply by jba/fl on 6/29/10 9:16pm
Msg #343069
No-Orlando n/m
| Reply by Blueink_TN on 6/19/10 10:59am
Msg #341587
I just found out the office complex
that I would be working at, has a gym and a starbucks -mind made up!!  I'll be starting out as a loan assistant and eventually getting my license - Thank you all for the great comments and pm's. You're the best ♥
| Reply by Yoli/CA on 6/19/10 12:13pm
Msg #341590
Wishing all the luck, Blue! Eyes forward to a great future.
Come back an chat with us, let us know how wonderfully you're doing. God bless.
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