How to be a successful loan officer
Best Answer: As a recruiter that places Loan Officers weekly, I would have to partly disagree with the last answer. It takes more than a few loans a year to make it- if you don't close a few a month you will starve.
Most brokers (wholesale) or mortgage companies (retail) will pay you on a commission basis. If there is a base salary it is small and your commission % will be less. Pure commission is usually the best way to make big $ provided you sell.
Here is a website that might help you.
Your success in the mortgage business takes more than a glib ability to sell and provide great service. You job is dependant upon the vagaries of the economy and relative interest rates. I know amazing, seasoned Loan Officers that will keep a part time, paying job when the economy slows. There are certain months during the year that traditionally slow down.
To answer your other question, if you have never done it before it is VERY difficult to make it. Most fail after a few months. Some mortgage companies will provide you with leads and many of those leads have been called 5 times before- that week! LO's usually get all there leads
from the same top 3 lead companies and if there are any truley virgin leads, guess who gets them first? -
the LO's that have been there the longest, not you. Also, be aware that many mortgage companies will flat out lie to you by promising you things that never come to fruition- you are commission, they have nothing to lose by giving you a shot! Many will ask that you drum up your own business.
Typically a mortgage company will pay you up to about 50% based on a sliding scale and what is called basis points. It is a sophisticated, churn and burn business that leave most pennieless and cynical but with that said some people can make it. I've seen LO's who make 100k-300k but these people would be successful at anything they did. You see success is not dependant on being an LO or a Dr. it is the result of finding out what wakes you up in the morning- tap into your passion and I am convinced you can make it doing anything- even selling computers out of your garage like that guy Mike- AKA Michael Dell.
Good luck and Happy New Year!
Source(s): 10 years of current exprience staffing Loan Officers.Source: answers.yahoo.com