Any mortgage brokers or loan officers out there... - Free Foreclosure Help - Loan Modification Help

duh37 · #1 (**permalink**) 08-14-2007, 09:19 PM

...that started their career from scratch - no money or contacts? I am beginning loan officer who lives in michigan who is starting with basically no money, no part-time job, no contacts, and working in the crappiest economy this state has probably ever seen. Any advice?

C D · #2 (**permalink**) 08-14-2007, 11:21 PM

Get out NOW! I am a licensed Mortgage Broker and I'm currently working in a hospital (different form) and I'm going to school!

I worked my butt off and spent more money on advertising than what I was making.

It's hard in a commission only world!

lovelyrj7 · #3 (**permalink**) 08-15-2007, 01:24 AM

Very difficult especially if you have bills to pay. Usually loans can take 30+ days to fund and you do not receive your commission until then. So basically since you don't have any contacts etc, you can expect minimum to have some type of income after about 6 weeks or even more. Sometimes things happen in underwriting and loans don't end up getting funded after alllll that work you did. Work at least part time that way you have some type of income to fall back on. I was a loan officer in your position, but the company I worked for offered 60 days of an hourly wage or until my first loan funded (whichever came first). Best of luck to you.