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bizEmom07 · Aug 29, 2007, 06:46 AM

I have a Bachelor's Degree in Accounting and currently work for a large corporation. I don't dig it too much.

I also am a Licensed Realtor and have a real estate business with my husband. I don't too much dig the house showing and such, either. I am more of a paperwork/numbers/bookkeeping kind of gal. I have thought for several years about becoming a Loan/Mortgage Officer. Since I have no experience in that specific area, does anyone have an idea of how I would go about getting into that business? I often look for jobs in that area, but most I've seen require experience or give me the impression you need to be pretty "salesy".

Emland · Aug 29, 2007, 06:57 AM

Wouldn't being a licensed realtor and having your own business be plenty proof of your sales capability?

bizEmom07 · Aug 29, 2007, 07:00 AM

Oh absolutely! I'm not worried about about my sales capablilities. I just don't particularly like the salesy part of the job. I can do it, I just don't particularly like to do it. I realize some companies are more sales oriented than others, though.

Emland · Aug 29, 2007, 07:42 AM

I would think Loan Originators would be heavily monitored for closed deals. I have an acquaintance that does it from home, but only after working for the same company for a long time.

beingteri · Sep 18, 2007, 01:39 PM

I'll tell you this much about the Real Estate and RE Loan/Mortgage Industry as a whole... they don't look at Part-Timers very kindly. There are a lot of people in these industries that are busting their humps trying to make a Full Time commitment to their career (that doesn't offer a lot of loyalty and job security), sometimes successful - most mediocre - and can't appreciate someone coming in to "try" it out Part Time. They really don't care if you don't have the ability to walk away from your current career to "learn" full time... and they don't care if what you are doing is gather the information you need to make it financially viable to leave one job for the next.

This was the attitude I got when I attempted to transition out of my then current career into Real Estate in 2000... and didn't find it to be much different recently in the Mortgage business. The fact of the matter is, when you get paid by commission only... you get paid when your deals close. IF you teach another person to do what you do... especially if you are one of the successful ones... you just increased your own competition. They believe that by helping you get on your feet will ultimately knock them off their. Sad Really.

However, I happened upon an organization that does not work by that philosophy. In fact, the way they do "Do Business" is the exact opposite. They encourage you to help out those under you - with less info - to get them up and running as quickly as possible and efficient as possible. HOW? By cutting you in on the commission earned. That way YOU are invested in that person's success... becasue it is your success too.

Anyway, they provided all the training through their online training-on-demand courses, free drop in training at a local office 2-3 times a week, on the job training with a Field Builder (with the see one/do one/teach one philosophy) and live class training in person through the Preferred Provider Banks and Lenders you work with. In the beginning, all the work is done for you and you are a ride along so to speak... when you feel comfortable with the knowledge, you break out and start going through the motions on your own. They are okay with you starting Part Time, in fact they encourage it. So as not to put any financial strain on you during your training phase.

Check out my company webpage at: www.WorldLeadershipCrusade.com which goes over the company Vision, Mission and Philosophies. I don't know where you live, but we are nationwide. Let me know City/State and I can have someone local contact you and give you more info. Have your husband (well it benefits you as well being a licensed Realtor) check out the realty opportunity as well, aimed at making his job much, much more productive with less work! www.GlobalRealtyCrusade.com my name and number are listed on the website if you have questions.

Oh yeah, no pressure to be "salesy" either. And I way get the deal about not liking the "Open House" part of Real Estate... I'm right there with you... that also goes for the "driving perspective clients all over town" thing... Blah!

I hope this info helps you a little.

Dr D · Sep 18, 2007, 02:59 PM

You probably have more of the basic qualifications and pertinent education to be a Loan Originator than most of the Loan Hacks who plundered consumers very profitably for the last few years. A great many of them are leaving the industry for greener pastures. Try to get copies of MRIs for FHA, FNMA, and FHLMC from a friend in the business, and study these. VA guidelines can be obtained on-line. Many of the larger mortgage companies used to offer in house training for new LOs. Whether they still offer training in this environment of turmoil is a good question. If you have an aversion to being "salesy", that could be a problem, because you will have to get through the front door of the RE office, to present yourself and your product to Realtors. Many Realtors are not in a very good mood today, and are being "bothered" by LOs who are trying to survive. If your tolerance for rejection is high enough, and you don't have to depend on steady income from this new venture, this might well be the time to jump in. The markets will rebound, as they always have. Good luck.

figuej · Oct 23, 2007, 11:31 AM

Originally Posted by bizEmom07

I have a Bachelor's Degree in Accounting and currently work for a large corporation. I don't dig it too much.

I also am a Licensed Realtor and have a real estate business with my husband. I don't too much dig the house showing and such, either. I am more of a paperwork/numbers/bookkeeping kind of gal. I have thought for several years about becoming a Loan/Mortgage Officer. Since I have no experience in that specific area, does anyone have an idea of how I would go about getting into that business? I often look for jobs in that area, but most I've seen require experience or give me the impression you need to be pretty "salesy".

All you need is to find somebody who is willing to show u the basics and after that all the rest you gain through experience.. this career is a difficult one ane can be very stressful at times but if u have a good attitude during the bad times that will help you a lot in this business