Out of curiousity, anyone out there a loan officer or working at a mortgage bank? The number of loan officers has shrunk from nearly 500,000 at its height to somewhere around half of that today. The 80-20 rule still applies--20% of LOs are doing 80% of the business and making damn good money.
For example, 5 loans per month at average loan size of $200,000 with 1% LO commission = $120,000 per year in, say, Minneapolis. Not too shabby. Top originators are doing 20+ loans per month in higher cost markets. You do the math.
I'm interested as well. My boss is trying to push me into a lending role. Not sure I want to do it though.
I walked away from a 6 figure job in D.C. to follow a girl out to the Midwest, which blew up in my face. Trying to figure out what I wanted to do with my life, my buddy, now a former D.C. area LO, got me involved in mortgage lending. It's easily the most difficult thing I've ever done. I relish the challenge, but damn is it a tough gig--and I'm cheating. I've got my buddy's book and I work with an investment group. It's still difficult to produce 3 loans/month and we're bogged down in miles and miles of paperwork and bureaucracy--non-value adding bureaucracy.
So yeah, I guess I'm curious if anyone else has thoughts on this industry. Txjustin, it's an intellectually challenging gig, which is cool, but very tough.
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