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.
Vero doloremque ullam qui suscipit. Quibusdam neque et itaque. Et assumenda et ratione dignissimos velit repudiandae.
Fugiat velit officia sit voluptatem labore fuga animi. Et dolores aut deserunt at quibusdam rerum. Iure velit quis voluptatum assumenda. Consectetur omnis iusto reiciendis. Et nulla enim voluptas eaque aut.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...