GETTING BACK IN TO BUSINESS AGAIN
I was a loan officer for years until 2008, got out for multiple reasons.
I am studying for my 20hrs of NMLS SAFE act right now.
What type of office would you all recommend that I work at to make the most money? i.e. A bank, an FHA purchase money shop, FHA streamlines, Reverse Mortgages, Jumbos etcetera.
I was a mortgage broker for 10 years and an LO from age of 23 to 29. Lots of loan experience. Cant (and dont really want to) open my own office.
Are there any mortgage companies in SoCal or even nationwide offices that have a location in San Diego that you can recommend going to work for.
Thank you very much.
by mike123 December 11, 2012 7:14 PM
broker shop, something small and local and not tied to a large national branch. Good luck, you will need it...lot of stuff has changed.
by LincolnMortgageAE December 11, 2012 9:17 PM
Thanks Lincoln. Makes sense.
Any other thoughts from others?
by mike123 December 11, 2012 9:34 PM
Guild Mortgage is based in San Diego. Check into them.
by ragingbats December 12, 2012 12:36 PM
Find something else to do.
by turdly December 12, 2012 1:24 PM
turdly's right again.
Or, get in bed with as many realtors as you can handle without catching something you'll regret.
Rates will increase (nobody knows when, but they will) and the last refi wave will hit the beach, followed by a very long flat spell.
If you kept records of your purchase transactions in the old days before 2008, use the average number of purchases per year, divide that number by 2 or 3, and ask yourself if you can survive on the commission you'll get from that many loans, because hardly anyone will want to refi.
When that sinks in, follow turdly's advice.
by tropical breeze December 12, 2012 2:49 PM
Im not trying to be funny---do something else. The age of loan agents is almost gone. Its all going 70s wherte all mortgages came from a few banks. Some mortgage bankers will survive for a while. As a person with 30 years mortgage experience ending in 2009 but keeping on top (Mostly) of the industry, I can tell you that its changed so much, the ONLY thing of value that your past experience has is simply people skills. The money to be had far into the future is in tghree fields: Sex, Food, Medical Unless you go to a teck x-ray school or learn medical code transcibing and insurance billing, etc. you will have to look into the other two. Im working on a nude waitress restaurant where people can eat off live models bodies. When patrons ask 'Do you have take out' someone really 'takes it out'. Food and sex. This way I have both ends covered, no pun intended.
by Cedonulli2 December 13, 2012 6:30 PM