Loan Officer

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I recently received my MLO license in CA. I have 20 plus years experience in real estate sales but none in lending. I am having trouble and have given up on the idea of getting hired. Every where I look companies want experienced lenders only. Who hires entry level in CA?

Steve Clark of CA 12:56AM February 17, 2011

I have read many comments from MLOs. I am looking to make a career change after 30 years of technical sales. I s the concensus that this is a good business to get into. Are there many good companies that hire non-experienced newly licensed MLOs with sales experience?

Tommy Ganaway of TX 10:15PM July 27, 2010

I work at a large national mortgage company and made about double of the high figures used in this article last year. The business has continuing and evolving challenges that in the foresable future will make this a harder business to break into. With that being said the potential is great but you are very much vulnerable to the market. Income can vary wildly from year to year and it really takes a survivor to make it. At the company i work for its almost 90% fallout over a 5 year period. I am considering a change because of the stress level but find it difficult to find a similar paying sales job that is less volitale.
Its difficult to have your cake and eat it too.

dave of MI 12:09AM June 04, 2010

Where can I get a good job as a loan officer with no experience but I do have a bachelors degree in Business Administration......
Also with a good company where I can move my way up....

BD731 of HI 12:35AM May 15, 2010

I used to be in the mortgage field years ago and thinking about returning, but
it's great to know that they are eliminating the used car salesman, but it's hard
enough to get your name out in the field as a good loan officer, when you have
people doing on the wrong things, it makes things stuff for us. I am looking
forward getting back in the field soon.

cw of NC of NC 2:23PM May 13, 2010

Yes, I agree Refi's are virtually impossible. Dont spin your wheels. Focus on the purchase market, which are basically foreclosures and short sales that need repairs. Therefore, you must learn the FHA/203K renovation program. This has been keeping me afloat thus far. It's a totally different industry and we must adapt fast.

Jose Garza of IL 7:27PM March 08, 2010

Martin,
I couldn't agree with you more~! It is extremely frustrating, and getting to be down right discouraging. What are you doing to stay positive? I feel my time, effort, knowledge and success has transfer to a customer service representative and that is just unacceptable. There are still the bait and switch competitors our there and its making this job even more difficult! Aside from the lack of equity, we are now dealing with people who are just looking for advice, and quite frankly don't qualify or benefit......I question whether or not it is even worth it anymore?
Your thoughts?

lisa of NC 9:22AM March 08, 2010

The wild West of fraudulent loans/too many fees is over and our industry is being cleaned out. A national licensing test, background & credit check are only the beginning and it's about time. We're slowly but surely eliminating the bait & switch & used car salesman, but it will take time.

Justiceserved of NJ 12:41PM February 16, 2010

I have been in the biz since 2004. It has been rough the last 2 years but I would not want to do anything else. If you want to be successful, you will need to find a good company and stick with them. Also the job can be VERY stressful. Find ways to manage your stress or it will effect you and that can take the fun out of it. I take 30 minutes at lunch and listen to a pzizz relax ap on i phone.
Also learn as much as you can from more senior folks. Most will want to help if you are willing to learn and are open to feedback.
Lastly BUDGET and save for the hard times. They will come. Dont fall into the trap of having to get a flashy car to keep up with top producers. I see alot of those now with bald tires cause the owners can't afford to get new ones since they didnt save up.
Its a GREAT job that is addicting but its not for everyone.

Rosa of CA 10:32PM January 23, 2010

I believe and I will always believe the position of a loan can be very lucrative. Being honest,2008 and 2009 has been very difficut to stay in this field. I agree customer loyalty is hard to find and it is much harder to find Realtors to do business with.
The regulations are changing, slowing down the appraisal process and slowing the whole closing process.
I have resorted to a part time job in the mornings and I service the loans I have in the afternoons.
There is no doubt in my mind that the position of a Loan Officer will one day (hopefully soon) be a Great one again.
If a loan officer is what you really want to become take this time while things are slow to get Licensed and learn.(believe me there is lot's to learn if you want to be a master of your craft)

Clyde Whyte of FL 3:10PM January 13, 2010