Loan Officer Career Guide and Counseling

Question: Loan officer? I'm bilingual Spanish/English i would like to become a loan officer, but i would really like to find a web site or even dictionary with the correct to translation. I would really appricate if i can get some real answer.

Answer: www.translate.ru works on the internet for many languages. Good luck and forget the last idiot who posted his stupid answer.

Question: What percentage does a mortgage loan officer make from the sell of a home? I was just curious, when a mortgage loan officer sells a home what percentage of the selling price does the loan officer keep for his commission?

Answer: Mortgage Loan officers do not make anything from the SALE of a home. They make a certain percentage of the amount of the mortgage loan on the PURCHASE of a house. The percentage of commission varies from state to state and from lender to lender.

Question: What are the requirements to be a loan officer in Michigan? I have no experience and am interested in applying for genereal entry level loan officer positions, so I have to take any tests or obtain certifications?

Answer: Read "It's a Lenders World" article right hand column of page 25 has some information about changes including background checks and yearly training.

Question: What can you do to convince the loan officer that you are good credit risk? Assume that you want to borrow $10,000.00 What can you do to convince the loan officer that you are good credit risk?

Answer: like some of the others have said, "words" alone won't do it, neither will just sounding or looking nice when you go in there. Loan officers need to know they are going to get their money back. A good credit score will be helpful, if you have bad or no credit history, but do have proof of consistent payments you've made to a company, like your electric or phone bill each month, at least for 6 months in a row (more would be great to show) show them copies with that along with proof of payment, along with current bank or paycheck stubs to show you have current income so he knows that by loaning you money, you will be able to pay back the loan.

Question: What are the steps to becoming a loan officer? I want to train to become a loan officer but want to do it myself instead of going through an agency or company. How long does it take for training and to get a license?

Answer: First get the training. They have lots of different ways to get training. Check with the local schools and colleges-the Internet is a good way for training. I took PC Repair at Harcourt Learning Direct. You may have to check with the State as they may require that you have a license. You will also have to have a decent sum of money to back you up and purchase insurance to cover your losses. There are a lot of people who take out loans and then lose their only source of income and can not repay their debt. Think clearly before jumping into something drastic. Do not become a loan shark as you may have a lot of killing to do or many bones to break.

Question: Is it possible to get a loan directly from an mortgage underwriter instead of a loan officer? have spent 3-4 week trying to refinance my mortgage loan & each time the loan officer I'm working with promises me that he is the person that can get my loan done...but it really comes down to the underwriter decision. Why can I just work with an underwriter instead of a loan officer? It will say sooo much time!

Answer: no. the mortgage loan agent is a underwriters employee.

Question: How do I become a Real Estate Loan Officer and Loan Processor? Hi everyone, my question is in regards to getting started in the real estate business. I would really like to learn how to become a real estate loan officer and loan processor. I have tried to get some information about this on my own, but I just end up overwhelmed and unable to identify what I really need to do to become one. I don't really know anyone in the field and the few real estate agents that I have asked only tells me to go to one of their meetings, which I have gone to, only to find that they're just trying to sell me into joining their "team". Is this the only way to go? Or is there another option for me? I have searched online and found numerous classes that offer certificates, are these what I need to take? Should I be taking classes in a community college and earning these certificates or is online acceptable? Do I even need to take classes to earn a certificate and do I even need a certificate? Would I need a license to work as a loan officer and/or processor?

Answer: If you're a strong sales person, you should be able to secure a position as a loan officer even without a history in the business. Many companies will train an aggressive sales person to do mortgages. No need to get a certificate. It's typically a commission based job (except in banks) so the companies risk is minimum other than training time. The only license needed is a solicitor's license (at least in NJ) and it doesn't require testing, only submitting an application and $100.00 (this is done when you are with a mortgage company, not before). It is a requirement to take loan applications. Once you are a loan officer, you can ask the company to let you sit with the processor for your fist few loans so that you can learn the complete process. I t can be an aggressive field, like real estate sales where you need to really build up a clientele. Some companies provide leads, some do not. I've trained many loan officers with no previous experience in the business. Again, you need to be aggressive, a bit thick skinned and interested in constantly increasing your knowledge base. If you are looking to work directly with a bank and they won't hire due to inexperience, try mortgage brokers (everyone's looking for a good salesperson). Good luck!

Question: How do i find a job as a mortgage loan officer without any mortgage experience? I currently work in a distribution center, and i have a bachelors in economics and psychology. I am interested in becoming a mortgage loan officer so i took a 24 credit hour course in residential mortgage lending but unfortunately i haven't been able to find a job because i do not have any mortgage or lending experience. What else should i do to achieve my carer goal?

Answer: I really suggest looking around at different careers websites, such as monster.com, in addition to checking out our careers page (I’m an employee of Quicken Loans). Don’t worry about your lack of experience. At many mortgage companies, including Quicken Loans, no lending experience is not a problem. In addition to on-going training, all new mortgage bankers attend five weeks of industry-leading training. We’ve been hiring 200+ new mortgage bankers a month for the past few months and we consider candidates with various work backgrounds and experiences. I’ve included a link to our mortgage banker careers page that has more information, but if you have any questions feel free to contact me through my profile. One thing, we only hire for employment in Detroit, Cleveland, and Scottdale, Arizona. Good luck!

Question: What are some creative marketing tips for a new loan officer? I am a new loan officer and I need help with marketing. What are some creative ways to get your name out to the public? I heard visiting real estate offices is a good way to find business and putting flyers on people's doors is another. Does anyone have any other tips I can try?

Answer: Radio advertising - very affordable at small stations. 10 second TV spot at off hours. Direct mail - affordable in bulk, especially effective if you buy a targeted list and know a good designer and ad mind who can help you with a concept.

Question: My loan officer said the rate cut would not affect my 30 year fixed rate loan. Am I being lied to? We live in Jacksonville, FL and are building a new house. Our loan officer said "That is for the short term rate not the 30 year but it should help down the road." regarding the rate cut by the Fed today. I feel like this is not right and this should lower my rate. Can someone tell me if I am being "taken" here?

Answer: that was applied to DISCOUNT RATES....but the FED lowered the FED FUNDS RATE. Par rate is at 5.875 with about 1origination fee on a 30yr fixed. this also depends on the score....down payment...etc.