I have been in business for 10 years and I would like to put some efforts into a different career also. Any information or the best way to enter the field.

Want to start somewhere as I work on my RS License.

Thanks

 

Im an officer also and im on the same boat right now, it sucks! all my loans fell through at last minute last month. In others words i am beyond broke!

 

Not the best time to be in this business if I were you. I was in it for almost five years, the first three were amazing, but things just keep getting more and more worse. You mentioned being in business for 10 years, what do you do?

 

Commercial Cleaning........want to get in before the market starts to turn around and I can get some experience.

What road did you guys take to get there?

 

Doing loans is not the best thing right now. I came from the wholesale side of lending. I recently switch back to loss mitigation and concentrating on shortsales. Great money there right now...but a pain in the @ss to deal with the bank. If done right then the banks will come knocking to list there REO.

 

to be honest, I was a loan officer for a while, money was great but all good things come to an end. if i were you, i will look into becoming a real estate agent for homes, people are buying now, and its going to get better down the road. especially bank owned homes. they are accepting anything!

 

I beg to differ on banks accepting anything, but the prices are quite a bit cheaper than it was at the peak of the market. Keep in mind that option arm loans made between 2004-2007 have not all flip from fixedto variable. Home buyers are to eager to get into a home and in my area people are bidding 10%-20% above list price of $300K. Theres a glut of fixer uppers out there, that the house in move in condition are bringing in multi offers. Also add in those people that think they can flip houses cause they saw it on tv and thinks the market bottomed out. Realestate market hasnt even come close to bottoming out. We had a 10 year up swing and we are just at the beggining of the down market for realestate.

Back to the OP...Wannabuy350z is right be an agent first and sell houses. The way I got into the industry was I worked inside big corp banks as asset manager (aka loss mitigation). From there became an underwriter for loans and then became an account exec (loan officer for wholesale). When the market started getting bad for loans, my business partner and I opened up our on realestate firm and loss mitigation company. PM me if you need more advice and our company is always looking to expand.

 

nismo33 is a trustworthy guy and undercover pimp

 

11 years checking in. I have worked for many major companies, Etrade, novastar, Chase, Option one, Countrywide, BofA, Wamu to name a few. I played leap frog always chasing the $$. As our fun ride slowly winds down and most of us look for normal jobs with normal pay, we find our selfs scratching our heads. I know I was. The least I made was $120k for the past 5 years, now with everything closed or in BK what to do? I used the last few years in mortgage as a stepping stone, to corporate buisness credit. I have been doing that for almost 5.5 years now. I have a team with guys and make good money but it was a one off thing. I am not looking to hire so dont ask! My team is mostly mortgage bad a$$'s that I have molded in my teams of management over the years. I also work for another company. One thing I learned is never put all your eggs in one basket. I do three things now to supplement the lifestlye that I am used too. I can tell you sob stories from people and friends I know losing everything from 5+ houses to numerous cars and even a few that commited suicide from the stress of loosing everything and the barbie doll wife. Its hard I know this. Best advice is go into sales most companies need talent and if you can work in the mortgage industry everything else is a step down. Most LO's can walk into a sales position doing anything around 15-$20 hr plus commision, that is what I am seeing coming through the door and what I am giving alot of the people that work for me. It may not be enough but its a job and you can only live off that savings and 401k for so long.

side note: i have worked in all aspects of mortgage, from set up all the way to loss mit and seling loans. I am working with a close buddy of mine who is going to start up a wholesale company. Yes dont ask me how he is. This shop will be one stop. From loss mit to hard money. He has friends in high places and I will be looking for quality seasoned LO's that are ballers. You have to be the **** of **** in sales. I can careless how long you have been doing it but if you can close me you can have a job. (should be about 60-90 days out, but with the way things are who knows), If interested PM me your info and I can give you my email to send me your resume.

Steven-