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My friend said they did and I was wondering if that was true? If so, why? && could you also get a job as a loan officer/processor with no experience at some places? I called this mortgage broker looking for a job as a loan officer and left them a voicemail. I also said that I was taking a mortgage lending class. They called me back several weeks later and wanted me to come in to talk or an interview or something like that. But I said that I wanted to wait until I’ve completed my class. My mortgage lending teacher told me that I should be a loan processor first, then work up to becoming a loan officer. I am considering calling them back to see if they have any loan processor jobs available for right now. I have no real work experience because my parents wouldn’t let me have a job in high school. I was only a telemarketer for about a week this summer. I am going to start volunteering within this next week, so I could use that as a reference. Any ideas or thoughts about my situation?
Do you think I will have any problems getting a job with that mortgage broker? It seems like that specific place is in need of loan officers/processors.

7 Thoughts on Do mortgage loan officers/processors have a high turn over rate?
  1. Reply
    February 1, 2014 at 11:45 am

    I would NEVER become a loan processor first and then a loan officer.
    Being a loan processor (hard job) means you have to deal with hundreds and hundreds pieces of paper on a daily basis and if you are not into that, it is going to be horrible.

    I have been a loan officer and have taken all the classes to become a loan processor, just to get to know the paperwork.

    In your state, do you not have to have a real estate license to do mortgage brokering? In California you do.

    Get what ever license you need and then shop around for a company to work for.

    Loan officers are always in high demand and you can make a good living at it.

    Good luck.

  2. Reply
    February 1, 2014 at 12:45 pm

    I am a current recruiter for a mortgage company in Dallas, TX. and we are looking for people who have no experience in the industry. We do ask that you get certified in TX., to become a Loan Officer. Yes, the best place to start is Loan Processing. It will give you the back stage pass to the documents and so on.

    You can get paid two ways: 1 only if the loan closes ($ 425 per loan) or 2. Hourly it depends on the company.

    Good Luck

  3. Reply
    Searchlight Crusade
    February 1, 2014 at 1:11 pm

    The answerer before me said his company is looking for people with no experience. It’s great if they are willing to train, but if they won’t hire people with experience, WATCH OUT. That means they’re looking for people 1) they can pay very low and 2) who aren’t very familiar with the way things work in the mortgage world, so they don’t know what horrible mortgages they are pushing on people. Lot of that in the mortgage industry, unfortunately. 40 percent of all purchase money loans locally have been negative amortization loans – something that should *NEVER* be purchase money for a primary residence. For this among other reasons, there will be court dates in the future of many mortgage companies.

    Yes, there is a high turnover in this industry, and you’re unlikely to do well without more work experience, and until you have enough financial background, you’re going to be a menace to your clients and therefore in severe jeopardy of civil and criminal penalties (places like the above don’t mind sacrificing low-level peons for massive profits for the higher ups).

  4. Reply
    Matt J
    February 1, 2014 at 1:52 pm

    They are both very high on turn over

  5. Reply
    gupta b
    February 1, 2014 at 2:22 pm

    Try the links in for all information on mortgages

  6. Reply
    February 1, 2014 at 3:18 pm

    First of all, I run a large mortgage lender in CAL. I can safely say that your teacher is 100% correct. The best way to become an effective loan officer is to start as a processing assistant (requires no experience), then a processor (maybe a total of 6 months), then a loan officer. There is many reasons for this but the largest is that LO duties require a significant understanding of qualifying requirements and underwriting guidelines that are not aquired without an understanding of what the file will go through to fund. I have worked with many LO’s that have not ever had any processing experience and ultimately they require a lot of assistance due to lack of back office knowledge.

    In short, if you are looking at this as a career, I strongly suggest starting in processing so you’ll know exactly how to construct a file that funds without delays.

  7. Reply
    February 1, 2014 at 4:07 pm

    Yes there is a great turn over in these two positions or moving around from one position to another as loan officers are normally indepenedent contractors, so they can take up and move as they see fit.

    If you are planning to make this a career field, I would try to enter the field as a jr loan processor or jr escrow officer (If they have them in your state) This position will teach you the language, types of correspondence and will give you a general over view of what to look for.

    Now don’t expect these two positions to be one where you will be making major decision, the are really go Fer positions, go fer coffee, go fer this document, go fer the telephone. If you apply yourself you can learn a lot from either position and you will be getting paid.

    In these positions a good attitude and disposition is more of something you need as oppose to technical knowledge.

    Once that is complete, you might try being a processor or escrow officer enroute to becoming a loan officer.

    The key is to learn at each level and once you reach the level you want, please don’t forget continuing education so as to keep up with the latest going on in your chosen field as well as the new technnology that will becoming out and changing constantly.

    Now there are some places that are willing to train you to become a loan officer. They will train you and expect you to produce in about 3-6 months. This is not a bad idea as they will compensate you from anywhere from 50% of what ever you bring into the company and up.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

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