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im really wanna learn about the mortgage industry … i believe there is so much money to be made here and i dont have a singe clue about it … i would like to know both the broker and lending side of mortgages… any answers or web sites that explain about mortgage banking and loans would be very helpful ..

1 Thought on im trying to learn about mortgage banking … but i cant seem to find a website that has a break down of it?
  1. Reply
    mattf
    February 2, 2014 at 4:33 am

    The learning curve associated with the mortgage business can seem unberable when compared to, say insurance. About 75% of loan officers dont know their ass from their elbow and are just salesmen. The remaining 15% are more financial planner kind of salespeople. If you want to make honest money and not spend your day at a call center with a headset selling 68 year old widows shitty 3yr prepay negs…then I would suggest looking to some of the leaders in the mortgage retail business. A subscription to MOM (mortgage originators monthly) will get you off to a great start. Be scepticle when seeking advice from the “top dog” loan officers you find online. These guys parade the country preaching all the things they claim to have invented. They put their face on rediculous marketing products and tell you it works for them. A collegue of mine told me just the other day that one of the most famed loan officers, who preaches like I talk about above, only closed 20million in one of his biggest years. Anyway, these guys are salesmen, look for the ones who know what they are talking about and can answer complicated questions about mortgages…An example, most loan officers couldnt tell you about “principle curtailments” and how they pertain to portfolio lenders guidlines. But a veteran could.
    If you want to learn wholesale, the only thing you can do is start at a wholesale company. There are a lot of carrers involved, but the gist of it is: Underwriting, processing, funding, document creation (doc drawer), compliance, quality control, secondary marketing and ofcourse the never ending job possibilities of the wholesale bank representative (rep.) as known in the industry. If you work hard and I mean really hard, you can learn the major portion of the industry in 3 years. You will always see the difference though in your co-workers who have 20 years experience. In lending, you really do learn something new everyday.

    To learn about the above jobs, go to monster.com and read the descriptions. Another great resouce is salary.com. This will give you a detailed discription and how much people in that job are making, in a given zip code or state.

    Its a great business, lots of fun, lots of stress, and very challenging. It is also very, very, very close nit. Everyone knows everyone through 1 or 2 degrees at the most. To tell you the truth though, if you want money, you will fail in this business. You might have a month where you make 40k, you will spend it all and BK like the rest of the washouts. Stay ethical and true to your clients satisfaction. The temptations are there, dont give in. Be fair and ethical and ignore your co-workers who drive 300k cars to work…they all go away, trust me.

    Good luck.

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