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GoingNutty
Our family
Member since 5/05 2272 total posts
Name:
Jennie
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Is anyone or has anyone been a loan officer?
I applied for a position and already got an interview... only thing is I have no idea what a loan officer does! Any help would be appreciated!! 
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Posted 6/22/06 4:51 PM  |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: Is anyone or has anyone been a loan officer?
You would sell and process loans! I work for Washington Mutual 
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| Posted 6/22/06 5:05 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Is anyone or has anyone been a loan officer?
depends on what kind, commercial or consumer?
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| Posted 6/22/06 5:07 PM |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: Is anyone or has anyone been a loan officer?
Posted by june262004
You would sell and process loans! I work for Washington Mutual
Me, too!! Where are you??
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| Posted 6/22/06 5:15 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: Is anyone or has anyone been a loan officer?
Posted by MikesWife
Posted by june262004
You would sell and process loans! I work for Washington Mutual
Me, too!! Where are you??
NO WAY...
Wantagh You?
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| Posted 6/22/06 5:18 PM |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: Is anyone or has anyone been a loan officer?
I actually work in Reckson Plaza. I process the commercial loans.
That is so funny, though!!!
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| Posted 6/22/06 5:24 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: Is anyone or has anyone been a loan officer?
Posted by MikesWife
I actually work in Reckson Plaza. I process the commercial loans.
That is so funny, though!!!
OMG that IS SO FUNNY!!!!!
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| Posted 6/22/06 5:34 PM |
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GoingNutty
Our family
Member since 5/05 2272 total posts
Name:
Jennie
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Re: Is anyone or has anyone been a loan officer?
How is the work? How is the pay??
Thanks girls!!
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| Posted 6/22/06 7:43 PM |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: Is anyone or has anyone been a loan officer?
I actually really enjoy working for WaMu. They have great incentive plans, benefits, and monthly contests.
And if you are an exempt employee - you start with three weeks vacation a year.
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| Posted 6/23/06 8:37 AM |
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GoingNutty
Our family
Member since 5/05 2272 total posts
Name:
Jennie
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Re: Is anyone or has anyone been a loan officer?
Posted by MikesWife
I actually really enjoy working for WaMu. They have great incentive plans, benefits, and monthly contests.
And if you are an exempt employee - you start with three weeks vacation a year.
Do you need experience to get a loan officer position at Washington Mutual?
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| Posted 6/23/06 9:47 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is anyone or has anyone been a loan officer?
my DH is a loan officer/ Manager- he works on commisson - he is always looking to hire people- b/c it cost him nothing to do so-
you don't need experince- it's not a easy job- it can be very stressful at times- there are months when he makes very little- and there are months when he can make more then most people make in a year
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| Posted 6/26/06 3:16 PM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Is anyone or has anyone been a loan officer?
Beth how long has he been doing it?
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| Posted 6/26/06 3:24 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is anyone or has anyone been a loan officer?
Posted by danielleandscott
Beth how long has he been doing it?
about 5 years- has was a stock broker till 9/11- then he got into the mortgage business-
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| Posted 6/27/06 10:40 AM |
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riniko
LIF Toddler
Member since 3/06 486 total posts
Name:
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Re: Is anyone or has anyone been a loan officer?
Posted by Beth1210
my DH is a loan officer/ Manager- he works on commisson - he is always looking to hire people- b/c it cost him nothing to do so-
you don't need experince- it's not a easy job- it can be very stressful at times- there are months when he makes very little- and there are months when he can make more then most people make in a year
Beth, how do loan officers get their commission - % based on the mortgage the person signs?
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| Posted 6/30/06 12:24 PM |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: Is anyone or has anyone been a loan officer?
Posted by riniko
Posted by Beth1210
my DH is a loan officer/ Manager- he works on commisson - he is always looking to hire people- b/c it cost him nothing to do so-
you don't need experince- it's not a easy job- it can be very stressful at times- there are months when he makes very little- and there are months when he can make more then most people make in a year
Beth, how do loan officers get their commission - % based on the mortgage the person signs?
I know for WaMu (under commercial and multifamily properties) the senior originators get a percentage of the loan amount. I think it is .004 of the loan amount.
the non senior originators usually work under a senior and get base pay plus a percentage.
You never see loans below $500K on the commercial side. So, if you are good at sales, it can be very profitable and if you close a couple a month, even better!!
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| Posted 6/30/06 12:53 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is anyone or has anyone been a loan officer?
Posted by riniko
Posted by Beth1210
my DH is a loan officer/ Manager- he works on commisson - he is always looking to hire people- b/c it cost him nothing to do so-
you don't need experince- it's not a easy job- it can be very stressful at times- there are months when he makes very little- and there are months when he can make more then most people make in a year
Beth, how do loan officers get their commission - % based on the mortgage the person signs?
yes- they get a percentage of points you charge or from the bank for the rate that you sell- and the person they are workng under gets a percentage- and the company gets a percentage
similarly to a real estate agent
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| Posted 7/1/06 11:25 AM |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Is anyone or has anyone been a loan officer?
DH was going to switch jobs and do this but his buddies said to wait right now it is dead.
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| Posted 7/2/06 12:40 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Is anyone or has anyone been a loan officer?
I work in commercial lending.
there is always a demand there for loans - but where I work its salaried - but you have ##s to hit each quarter.
but its so different than consumer lending.
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| Posted 7/4/06 7:58 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is anyone or has anyone been a loan officer?
Posted by girlygrl33
DH was going to switch jobs and do this but his buddies said to wait right now it is dead.
it's been a slow year- tougher for new people - since they don't know the ins and outs
it's picking back up now- I think there is going to be a mini- boom- alot of people with adjustables have to re-fi- but that's going to be repeat business - not new business
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| Posted 7/6/06 2:22 PM |
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