So... I was just (unexpectedly) offered a job...

[theNEOone]

ok, let's get this settled once and for all.

IT'S NOT A FVCKING SCAM.

i work for a mortgage company, however i'm not a loan officer. i just started a few weeks ago as the asst vice president, controller of the company. my duties are entrenched in almost every aspect of the company, including payroll. trust me when i say this, loan officers have the potential to make crazy amounts of money. one loan officer we have pulls in ~$12k every two weeks, another between 10 and 11 on average. the reward and potential is definitely there, however these individuals are the exception rather than the norm (top 5%). there are loan officers that will close 0 loans for an entire month. sooooooooo, what you need is to find the biggest ballers at the mortgage company and just get them to show you the ropes. i'm sure w/ the right attitude you'll be able to make tons of $$.

=|

 

[MadPeriot]

Originally posted by: Tomato

Originally posted by: Yossarian
sounds like a big scam. pics of the Old Navy girl will be required for analysis.

Didn't seem like a scam, they had a little office set up and everything... sorry, no pics of Danielle, I think it might've been a bit unprofessional to gawk and whip out my digicam during the interview. Nice girl though, and if I take the job I'll be seeing a lot more of her. Maybe pics then, but that better not be an influence one way or another in neutral advice given about the decision.

Right now I'm leaning towards no... I'm a risk-taker, but not THAT big of a risk-taker. Still, the potential for a huge income is tempting... I just wish I had connections I could capitalize on.

Just because they have an office does not mean its not a scam. Just remember this...if things seems too good to be true it probably is. Plus there is no easy dollar in this world. Hard work is the only way (besides winning the lotto) of making money.

 

[pulse8]

It might not be a scam, but like someone else said, you should have 6 months worth of money in the bank before you jump into something that unstable.

 

[imported_Tomato]

Originally posted by: theNEOone
ok, let's get this settled once and for all.

IT'S NOT A FVCKING SCAM.

i work for a mortgage company, however i'm not a loan officer. i just started a few weeks ago as the asst vice president, controller of the company. my duties are entrenched in almost every aspect of the company, including payroll. trust me when i say this, loan officers have the potential to make crazy amounts of money. one loan officer we have pulls in ~$12k every two weeks, another between 10 and 11 on average. the reward and potential is definitely there, however these individuals are the exception rather than the norm (top 5%). there are loan officers that will close 0 loans for an entire month. sooooooooo, what you need is to find the biggest ballers at the mortgage company and just get them to show you the ropes. i'm sure w/ the right attitude you'll be able to make tons of $$.

=|

Are the big ballers friendly and willing to share their knowledge, or have you found people in those positions to be tight-lipped about their success and unwilling to help newbies?

 

[T2T III]

Originally posted by: theNEOone
ok, let's get this settled once and for all.

IT'S NOT A FVCKING SCAM.

i work for a mortgage company, however i'm not a loan officer. i just started a few weeks ago as the asst vice president, controller of the company. my duties are entrenched in almost every aspect of the company, including payroll. trust me when i say this, loan officers have the potential to make crazy amounts of money. one loan officer we have pulls in ~$12k every two weeks, another between 10 and 11 on average. the reward and potential is definitely there, however these individuals are the exception rather than the norm (top 5%). there are loan officers that will close 0 loans for an entire month. sooooooooo, what you need is to find the biggest ballers at the mortgage company and just get them to show you the ropes. i'm sure w/ the right attitude you'll be able to make tons of $$.

=|

Come back in a year and give us an update. I'll bet you that you're in another line of work by then. Scam or not, I don't think this type of work can be sustained.

I'd be willing to bet that most loan officers are now finding a 2nd line of work to get involved with. Rate drops lead to massive refinancings. However, rate increases tend to dry things up a bit.

Food for thought.

 

[Doggiedog]

I would think the most successful ones have ins with real estate agents.

 

[dirtboy]

People are making money now, but I'd bet you'll be one of the first to go when rates rise and the mad rush to buy and refinance ends.

 

[SethK28]

Originally posted by: hevnsnt
Well, lets just say not well.. Right now he has finally reached the understanding that he won't make it in this business, so now he is even farther in debt than before. This ordeal is far from over, actually we are just now in the thick of things. He is trying to find another job, just trying to make the rent.

Straight out facts: He has been there for 4 months. He has made one sell. In order to get a paycheck, you have to sell at least 3-4 (can't remember). 4 months working w/o a paycheck What sucks is I can't tell him how I fell about it... He bought into the flash when he started, and I had a feeling this is where he would end up.

Like i said in earlier posts, the wash out rate is high close to 90%

 

[theNEOone]

Originally posted by: Tomato
Are the big ballers friendly and willing to share their knowledge, or have you found people in those positions to be tight-lipped about their success and unwilling to help newbies?

well, it depends on your approach. the $24k/mo officer is a major bitch, but she's a slightly insecure middle aged woman who's had alot of plastic surgery. i'm sure being 22 i could sweet talk my way under her wing. the other big baller is an easy going latin guy. he's extremely approachable and i'm sure he'd be more than willing to lend a helping hand. i'm sure he'd continue showing the keys to success if one were to prove that their worthiness.


=|

 

[SethK28]

Originally posted by: Doggiedog
I would think the most successful ones have ins with real estate agents.

Most mortagage brokers do in fact "align" themselves with agents, they do this in one of two ways by knowing an agent personally and spreading your name as word of mouth, or buy simply offering kickbacks to the agents.

 

[JEDI]

Originally posted by: CTrain
Sorry to hijack your thread but the "I love history girl" intrique me quite a bit.
I figure that after the Old Navy bit, she'd be able to find alot more work.

Anyone find pics of her on the net ??
How about a pic of you Tomato ??

You already know what she looks like

Tomato- How was your trip? :evil:

 

[theNEOone]

Originally posted by: Tiles2Tech
Come back in a year and give us an update. I'll bet you that you're in another line of work by then. Scam or not, I don't think this type of work can be sustained.

I'd be willing to bet that most loan officers are now finding a 2nd line of work to get involved with. Rate drops lead to massive refinancings. However, rate increases tend to dry things up a bit.

Food for thought.

i don't need to "give you an update in a year." i worked summers at this mortgage bank all throughout college. the big ballers have been there at least 5 years. there's definitely a turnover rate in loan officers though. since i first started here i'll say that maybe 20 out of 30 loan officers are no longer there.


=|

 

[JEDI]

oh, and as far as the topic, think it this way:

used car salesmen also are paid on 100% commission. they also have a near unlimited earning potential...

so does amway, or heralife, or those knife/vacuum cleaner salesmen

 

[SethK28]

Originally posted by: theNEOone

Originally posted by: Tomato
Are the big ballers friendly and willing to share their knowledge, or have you found people in those positions to be tight-lipped about their success and unwilling to help newbies?

well, it depends on your approach. the $24k/mo officer is a major bitch, but she's a slightly insecure middle aged woman who's had alot of plastic surgery. i'm sure being 22 i could sweet talk my way under her wing. the other big baller is an easy going latin guy. he's extremely approachable and i'm sure he'd be more than willing to lend a helping hand. i'm sure he'd continue showing the keys to success if one were to prove that their worthiness.


=|

It's a gamble... the industry flashes all these #'s wow look at Joe he writes 20k of business a month, then goes 2 months without a sale. Most jobs you get out what you put in, with mortgages or insurance sales it is nothing but a numbers game and blind luck. Some get lucky make sh!t tons of $$ others work their tail off and fail. 100% commissioned based sales=slimball and any company that says they are not is chock full of crud.

 

[SethK28]

Originally posted by: theNEOone

Originally posted by: Tiles2Tech
Come back in a year and give us an update. I'll bet you that you're in another line of work by then. Scam or not, I don't think this type of work can be sustained.

I'd be willing to bet that most loan officers are now finding a 2nd line of work to get involved with. Rate drops lead to massive refinancings. However, rate increases tend to dry things up a bit.

Food for thought.

i don't need to "give you an update in a year." i worked summers at this mortgage bank all throughout college. the big ballers have been there at least 5 years. there's definitely a turnover rate in loan officers though. since i first started here i'll say that maybe 20 out of 30 loan officers are no longer there.


=|

Doesnt that turnover rate tell you something? Even if those 20-30 officers made 1 sale a piece then the company turned a profit, however the poor fools who fell for the glitter had no benefits, probably went into debt and lord knows what else. They quit then the company puts an ad in the paper flashing #'s and 20 other fools sign up. TRAINING COSTS NOTHING......YOU Risk EVERYTHING

 

[Goosemaster]

REALITY

 

[theNEOone]

Originally posted by: SethK28
Doesnt that turnover rate tell you something? Even if those 20-30 officers made 1 sale a piece then the company turned a profit, however the poor fools who fell for the glitter has no benefits, probably went into debt and lord knows what else. They quit then the company puts an ad in the paper flashing #'s and 20 other fools sign up. TRAINING COSTS NOTHING......YOU Risk EVERYTHING

hey, if you want to keep talking negative that's fine. my office is across from a dumb blonde women w/ little education, and i cut her biweekly checks for twelve grand.

i'm not stupid, i realize that this is a numbers game, and more likely than not, you will never make this kind of loot. however, if i were making 35k and had no advancement opportunity you'd bet your ass i'd take the chance.


=|

 

[T2T III]

Originally posted by: theNEOone

Originally posted by: SethK28
Doesnt that turnover rate tell you something? Even if those 20-30 officers made 1 sale a piece then the company turned a profit, however the poor fools who fell for the glitter has no benefits, probably went into debt and lord knows what else. They quit then the company puts an ad in the paper flashing #'s and 20 other fools sign up. TRAINING COSTS NOTHING......YOU Risk EVERYTHING

hey, if you want to keep talking negative that's fine. my office is across from a dumb blonde women w/ little education, and i cut her biweekly checks for twelve grand.

i'm not stupid, i realize that this is a numbers game, and more likely than not, you will never make this kind of loot. however, if i were making 35k and had no advancement opportunity you'd bet your ass i'd take the chance.


=|

There's one comparision that I'd like to make here. I know plenty of people involved with MLMs. These people working in the MLMs never speak negatively of the MLM because they've been so brainwashed by what they've read in the materials and heard at the "revival meetings."

Now, we try to offer some views of reality and you attack people by accusing them of speaking negatively.

See the comparison?