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RoadReader
16 Posts |
 Posted - 11/06/2009 : 6:22:58 PM
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I work for a new mortgage company and I am new to the business-aobut 2-3- months. I am working on my 4th loan and find the people I work for want me to grow wings, but don't have time to teach me. IF I ask questions, I get a rash of sh== later about it. I also am getting blamed for the errors that occur, eventhough I know little about loans. Should I stick it out, or movbe on to another firm? Are banks better than mortgage companies?
thanks! |
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The Truth
178 Posts |
Posted - 11/06/2009 : 7:09:03 PM
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| First , I think the "Acorn" name may be your issue. Naw, for real.... yes, go work a for a retail bank for while, everyone make mistakes there. |
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fanniemac
13 Posts |
Posted - 11/07/2009 : 06:33:06 AM
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| Go to work for a bank that has a training program. Learn how to do things the right way. You can't 'wing-it' in this business any more. Many mortgage brokers and small bankers don't have the time or resources to offer you proper training. After you put in the time, learn how the business works, and develop a customer base, then consider working for a broker or banker where you can make more money. This is a great business and you can earn a good living if you're a professional. Good luck. |
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Mandyvilla
6392 Posts |
Posted - 11/07/2009 : 06:49:20 AM
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| RoadReader, quit before you have any more time invested. Go somewhere where they will train you. It's hard enough in this business with experience and contacts, you can't have your co-workers fighting against you, too. |
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jfrederick
580 Posts |
Posted - 11/07/2009 : 09:46:26 AM
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| Ask some of the high producers in the company to take you on as an assistant. lightens up their load and you'll get the experience. |
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Hopland
4120 Posts |
Posted - 11/07/2009 : 4:28:52 PM
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| RoadReader... It's "ration of ****" not "rash." It's a military expression (ration as in a portion of food or water). Just thought I'd help you learn the ropes. lol |
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kellamtom
1162 Posts |
Posted - 11/07/2009 : 8:42:49 PM
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Isn't everyone re-learning this business all over again, with so many changes in the industry?
Stick it out study, learn learn learn. |
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coopercash
2875 Posts |
Posted - 11/08/2009 : 12:59:26 PM
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The residential side of the mortgage business can now be likened to being active military in Iraq or in Afghanistan... any mis-step and you and your deal will get blown to pieces!
The Industry has now become so over-regulated that any new and aspiring Loan Officer simply cannot afford to be left to the mercy of a solo-Broker office with zero intention of providing either adequate training or a basic salary... particularly the "crap-house" environment in which you find yourself.
As has been pointed out by respondents to your posting, even "seasoned veterans" are having to grasp today's unpleasant realities and essentially getting re-educated.
You are evidently in the wrong type of environment and my suggestion would be for you to secure a position with a Regional Bank's mortgage lending Division and at least be in a position to "earn while you learn".
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rainmand
5201 Posts |
Posted - 11/08/2009 : 1:13:41 PM
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| I feel working as a Loan Processor for 6-12 months is the best way to learn to become a Loan Officer. |
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caniskovich
244 Posts |
Posted - 11/08/2009 : 4:15:13 PM
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| if you are a loan officer than you should take it upon yourself you learn the guidelines, it is much better for you to learn and understand the guidelines so when you meet with your borrowers you can feel confident about the information you are giving them |
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waynepbright
3933 Posts |
Posted - 11/08/2009 : 5:47:07 PM
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Either way, Good Luck RoadReader ...
I drink to that!! |
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LO1003
446 Posts |
Posted - 11/09/2009 : 07:47:39 AM
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quote:
Originally posted by The Truth
First , I think the "Acorn" name may be your issue. Naw, for real.... yes, go work a for a retail bank for while, everyone make mistakes there.
I think RoadReader took your advice and left AcornMortgage (or whatever the name it was). |
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kfletcher49@yaho
109 Posts |
Posted - 11/09/2009 : 08:10:06 AM
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| I have been in the industry for years and I am starving...no more 6 figures. You are obviously with a broker that is just filling a seat and sold you that it would be easy. Banks want experience...bottom line. You are not going to survive in this business. RUN! |
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1003s.com
4157 Posts |
Posted - 11/09/2009 : 08:28:15 AM
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Unless you have ethical or other serious issues with your employer,
it might be better to stick it out until you have a year or 2
experience. In the future quality employers will require
a stable employment history. As Rainmand stated working as
a loan processor is about the best way to learn the business.
If your employer would allow you to job shadow a busy loan
processor 1 day a week for a few months, you will learn
at a faster pace. Also taking a class or 2, from one of the
schools that teaches loan officers, will show future employers
you made efforts not to be ignorant.
Oddly enough, some LO's and brokers, have been doing mortgages
for 10-15 years and still are not capable of generating
a GFE and TIL in compliance, nor are they able to figure
out how to structure a complex purchase transaction.
So a rookies will to learn, speaks volumes. |
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