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cduliga
33 Posts |
 Posted - 02/25/2007 : 12:20:50 AM
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I'm just curious - how many of you work from home as a loan officers and how has your experience been? Does your broker provide support? If so, what kind and how would you rate that support (satisfactory/unsatisfactory/desire or need more support)? Do you find yourself more productive at home or the office?
I ask only because as a virtual broker, doing business in all 50 states for over 4 years now, we found that the majority of LO's who work from home claim they work full time, when in fact they only work part time; and their production is low. They're always complaining that things are slow, that their lead sources are low quality. And they are always broke literally living from commission check to commission check.
What I do know is that those who are really working full time (30-40) hours per week are the only producers (hence proving the 80/20 theory). Those are the ones who are funding 4-10 loans per month.
So what are the rest of you work from home LO's doing? Are you guys partying late / sleeping in and playing golf the rest of the time?
What motivates you to fund more loans? |
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darkstar
26249 Posts |
Posted - 02/25/2007 : 04:04:04 AM
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I've been working from home for almost a year now, because of that I work 7 days a week, 16-18hr days for 2-3 weeks, then I crash hard for a day and start again...I definitely get more done, as I'm working almost every waking moment, but to me, the best part is the 24/7 with my wife!...THAT is worth more than any increase in production or money!...
>>>Are you guys partying late
No, working usually, but when we do, LOOK OUT! |
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johnl@hometownva
27 Posts |
Posted - 02/25/2007 : 04:24:14 AM
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I have thought about the work from home idea for a while. I myself work 7 days a week even though i am in an office environment.
Being out of the office though i fear that processing would just forget about my loans and i do not have the daily interaction of AE's coming into the office.
I myself am much more productive away from the office. Sometimes i feel why i need an office. I pay for all my own leads and advertising and i never use my office line for any phone calls. I like the fact that using my own phone line allows me to not have to worry about losing any phone calls and allows me to be available 7 days a week and nights for my client.
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Coffee Is 4 Clos
1739 Posts |
Posted - 02/25/2007 : 08:34:42 AM
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I work from home and sometimes hate it since I will wake up, get my coffee, get on the puter and look up and realize 3 hours had passed. I try to get all the admin crap done early and calls in the afternoon.
A big reason why I work from home is because I HATE THE OFFICE I work at. Not the owners, but the accoustics and other LO's seem to talk more than work and it ***** to be on the phone and a conversation of people laughing and yelling is in the background. Processing is completed by ONLY ME. I know a lot of companies hate it, but if they want me they do it on my terms. I've been burned too many times by processing and even when the girl was sitting right across the room. I honestly find it that I work better, faster and more efficent from home (especially with processing). I know everything about the deal and receive CTC's a good week before the processors do if they were processing the loan.
Also, I value my contact information... I trust no one and although I work for some great guy's, no company is immune to closing shop, selling the shop, declaring BK and what I've personally seen 3 times in the last few years, Partners Breaking Up. If things look like they are going down hill I can take off tomorrow and none of my clients would know it since my contact info (email, fax, phone) is all in MY NAME. The funny thing is that I estimate that 90% of my customers have no idea what the name of my company is... so, unless you are working for Ditech or Ameriquest its all about YOUR NAME and not the company you work for.
But, this is me today... back when I was starting out I put in the 730AM to 8PM M-Thur, 9-5 FRI and 3 out of 4 saturdays. If it were not for those nutty office hours I would not be where I'm at today... its a necessary evil. But, what works for one does not work for all. |
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robertrules
179 Posts |
Posted - 02/25/2007 : 08:47:09 AM
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| Working from home is beautiful if one is able to schedule their time accordingly. All minor distractions and procrastination has to be put aside. I have myself been offered (again) a work at home position, but this time with real-time incoming leads. It would seem there is a God. Still, I have been in this business a long time and know that one has to be careful of the fat lady singing. My point is, I know that even with inbound calls, there is no guarantee and it is finally up to me to be productive.....enough ranting from me. |
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darkstar
26249 Posts |
Posted - 02/25/2007 : 09:00:54 AM
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| Best of luck to you...I waited until my daughter was in college before I worked at home for 2 reasons, one for the peace and quiet and two for the constant motivation to produce seeing the tuition bill on a daily basis!... |
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mperlman
55 Posts |
Posted - 02/25/2007 : 09:28:01 AM
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| It all boils down to having solid time management skills. I operate a net-branch from an office. Most of our L/Os work from home. But all of them are truly part-time and you can definitely see that from their production levels. I try to give as much support as I can to them whenever they need it. It benefits them as well as me. In addition, I am always looking for L/Os who are productive and want to make money. If anyone is interested, please do not hesitate to contact me. |
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cduliga
33 Posts |
Posted - 02/25/2007 : 09:31:12 AM
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quote:
Originally posted by robertrules
Working from home is beautiful if one is able to schedule their time accordingly. All minor distractions and procrastination has to be put aside. I have myself been offered (again) a work at home position, but this time with real-time incoming leads. It would seem there is a God. Still, I have been in this business a long time and know that one has to be careful of the fat lady singing. My point is, I know that even with inbound calls, there is no guarantee and it is finally up to me to be productive.....enough ranting from me.
Two years ago we offered leads on our work from home positions and it worked relatively well. We're considering bringing back that program. The only challenge as a broker is in properly screening and qualifying the LO's on for that program. If they're not working the leads we've just wasted thousands of dollars on real-time leads with no loans to show for it. And adding insult to injury, if they take those leads/loans elsewhere (like Coffee mentioned above) we have little control over that. A very risky proposition for us - great benefit for the LO's.
But that does make you ask if there is any more loyalty in this industry? It seems as though LO's are loyal to their broker so long as their fat and happy. But when things get a little tough they are the first to jump ship. Of course I realize that there are many, many brokers out there who are not loyal either. I've heard all the horror stories of broken promises, not being paid commissions, or frivolous fees being charged to the LO's just to screw them out of a few bucks. But I've also found that those LO's who scream "foul" the loudest are the least loyal themselves. |
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number22
602 Posts |
Posted - 02/25/2007 : 11:00:01 AM
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I work from home and I love it, I work about 14 hours a day and I also put in 7 days a week for about 3 weeks at a time, then I crash out for about 3 or 4 days.
I have no commuting issues, no office issues. that's why I work from home. I really hate the office thing, the politics, cliques,rules and regulations etc.No dress code, I can't tell you how many times I've done the whole day in my robe & pajamas.
I have someone in my family who's been in business and they advised me the less hands in the pot the bettter. It's true!!!!!!
No miro management, no one trying to steal loans, no messages I did not get. No stupid processor's that can't get your condtions cleared. No rumor mill about cutbacks or layoffs.
Working from home is only for the experienced & self motivated, it's not for someone new. If your driven it's great, this job is commission I like a roof over my head and food on the table, that's enough to motivate me.If you need someone to hold your hand don't try it.
I can't tell you how many Fridays in the warm weather months I haven't worked (3 day weekends).You can actually schedule things around your business. Like a trip to mall without the crowds.
I'm living a dream working at home, stress free for the most part.
The best part is the quality time with my family. I can't put a price tag on that.
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darkstar
26249 Posts |
Posted - 02/25/2007 : 11:39:25 AM
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>>>The best part is the quality time with my family. I can't put a price tag on that.
That's all of it to me!...I would have worked for a little less(a little) if I had to, but that too wasn't the case...
We just moved my ailing father-in-law in to live out his years with us...What could be better?...Family fmaily family!!!!!! |
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johnl@hometownva
27 Posts |
Posted - 02/25/2007 : 11:47:11 AM
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I am glad to see that alot of people feel the same way i do in my previous post on this topic about working at home.
I myself agree on alot of points made like office cliques. Processors working at whatever pace they wish. Lord knows if my branch manager is not in the office you cannot get a thing done.
I do not need to be motivated by others, i am motivated by the satisfaction of having good production.
I am seriously thinking of taking a work at home jump as a full time position. Lord knows i am working 7 days a week already and that commute time is valuable desk time in my book.
I guess since day one i have been set up for working at home. I use my own laptop with my own dsl high speed connection. I use a cell phone for all calls both in and out. I pay for my own advertising in local realtor magazine. I buy my own leads.
I guess the right opportunity is what i am looking for.
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darkstar
26249 Posts |
Posted - 02/25/2007 : 11:52:15 AM
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| Welcome to the post...You may be able to find that opportunity here...Look in announcement section for those looking for LOs!...Best of luck... |
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number22
602 Posts |
Posted - 02/25/2007 : 1:04:15 PM
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John don't be afraid to take the leap of faith to work at home full time. It's not as hard as you think. If you don't need to have your hand held, then you can work at home.
Most employers don't want you to think or know you can function without there help, I've found all they do is get in your way.
You'll have the same issues you have at the office but, you won't have to go through a chain of command or wait for another party to resolve the issues. it's just takes common sense.
Look for opportunitys on this forum that will encourage you to work from home. When you work at home you are really self employed.
You don't need permission to be your on boss, no one is going to give you this opportunity but yourself at this point.
If you try and fail you can always go back to the office (that's easy) and so is working from your home!!!! |
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Coffee Is 4 Clos
1739 Posts |
Posted - 02/26/2007 : 08:16:12 AM
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"Most employers don't want you to think or know you can function without there help, I've found all they do is get in your way."
You hit the nail right on the head!!! A lot of companys out there want you to feel as if you need them and not they need you. I've had old bossess who make it seem that my job is SO much easier because of their processes and policys in which I had to use. The funny thing is that it was a absolute nightmare with every loan, A Paper and all, to get through processing. But, the boss was good in turning things around by saying this, "You think its bad now??? You have a great team behind you and you see what happens. Imagine trying to get this all done on your OWN or with a lower level company." Hilarious!... well, now its hilarious, but then I thought it was the truth.
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number22
602 Posts |
Posted - 02/26/2007 : 08:30:30 AM
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| You got it, When you work from home. All that goes away!!!!!!! |
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loanstkime
142 Posts |
Posted - 02/26/2007 : 09:40:48 AM
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I work from home and really enjoy it over the office anytime. More time to be with the family and also very flexible to do what I please. Just for people though who have had prior experience though. Also the biggest difference is the affordability of leads. With big companies they have numerous employees who are selling and you are able to get 100-150 leads a month... so able to produce more... that is the biggest difference i see. Working at home not able to produce as much bc the leads are down bc of the cost factor.
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dazzle
47 Posts |
Posted - 03/02/2007 : 05:11:15 AM
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Which company?
quote:
Originally posted by mperlman
It all boils down to having solid time management skills. I operate a net-branch from an office. Most of our L/Os work from home. But all of them are truly part-time and you can definitely see that from their production levels. I try to give as much support as I can to them whenever they need it. It benefits them as well as me. In addition, I am always looking for L/Os who are productive and want to make money. If anyone is interested, please do not hesitate to contact me.
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