Below is an email I recieved today from an aspiring loan officer.......
"I saw your post about looking for loan officers. I don't have any mortgage experience, but I have a basic understanding and am looking for the right company to get started with. I'm not sure how often you are on the BO forums, but you've probably heard of NAME. I've purchased his A-Z training program and feel that I have a solid foundation, and I'm just looking for a company to get started with. I used to live in Glendale, AZ, and recently moved to Chicago. Any additional information you can give me would be greatly appreciated. Thanks alot for your time." - name will remain anonymous.
Here is my response to him.......
"I appreciate the inquiry. Right now we are only licensed in Arizona. With some of our relationships we can originate loans elsewhere but only on a case by case basis. If you make your home I Chicago I would look for a place locally that provides the best support and training assitance. I am not on the site too much and I am not familiar with the training program you speak of or NAME. My advice or information that I would give you is to start with a smaller brokerage that offers support to their loan officers. If you want to learn quickly, volunteer to help with some of the processing of a few other Loan officers files. In other words if you don't have a transaction yet yourself follow someone else's from the very start to the end of the process. If you familiarize your self with each step and what each thing means you are going to be way ahead of any training manual. Hands on is the best in my opinion. Repeat the process a couple of times and your knowledge will be up there. Its hard to speak or sell what you don't know the ins and outs of."
To summarize further I think there are many new loan officers that rely too much on information on the internet. The problem with this is that the market changes to much now to have reliable and current info. A published training manual will already be out of date. Know the process and change your marketing as the market changes.
Ryan Kohl
Express Capital Mortgage Inc.
480-656-8347
www.expresscapitalmtg.com - main
www.ecmapply.com - employment
www.expressmortgagesonline.com
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Ryan, this is so true. Heck, even hands on experience is tough these days! You can leave for lunch and come back to find a new guideline change from your favorite lender AND a different change from an MI company. Doom on the foolish LO who doesn't read all those nasty electronic memos!
I also recommend rookies to try to beg a bank or credit union to hire them. I have found those types of financial institutions are trully the only ones set up to train and you get a regular paycheck while learning.