real estate licenses
 

I think I want to get my real estate license, anyone know what the best way to do this is? I don't want to spend a semester at the local community college. I know there's faster ways, but I'm not sure what the options are...

Real estate sales - the last refuge for the truly desperate. Good luck to you.

Mortgages actually... why's it for the truly desperate??

If you plan on working for a bank, you usually don't need one, not even in CA. If you are going to broker, then yep, you need one.

Check out your local real estate offices. Century 21 usually has a "condensed" course, about 6 weeks, to prepare you for the state exam. Not sure if they have one up where you are, but
Anthony's Real Estate School is also very good.

Tough to get started, but once you are in and have some good contacts, it's good $$$.

Best of luck!

Mortgages are different. It just seems like every loser I've ever known has tried to sell real estate. On the other hand, just about everyone I've known that did mortgages did okay.

Well I guess that's a little more reassuring. All the mortgage related resources on the web that I'm finding with Google are the gayest sites I've ever seen in my life. Most of these sites look like they've been designed by 10 year olds, and have virtually zero relevent information. I guess I'll just have to call around.

Being a loan officer at a brokers office is the same as being an affiliate for a cash program. The broker holds the license gives you the leads and you try to sell the refi or whatever that broker specializes in. A real estate agent on the other hand is very tough and you need schooling and state exams and is a rough market. Dont plan on being a real estate agent anytime soon. Just find a broker and become a loan officer then after 6 months of finding out how rough it is, you can then evaluate if you are cut out for it.

I'm interested in becoming a mortgage broker, actually. I think being able to pimp other banks mortgages will give me quite an edge vs. only being able to offer the loans through one particular bank as an officer.

slow down charly, first problem being is youll need 100k to bond yourself with broker association in your state, secondly the banks dont just take on brokers like cash programs take on webmasters, you sound like you have no experience in mortgages so your first step is to be a loan officer in a brokers office. Brokers offices use 30-40 different banks and lending institutions. Your NOT coming out of the gate being a broker, rest assured:glugglug

Ok, ok. Yes, I'm green to the mortgage business :). I'm just anxious to figure everything out.

Loan Officer then after 5 years experience you can think about a brokers license:thumbsup

If you are diving into the mortgage business, you are hitting it ~3 years too late. Most of the money has been made from the re-fi craze. Last time the rates went up 1% here in Seattle, a couple offices closed and one went bankrupt.

Real estate is a refuge for losers (like internet porn) but it has its professionals that make good money (like my wife). The key is having the right personality and professionalism.

We been in the biz for 16 years and the industry has ups and downs like everything, if you want to make crazy money and not worry about current federal prime rates just do BC paper(bad credit) the current indexes have no bearing on interest rates, mind you, you will be dealing with the deadbeats of the world and the loans always takes months to close due to oustanding tax liens, judgements on credit, bankruptcys and so on. It pays well and there are more bad credit people then good but it fuckin sucks. Keep goin with the porn

You kinda sound like all the people that tell everyone there's no more money in porn, including myself. But do you really think there's no money in the mortgage business? It's one of the largest industries in existance, much bigger than porn even. Of course there's huge money in it, and there always will be.

Anyway, how did your wife get started?

you will be crying soon after you start, take that to the bank

Explain, I'm curious.

One does not just jump into the mortgage business with wild visions of fortunes. First off how old are you? Answer that then we can move forward. Youll understand if you answer truthfully to your age

I'm 25, and I don't have wild visions of fortunes. I'm hoping I can make a couple hundred k, though. I mean, I didn't have wild visions of fortunes when I got into this business... but all my friends gave me the same BS, and I'm doing just alright, but you're right it's not easy. I don't expect it to be easy.

Veterans Day,

What is the average salary for a loan officer, is it salary or mainly commission sales? And is it REALLY stressful, do you have to deal with a lot of bullshit... irate clients... complicated paperwork, etc?

Ok, I don't know anything about the mortgage business, but I did hear that brokers make A LOT of money, might be an interesting field for me to go into??

Your gonna be a loan officer first off, no if and or butts about it. So with that said lets go through a scenario. You work for a broker and they give you this lead for a re-fi. You contact the owner and they want to talk to you about lowering the rate, you wander over to their house and the first thing they notice is your a youngster. FIRST thing that comes to mind is "Im gonna trust my 200k house to some kid who can be my son"? Ok IF you make it over that first obstacle then the next obstacle is rate, mind you they have telemarkets and mailers flooding their phone and mailbox with rates lower than your able to offer cause these massive lending institutions work on volume and you may be unable to compete. I can give you 10 more scenarios to were youll fall short but you may not want to listen to the truth. :glugglug

loan officers are 100% commission, meaning the broker will probably give you between 40-50% of the deal. Mind you trhe broker is finding the leads, the clients think they are god cause every mortgage company is contacting them, Its a fuckin nightmareunless well established with word of mouth. Say your gonna do a re-fi on a house for 150k Now the rate is 5% and the lending institution is paying the broker 1% out the "back end" to bring that mortgage to XYZ bank. Ok 1% of 150k is 1500 depending on your commission structure you will typically get 50% of that 1500 bucks minus taxes health insurance and so on. BUT it might take 2 months to close tha loan, so you figure you need to have atleast 10 loans in your pipeline cause shit always fucks up

Damn, sounds depressing, I especially don't like "commission" based jobs, I like stability. When you said clients don't trust their re-fi on someone who looks young do you mean the broker or loan officer. I'm turning 26 but I look very young (could pass for 18 or even younger sometimes), I'm asian and asians usually look very young. And I sound young over the phone too, I don't think people will take me seriously. :(

So I take it you have to interact with the clients a lot and so forth? Do you often get clients that are just "pushy" and "difficult" and ask a lot of "gazillion
difficult questions" and so forth? I already hate dealing with clients over the phone when they are difficult, let alone in person.

But there are no houses here where I live around 150k, average family houses are 350k-400k around here so at least the commission will be higher.

Sure, I see your point. You're right. But I swear to god nothing could be more fucked up than dealing with the models I deal with on a daily basis. I'd much rather deal with competition, and overcoming objections about how old I am, than dealing with a couple decent models per week that don't have the decency to show up or even call to say they can't make the session. Right now I'm feeling vulernable, and I don't really see the mortage business as being any less volatile than what I'm dealing with currently. I'd welcome the opportunity to talk to people with two braincells to rub together, rather than talking to the trash that's ruining my will to live.

youll never make it......dont quit what your doing.

Xenigo, could you mail me the details on the tgp submissions at belcalfin at mailops.com

Thanks

Volatile? You wanna talk volatile, heres a nice scenario for ya. You talked this couple into a refi at 5% making you 1% out the back. You had to offer 5% or else they will walk and go elsewhere, but after getting back to the office you look at the numbers and see 5% only paying 1% out the back is not all that great. So you say fuck it, youre gonna float the interest rate till tommorrow cause the rates might move .25% and that means an extra 500 bucks for you, so you figure youll lock the rate tommorow. Except when you come in the next day you see the rates have tanked and now instead of makin the 1% your only makin .5%. Or even worse you gotta pay to do the loan cause the rates took a complete shit, so now your payin 500 outta your pocket to do the loan and guarantee these people the 5% you promised. many many ore scenarios dude. Im tellin you straight up. Leave it alone. The wife has been in this biz for ages so I can say these things to someone with no experience whatsoever, you will drowned

Good to hear. I'll post my stats a year from now and let you know how I'm doing. :)

good luck:glugglug

I don't know your location but you can try self study, i.e. www.lumbleau.com

I've been talking to a few new agents that told me they took an online course.