Question about Career : Loan Officer

As someone who deals with them on a daily basis, I think you want her to be in mortgage origination specifically. Those people can make a killing.

Must be a class for a mortgage loan officer.

I don't think other types of loan officers (consumer, commercial, etc) actually require a formal training or classes.

Commercial Loan Officers, specifically asset-based lending officers make some big $$$$.

It takes a little while to get the big credit authority and to build your own portfolio, but once you are there the bonuses will start flowing.

I would look for an entry level loan officerposition for midsized (2.5 billion to 20 billion) bank to get started. That way you will get more exposure to how the industry works and more face time with senior credit management.

first postman let me say that you are a brave man for supporting your wife with this career choice. I have been a loan officer for 8yrs now. I would start off with a bank. IE Chase. i work for a large lender here in baton rouge and we very rarely hire anyone without previous experience unless you know someone. the reason for this is we are 100% commision. there is no training class for what we do. its a learn on the fly job to be honest with you. most of my day is spent on the phone talking to clients. Finance has little to do with my job, sales skills are the most important part. A bank like chase is going to offer a base salary and not require her to get her own licsence like a lender will. its a high stress high reward type of job but dont fool yourself into thinking anyone can do this. the burnout rate is quite high.

In this thread I have heard some conflicting reports.

Is it the case that the job can be 100% commision or it could be a base + commision?

It also sounds like that to be successful in this career, you really have to be a salesman and real people person. Would you agree that this is the case ?

Hawk, have you found it difficult to put food on the table/make ends meet with the housing decline?

Or is it just not raining down like mana from heaven anymore? I am trying to get a feel for how much you can rely on income in a time with the enconomy not doing well.

postman i have good years and then i have really good years. its all about finding a good company to work for. I have been with my present company 2 years and my income has been the highest it ever has the last 2 years. i have no problem putting food on the table and i am lucky that my wife has a nice steady job with the state. btw a bad year in this industry is 70k. if you cant put food on the table you need to change jobs. people will always buy houses. interest rates help but i sold loans when they were 8% and when they were 3.5%..