Can anyone explain/detail the following job for me | TigerDroppings.com
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mandevilletiger34
Member since Dec 2010
677 posts

Can anyone explain/detail the following job for me

pros/cons
typical day/career


Mortgage Loan Assistant/Originator/Processor



Thanks


guttata
LSU Fan
prairieville
Member since Feb 2006
20383 posts

re: Can anyone explain/detail the following job for me
Lots of paper work, eat out for lunch, lots of paper work. Make good money when people are buying houses.


cjared036
Alabama Fan
Houston, tx
Member since Dec 2009
7615 posts

re: Can anyone explain/detail the following job for me
If your in a good market it can be very good.

Can be a slow startup on building business.


mandevilletiger34
Member since Dec 2010
677 posts

re: Can anyone explain/detail the following job for me
do you think the future outlook looks promising?

is it more of a bonus driven compensation?


GFunk
LSU Fan
Denham Springs
Member since Feb 2011
10148 posts

re: Can anyone explain/detail the following job for me
quote:

mandevilletiger34
quote:

do you think the future outlook looks promising?

is it more of a bonus driven compensation?


Depends on who you're working for. Bank? Broker? Broker shop? Mortgage Company (Do they still exist)?

Those are all important questions. A processor usually fills their work-life with paperwork. But some of them can be quasi-originators. I wouldn't want that type of position, because hell if I have to deal with the originators clients daily for them, why not just originate and make the commission?

Most processors I've known got paid hourly & then if their originators they worked for hit their numbers they would get a small cut.

Back in the day at my first shop I worked at, if I hit $30K in fees (front & back) then I'd get a check for around $6K in commission not counting my salary check ($1K). I'd usually tip anywhere from $500-600 out of that commission check based on the SOP of the shop (IE-All of the successful LO's tipped that amount and I wanted my processor happy with me so that's what I did).

If you're a processor for a group of weak-ass loan officers who only hit sproadically, they'll hoard the money & be stingy about paying you. If you're a processor at a great shop with good LO's, you can make some serious money off the books.

Its a lot of work, though. I'd rather be an Originator. Same workload, maybe a tad more stress...and much more money.

Your mileage may vary.
This post was edited on 11/19 at 9:16 am


mandevilletiger34
Member since Dec 2010
677 posts

re: Can anyone explain/detail the following job for me
is there normally room to move up?


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