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| Posted by | Message | mandevilletiger34
Member since Dec 2010
527 posts
| Can anyone explain/detail the following job for me (Posted on 11/19/12 at 8:20 am)
pros/cons
typical day/career
Mortgage Loan Assistant/Originator/Processor
Thanks
| | Back to top | Share on  | guttata 
LSU Fan
prairieville
Member since Feb 2006
18235 posts
| re: Can anyone explain/detail the following job for me (Posted on 11/19/12 at 8:40 am to mandevilletiger34)
Lots of paper work, eat out for lunch, lots of paper work. Make good money when people are buying houses.
| | Back to top | | cjared036 
Alabama Fan
Houston, tx
Member since Dec 2009
3859 posts
| re: Can anyone explain/detail the following job for me (Posted on 11/19/12 at 8:44 am to guttata)
If your in a good market it can be very good.
Can be a slow startup on building business.
| | Back to top | | mandevilletiger34
Member since Dec 2010
527 posts
| re: Can anyone explain/detail the following job for me (Posted on 11/19/12 at 8:46 am to cjared036)
do you think the future outlook looks promising?
is it more of a bonus driven compensation?
| | Back to top | | GFunk
LSU Fan
Denham Springs
Member since Feb 2011
7638 posts
| re: Can anyone explain/detail the following job for me (Posted on 11/19/12 at 9:14 am to mandevilletiger34)
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
| | Back to top | | mandevilletiger34
Member since Dec 2010
527 posts
| re: Can anyone explain/detail the following job for me (Posted on 11/19/12 at 1:51 pm to GFunk)
is there normally room to move up?
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