Can anyone explain/detail the following job for me | TigerDroppings.com

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mandevilletiger34
Member since Dec 2010
597 posts

Can anyone explain/detail the following job for me



pros/cons
typical day/career


Mortgage Loan Assistant/Originator/Processor



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guttata
LSU Fan
prairieville
Member since Feb 2006
20116 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.





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cjared036
Alabama Fan
Houston, tx
Member since Dec 2009
6450 posts
 Online 

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.






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mandevilletiger34
Member since Dec 2010
597 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?






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GFunk
LSU Fan
Denham Springs
Member since Feb 2011
8556 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


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mandevilletiger34
Member since Dec 2010
597 posts

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


is there normally room to move up?





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