How Do I Find A Mortgage Company To Work For? - part 2

by Ameen Kamadia

According to popular belief, everyone has at least a couple loans in them. Once they get into the business, they tell all their relatives and friends. These relatives and friends then let this person do their loans. After the new broker runs out of friends and relatives that need a loan, they stop earning money, and eventually quit to find another job. So the company hires as many people as it can in order to get to the friends and relatives.

If you take this profession seriously, and do the right things from the beginning, this will not happen to you.

Once you get some experience and develop a track record of being successful, you will be able to walk into any mortgage company and get a job. And as you do more loans, your commission split should also increase. If it does not, look for another place or start your own company. And once you can demonstrate that you can originate a large number of loans, you should be offered a salary in addition to your commission. What you negotiate with your boss is up to you. But if you are making the company money, they will want to keep you and should increase your compensation.

The new trend in the industry is to offer brokers 100% commission. Every company has it's own guidelines, but under this plan, you keep the entire Origination Fee and any Yield Spread Premium. The company gets a set fee per loan and also a desk fee per month. These companies offer almost no training, so it might not be a good idea to start at one of these places, but once you get going, you might consider it. It is almost the same as opening your own company, but without the overhead.

Check the Internet job boards for any openings in your area. Websites like monster.com list hundreds of job available in the real estate financing industry.

Copyright (c) Ameen Kamadia

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