I see a lot of great opportunities in this forum and would like to add one to the mix. I am a home loan consultant for a 12 year old mortgage broker here in California and would like to share why I think that this career choice is one of the best I have been involved in. This is not a get rich quick business and it takes smart work and dedication but if you stick it out you will see sweet returns on your time investment.
This industry is not for everyone and I would never tell you that "anyone" can do it. You have to like work and you have to be able to set specific goals for your self and set up a serious business plan that you will work every day. I will tell you some very interesting facts or statistics about this industry.
The first year is the hardest to get through. The common pay structure is commission only. There are a few brokers who will pay you a salary plus bonuses, but if you really want to serious money from this industry then you will want to work for commission only. If the first year 85% of those who start out in this business will drop out for what ever reason. That leaves only 15% who make it through their first year. Now remember that statistics are just that, numbers that are about averages. It can fluctuate up and down but this is a conservative statistic. Out of those 15% who stick it out their first year, 93% of those will become or have made a million dollars in about 5 years through hard smart work and determination along with their growing of experience and learning the trends of this industry.
My first paycheck in this business was $2,333.67. That was for a total of 4 hours worth of work from origination to funding of the home loan. That got me hooked. If I only did two loans a month I could average $4,000.00 per month respectively. Not bad for a grand total of eight hours worth of work. The only thing that you have to get past in this business is the waiting period for the loan to fund. This can take up to 30 days in some cases, but once you get a good "pipeline" going the checks will come in on a consistant basis.
There are many, many brokerage firms out there that offer many different ways to get paid. I can show you what you should be started out at with commission, what the standard comp pay is and what to look for in a mortgage broker company.
I live this business and try to tell anyone I can to get involved in it. I know that not everyone will like it due to the stress that comes with this business, but you can make some very serious money being a loan originator.
If you have any questions on how to get started in this industry please contact me and I will be more than happy to help. I hope that you have noticed that I have not tried to get you to join my deal. I make nothing off this information other than the satisfaction that I can bring one more person into this industry and the life changing experience they will receive.
Happy originating!
