Mortgage Industry

theshocker21

Member
Does anyone out there work in the mortgage industry? I'm a 22 year old college student trying to figure out what I want to do with my life. I was thinking I might be good as an originator. I have already paid tuition for Loan Origination school but haven't yet taken the class. Anyone have any advice for me or know where I can get started in the industry within the Phoenix area?
 
Well I work for an investment bank, and we trade mortgage pools and do securitizations...


origination does ahve good money in it if you have a good team around you and work for a reputable company...also you ahve to be good in sales.

Are you outgoing? Quick on your feet (well somewhat)? Look into some of the bigger banks in your area. I'm up in the northeast and banks are pretty regional, so I'm not sure what banks are bigger around you. But hit up a few websites and get your resume out there. If you need some interview tips afterwards, hit me up, I'd be more then happy to help.
 
PumpingIron said:
Well I work for an investment bank, and we trade mortgage pools and do securitizations...


origination does ahve good money in it if you have a good team around you and work for a reputable company...also you ahve to be good in sales.

Are you outgoing? Quick on your feet (well somewhat)? Look into some of the bigger banks in your area. I'm up in the northeast and banks are pretty regional, so I'm not sure what banks are bigger around you. But hit up a few websites and get your resume out there. If you need some interview tips afterwards, hit me up, I'd be more then happy to help.
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Thanks for responding. What kind of educational background do you have?
 
I work for the largest Mortgage Company in the US. Our servicing portfolio is just over 2 trill now.

I would say, you would want to learn a llittle about the industry first, from there you have so many options. To make a lot of money, easily...become a successful loan officer. Also, get your notary for some easy money.

You can become an underwriter, there is just so much to go into.

Typically, originators make decent money, I think somewhere between 3-500 per loan or so. And if you can become a TPO for other companies, even more power to you. The big big money is made on commission. The avg commission I see on loans is 7k+. To see 25k of commission is not uncommon at all.
 
theshocker21 said:
Thanks for responding. What kind of educational background do you have?
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I have my B.A. in Business and Economics. I know a B.S. looks nicer and working in the mortgage industry having a finance backround works best but any kind of Business education will set you up for entry level positions.

SoCal, who do you work for? The largest mortgage originator? Countrywide?
 
PumpingIron said:
I have my B.A. in Business and Economics. I know a B.S. looks nicer and working in the mortgage industry having a finance backround works best but any kind of Business education will set you up for entry level positions.

SoCal, who do you work for? The largest mortgage originator? Countrywide?
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I plan to major in Economics and even go to grad school; however, I'm still in my second year of school ;-). I will probably be going to ASU for their Econ program. How much is an entry level salary usually?
 
well i work for the largest servicer in the country wells fargo. the mortgage industry i real good you want to try to get in with one of the big companies as youll never have to worry about relocation plus theres more money to be made. originations is where a lot money can be made were talking like if you work in a stong market like california, close a few loans and youll be set, but its also unstable. at the same type servicing/post closing is a very stable job that combines both salary and incetive/commision in the same check. i do loan counseling/collections here where typically most comanies will start you between $12-20/hr based on experience. theres more roads to take in the mortage industry than the streets of new york city.
 
BMW said:
theres more roads to take in the mortage industry than the streets of new york city.
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great point. on the servicing, collateral, trading, origination, securitization, etc. factions of the mortgage industry there are so many different opportunities its pretty crazy.

but if you think about it, it does make sense, one of the neccesities of life is shelter.
 
CountryWide has a big location in Chandler... and branches all over the Valley.

I had never considered switching from IT to the lending industry but if I could get my foot in the door.
 
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