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I am perplexed at how loan officer jobs require atleast two years of experience. What if you don't have experience? What is the best way to break into the industry? Do you have to start as a teller and work your way up?
Coming in thru bank branches is most likely the easiest way right now. No one wants to train, there have just been too many constant regulation changes, no one can keep up. Almost all loan officer positions are 100% commission and the failure rate is high for those that are new.
Most of the bank branches have personal bankers, which are customer service reps that sit at a desk opening accounts, selling CDs, and limited mortgages. Once you get in, you can apply for other positions as soon as you are eligible. Another solution would be to apply with a large credit union and work in the loan department that will offer positions in mortgages after you get to know the ropes.
It's a tough time right now. Banks are looking for loan officers that have a book of referral business (like realtors), something that takes years to build. Many loan officers are bailing because they can't find the business.
The only area right now that is really making any money is the legal side - foreclosures, modifications, refinancing and purchases. I know of two huge law firms in our area that have gone to 24 hour (yes, 24 hour) staffing to handle the increased work. These are title examiners, clerks, processors, etc. Many will train and if you pick things up quick and are willing to work hard, it's a darn good way to get into the industry. But coming in new, nothing within our industry is paying big money unless you are established with your own referral base (and even then, it's leaner than we have seen in a long time).
Dude, your last question was about becoming a realtor.
Have you completely ruled out college? You know, make yourself a little more skilled and indispensable?
So I decided to go back to the community college. Thanks for the advice! And no, it's not as expensive as I thought.
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ok so i'm going back to college
