Question by KEVIN Z: How do I build a successful career as a good mortgage loan officer in a down housing market?
I have recently become a mortgage loan officer in the DFW area. There is not a lot of experience in my office. Any advice where I can get assistance to survive this market? I would be happy to learn how to close at least one loan per month then build from there. Thanks for your assistance.
Best answer:
Answer by Dionannan
Bad timing.
As I understand the housing market is down and still falling.
Keep working at it and continue studying. The market will rise – When ………….. Watch the experts.
Add your own answer in the comments!
If I was a loan officer, which Im not, I certainly would start my practice in the field that currently needs more experts in. In my opinion I would seek to start in the field of loss mitigation on existing loans preventing foreclosures and if I did a great job on those they would come back for refinance when things settle down. Here is information links on how to understand Loss mitigation
Preventing, Detecting and reporting mortgage loan fraud
https://www.efanniemae.com/lc/publications/pdf/focuson/dec05issue.pdf
Free Foreclosure assistance – Homeownership Preservation Foundation
http://www.995hope.org/
Fannie Mae Loss Mitigation policies on Foreclosures
https://www.efanniemae.com/is/hcounselors/lossmitigation.jsp
Site #2
http://www.fanniemae.com/housingcommdev/resourceshomeed/lossmitigation.jhtml?p=Affordable%20Housing%20&%20Community%20Development
FHA Definition of terms used in Loss Mitigation on Foreclosures
http://www.fha.gov/sf/svc/faqmain.cfm
Government article and information on Foreclosures
http://www.occ.treas.gov/cdd/spring06b/cd/gsesusetech.htm
HUD: Servicing and Loss Mitigation on Foreclosures
http://www.hud.gov/offices/hsg/sfh/nsc/faqnsctc.cfm
Site #2
http://www.hud.gov/offices/hsg/sfh/nsc/nschome.cfm
HUD: Approved House Counseling Agencies includes foreclosure issues, by state
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
HUD: Article on Foreclosure Issues
http://www.huduser.org/Periodicals/ushmc/fall95/fall95.html
Best of luck on your new career
Considering how many people I know right now with 10+ years experience that JUST lost their jobs. I wouldn’t recommend anyone unseasoned, unless they know a TON of Realtors to send them business, breaking into the business at this time.
This is the WORST possible time to start a career in the industry.