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What do you all think about a commission only Mortgage Loan Officer position in Virginia?

I have been offered a position with a company as a Mortgage Loan Officer. The training is not paid - the commission is 25 percent and there is Marketing dept in house that provided leads and completed the applications for the Loan Officers. How do you feel about the commission rate? If the Marketing dept is taking all the info. from the client - what is left to do besides close the loan? I dont have hands on experience but I do have a college education. I know how I feel about the position . I would like feedback from others that have been or that currently are in the position of Loan Officer. Please share experience with commission only positions as well. Thanks!

Asked By: mrsb2u - 7/26/2007
Best Answer - Chosen by Asker
My wife's parents have been running a mortgage funding business for 20 years or so, before that they were in banking. Commission only is quite the standard. Some offices even make you pay for office space. And 25% is great, considering you don't have a brokers license (or do you?). And chances are, that's 25% of... More
Answered By: Larry - 7/26/2007
Additional Answers (1)
I work for a small mortgage brokerage (we have six loan officers, eight telemarketers, and two processors) in Georgia and I'm relatively new to the mortgage industry. My training was paid, The company provides me with leads and we have in-house processors to process our loans. Even if the in-house marketing department... More
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Answered By: MissSara12345 - 7/27/2007
 
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