Loan Consultant Job Questions & Answers

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I've been an assistant to a mortgage broker for the past two years. I just turned 21 and I find that the real estate industry is very facinating yet very stressful at times. But I find that if I can become an underwriter that this will help me to become a mortgage loan consultant in the future or account executive. Any advise out there would be welcomed. Yes, I'm looking for a new job but I want one that will help me become a mortgage underwriter. I have a friend that was an assistant to a mortgage broker and managed to get a job at BofA where they trained her to become an underwriter without first having been a jr. processor---what luck. HELLLLP. I don't have many contacts. ;-)
3 answers - Asked By: christiansareawesome - 7/10/2007
As an experience Loan Officers, what advice can you give to me about your profession? I am very interested in working as a Loan Processor but I am also curious of what “real skills” does it take to work in a Mortgage Loan Office. Whom should you build a close working relationship with? I know the essential people would include a Mortgage Broker license, underwriter, loan consultant, document drawer, etc. but what else is needed besides a large capital. “real skills” = things that are not included in the job description
0 - Asked By: jazcy - 4/14/2007
As an experience Loan Officers, what advice can you give to me about your profession? I am very interested in working as a Loan Processor but I am also curious of what “real skills” does it take to work in a Mortgage Loan Office. Whom should you build a close working relationship with? I know the essential people would include a Mortgage Broker license, underwriter, loan consultant, document drawer, etc. but what else is needed besides a large capital. “real skills” = things that are not included in the job description
2 answers - Asked By: jazcy - 4/14/2007
Getting SBA loans, quitting current job to work for yourself, personal feelings to overcome.
3 answers - Asked By: badrat - 12/10/2007
I contacted a debt consultant and was told that i can decrease more than half of what i currently owed the credit card. but the program required me to stop making paying and wait for their negotiation. i know that's going to affect my credit really bad, but how about after i settled all the debt, would my credit comes back up? i am planning to buy a house in the near future, would the lender see this as a negative? or should i not use to program if i am planning to buy a house?
6 answers - Asked By: rl861 - 1/5/2010
I'm entering my junior year in college going for my bachelors in business administration / economics and I really don't think I want a management position when I start my career. What other jobs can you get with a business degree that doesn't involve management?
1 answer - Asked By: Ashley B - 4/23/2010
Now that BofA is purchasing them wondering what will happen with Countrywide's Loan Consultants. I am currently an LC for WaMu.
2 answers - Asked By: prichardsonwa - 1/25/2008
My sister want to know 15 jobs that start with letter I. Because it is her homework.
5 answers - Asked By: Vichera - 5/17/2010
Recently, my company announced that all workers would have to divulge any second jobs or self-employment, and furthermore, have them approved (or denied) by the General Manager as a condition for continued employment. Is this legal? Notes: I work in California (so any help with state law would be useful) and my employer is a State Government entity.
16 answers - Asked By: Ricky - 2/4/2008
The 9-5 working everyday thing isn't me. I want to do some good. I want to make a difference. I'm a Veteran and I was gonna apply for a business loan but I have no clue where to go after I do my business plan.
2 answers - Asked By: Justice - 4/15/2012
I want a decent paying job when I get out of college. I'm taking up marketing and I seen that DuPont hire students right out of college. I just wanted to know if they pay a good amount for someone just starting out.
1 answer - Asked By: yonkersboy93 - 9/21/2008
I bought my first house August of this year and I have 2 roommates helping me with cost. I make about $7000 gross a month at my full time job and about $1050 a month from my 2 roommates. My credit score is 789 and I have no debt other than my mortgage. I'd like to buy another house in my neighborhood and rent it out but don't have much cash for another down payment.
3 answers - Asked By: hotguyfromrincon - 12/25/2008
I am not sure what to do here with the job market looking so bleak. I have been looking for all kinds of employment and there really is not much out there to make a living to raise a family at, without a Bachelors degree at the least. I have seen that starting your own business is a crap shoot too. I was hoping there might be someone with some expertise in this area. No MLM offers though please.
1 answer - Asked By: john b - 12/19/2008
I am desperate to stay in our school district for my kids sake. I am desperate to leave my situation away from my boyfriend, also; for my kids sake. I now have bad credit (most is 5+ yrs old) and just started a descent paying job that will become commission based. I feel that purchasing is smarter than renting. So, I wonder if one has to have good credit, job stability, and/or money down to purchase a home. Or which is most important? I am working on all of the above and obviously it takes time. So, I need to figure out the best first, second, third and so on, move.
3 answers - Asked By: Cellen - 10/21/2006
What job fields are there or are there any helpfull websites?
2 answers - Asked By: ivan2000arteaga - 1/8/2007
What kind of jobs pay well that involve helping troubled people? or just helping people in general?
3 answers - Asked By: Kevin - 3/9/2011
I was talking with a co-worker about my student loan debt problem. He said I could finance all my student loans through the government and that it would be better than consolidating with a private institution. I have government loans and private/plus loans.
1 answer - Asked By: Arthur - 9/6/2008
I am currently working for $19hr in a customer service company. NACA mortgage consultants starts at $12 however with room for commission of $700/$900 each closed loan. The complany explains a consultant can close about 3 to 5 loans a month. DO you think is worth leaving my old job that is paying me $19hr? would it truly be worth it in the long run? NACA is a non profit organization that provides loans for low income and middle class individuals.
3 answers - Asked By: danielitosagacity - 8/21/2007
I am transferring from a local community college to Arkansas State University Jonesboro with around 50 hours of my basic courses. I would like to have my major set in stone by then but I'm currently at a loss. Because of my special ability to make money without working traditional jobs everyone tells me to major in Business. So thats the plan right now. I love helping people so I was hoping to learn more about becoming a financial adviser. I just don't want to be in a situation where it takes years to make decent money. I want to use my investment skills in the real estate market asap. But I need a reliable decent paying job to begin how I would like. I'm currently under the Finance degree route, but I'm afraid that it will be too broad for me to land a good job out of college. So should I continue with a business degree? More specifically for someone wanting to own duplexes/ trailer parks/flip property would a finance degree/w business minor be the best option? Thanks all. Thanks for both of yours answers but I need a little more help. I realize that I do not actually need a degree to work in the real estate field, but I do want a decent paying job fairly quick out of college.I want to make 30k/yr pretty quick out of college save up money and buy a duplex or rental unit of any type. Pay this off asap then buy another and so on. Just a basic strategy that should work since I'm a single young person. I know that a finance degree will eventually help me in anything related to business, but I do not want to be stuck in a situation where I cannot find a job with a degree in Finance. Also I am not dropping out. I want a four year degree to keep graduate school & political interest in the future open. So the question is- How confident can I be in landing a decent landing job out of college with a degree in finance? Or should I get a degree that guarantees me a job completely unrelated and just read books about real estate?
3 answers - Asked By: Zak - 6/16/2007
I mean like what do they do when they work. like janitors clean buildings. what do they do. and If you know how much do they make? and what do you need to get that job. I just thought they were really good jobs and I was wondering about them.
1 answer - Asked By: stephen G - 1/7/2008
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Banking Career Tools

Loan Officer

Salaries

$28,000.00 - $115,025.00
Typical Salary for Loan Officer
(368 Respondents)
Source: Monster.com Careerbenchmarking Tool

Education / Training

Bachelor's
43.7%
Some College Coursework Completed
19.4%
Master's
17.6%
Associates
9.9%
High School
5.4%
Professional
2.3%
(222 Respondents)
Source: Monster.com Careerbenchmarking Tool

Loan Officer

Develops loan applications by evaluating applicant information and documentation.
Rate of Growth
14.20 %
Size of Industry in 2006:
289,000
Source: Bureau of Labor Statistics, May 2006

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Analyzing Information
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