How do i find a job as a mortgage loan officer without any mortgage experience?

Question by dre_gh: How do i find a job as a mortgage loan officer without any mortgage experience?
I currently work in a distribution center, and i have a bachelors in economics and psychology. I am interested in becoming a mortgage loan officer so i took a 24 credit hour course in residential bonding lending but unfortunately i haven’t been able to find a job because i do not have any mortgage or lending experience. What else should i do to achieve my carer goal?

Best answer:

Answer by Quicken Loans
I really suggest sounding around at dissimilar careers websites, such as monster.com, in addition to checking out our careers page (I’m an employee of Quicken Loans). Don’t worry about your lack of experience. At many mortgage companies, including Quicken Loans, no lending experience is not a problem. In addition to on-going training, all new mortgage bankers attend five weeks of industry-leading training. We’ve been hiring 200+ new mortgage bankers a month for the past few months and we consider candidates with various work backgrounds and experiences.I’ve included a link to our mortgage banker careers page that has more information, but if you have whatever questions feel free to contact me through my profile. one thing, we only hire for employment in Detroit, Cleveland, and Scottdale, Arizona.Good luck!

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The Loan Officer Guide Offered by Guidebook Author

The Loan Officer Guide Offered by Guidebook Author

(PRWEB) November 8, 2004

Fredrick R. Williams has developed a guide for those who aspire to be mortgage loan professionals—a mortgage manual which presents a proven, hard-nosed system to assist increase understanding, efficiency, and productivity in the mortgage industry: “The Loan Officer Guide.”

This step-by-step guide focuses on industry-specific concepts and proved techniques in an easy-to-read format with tabbed chapters for easy reference. “The Loan Officer Guide” is a book that an inexperienced loan officer or loan processor can pick up and read from cover to cover, and after reading it, can pre-qualify the borrower, take a complete lend application, read and understand the credit report, accumulate and analyze the supporting documentation, and submit a loan that can be easily processed, underwritten, and closed with minimal aided from a supervisor or manager. It helps them to become a great loan officer right divulge of the starting blocks,” aforementioned Williams.

Filled with specific instructions in an easy-to-read format, “The Loan Officer Guide” helps the mortgage professional understand and effectively complete each step of the mortgage loan deal while maintaining compliance with federal regulations.

“The Loan Officer Guide” is a beneficial toolbox for loan officers, mortgage brokers, loan processors, mortgage trainers, real estate schools, real estate agents, and account executives. “The Loan Officer Guide” teaches these professionals to improve productivity and efficiency, thus increasing profits. The book layout and the steps contained within each chapter correlate to the actual flow of a loan file from pre-qualification to closing. The author’s intent is to offer a guide that is the essential resource within the mortgage industry for loan officers and loan processors.

Denis Johnson, a mortgage broker, said, “I use the guide to train my new loan officers. The steps are so easy for them to follow that they are taking really good loan applications with minimal questions for me. Loans are closing so much faster now.”

“The Loan Officer Guide, Volume II” will be available in late November, 2005. The second volume will focus on self-employment income analysis, manual and automated underwriting, and many more aspects of the mortgage loan process.

To receive free shipping and handling when purchased “The Loan Officer Guide, Volume I”, visit the website at http://www.loguide.com. Orders usually ship within 24 hours.

About Fredrick R. Williams

Fredrick Williams is a mortgage broker, an author, and a leading consultant and trainer for mortgage brokers, loan officers, and loan processors. His mission is to improve the quality of training materials and mortgage industry resources available to both new and experienced brokers and loan officers. He lives in Houston, Texas.

About American Integrity Publishing

American Integrity Publishing is dedicated to publishing books and audio products that inspire and challenge people to improve work productivity, quality of life, and the learning of the world-wide.

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How exactly do ‘interest only’ mortgage loans work? When do I pay on the principle of such a loan?

Question by ronnieD: How exactly do ‘interest only’ mortgage loans work? When do I pay on the principle of such a loan?
I know APR loans are a bad idea, but how would an interest-only loan work? Would it still be a 30 year note, or do they extend the loan? Would I be able to get a fixed rate with an interest-only mortgage loan?

Best answer:

Answer by Miss Emily
Every loan has an APR, what people refer to as “bad” is an ARM (adjustable rate mortgage).An interest just lent is usually amoritized o’er 30yrs. But yes, you are simply paying engaging only & NOT paying anything towards your principal. If after 30yrs. of paying Just the interest on say a $ 100K loan,,,, after 30yrs. you would still owe $ 100K, at which clock you would sell the home or just refinance. Most populate do not pay interest only on the same loan for 30yrs.If you have an interest only loan, it is because you couldn’t afford to pay the principal as well when you first got the loan. You should contact the bank who holds your mortgage note & ask if you have a “pre-payment” penalty OR if it would be OK to make some payments towards your principal.If you’re currently on an adjustable rate interest only loan, it would be break & safer to financed to a fixed loan payment. Even if it is engross lonesome, just make certain you ARE able to, if you want, to make excess payments towards principal.

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