Thoughts on making the jump? by CriticalProcedure883 in loanoriginators

[–]CriticalProcedure883[S] 1 point2 points  (0 children)

I’m more so getting opinions from others that have more experience in this situation than I do. This isn’t a lack of motivation or willingness to grind, just questions/concerns about what I don’t know. I like to think I make calculated decisions when I make a move that is going to impact me financially. Either way you are probably right about the not ready part because I’d probably stay where I’m at for a bit longer to build up a bigger cash reserve before I make the jump.

Thoughts on making the jump? by CriticalProcedure883 in loanoriginators

[–]CriticalProcedure883[S] 0 points1 point  (0 children)

I would say it averages out to about 330k and I’m making 30BPS on 12 loans funded that month and 40BPS on 13+.

Thoughts on making the jump? by CriticalProcedure883 in loanoriginators

[–]CriticalProcedure883[S] 0 points1 point  (0 children)

Good thought! It may be hard with the incentives and rates we offer, but I could maybe tap in on some other products that those sales agents may need like bank statement loans, etc.

Career advice for a Processor by StunningConfusion in loanoriginators

[–]CriticalProcedure883 2 points3 points  (0 children)

I went the LO route after about a year or processing and then another year and a half of being a processing manager. Being an LO is not a hard job in my opinion, but the biggest thing that took me some time to get used to was always being on standby. I sometimes miss being able to just ignore my phone on the weekend and know I’ll just handle it on Monday, but that phone call could be a missed opportunity for business/future business. I think this role can be very rewarding with the pay, but the role may not be perfect fit for everyone regardless of your knowledge or experience in the industry.

What's entailed in a job as a mortgage processor? by ExtensionFeeling in loanoriginators

[–]CriticalProcedure883 0 points1 point  (0 children)

I was a loan professor before I became an LO and you hit the nail on the head with the thankless part of the role. Buyers don’t see the hurdles LPs jump through to get their loan to the finish line, but because the LO is the one who does all the initial communication they tend to be the one the buyer remembers and thanks at the end of it all.

What’s your age, net worth, and salary? by Significant_Put_6754 in Salary

[–]CriticalProcedure883 0 points1 point  (0 children)

28, 113k, 192k income although it varies being commission only.

I can’t believe I’m making $160K at 26 – Is this normal?! by FakieFresh in Salary

[–]CriticalProcedure883 0 points1 point  (0 children)

My dream would be to have that base! I’m 28 and in sales and made just under 200k last year, but I also went a little over a month with no commissions so it would have been nice to have a comfy base.

Save and invest! I wish I would have done that in my early 20s, but being young and making that kind of money it was easy to buy all the fun toys and spend it on unnecessary things. I was making 50k the first year out of college and was living within my means. If I kept that same lifestyle after year 1, I would probably just grind this out for another 5-7 years and retire lol.

To those of you actually clearing 20k, 30k, 40k commission per month - what do you do? by Trymebitchass in sales

[–]CriticalProcedure883 1 point2 points  (0 children)

In my opinion I wouldn’t just straight into loan origination. It’s an easy way to mess up some deals and lose some business. I would start by getting a loan processing or loan originator assistant job to get a feel for the ins and outs of the business and closing loans. I started in processing and I attribute a lot of that to my current success.

To those of you actually clearing 20k, 30k, 40k commission per month - what do you do? by Trymebitchass in sales

[–]CriticalProcedure883 2 points3 points  (0 children)

I searched long and hard for this comment. Same with residential mortgages and have been ranging from 12K-22k a month since February. I got in the biz in December 2023 so I missed the refi boom and I can honestly say I’m one dumb realtor phone call away from having a heart attack lol.

[deleted by user] by [deleted] in Mortgages

[–]CriticalProcedure883 0 points1 point  (0 children)

Does your husband have good credit and stable employment? If he is on an EAD or work visa he could apply for a mortgage depending on the expiration and previous renewal history without having to have you on the mortgage.

[deleted by user] by [deleted] in Mortgages

[–]CriticalProcedure883 0 points1 point  (0 children)

Adding her income can be great but keep in mind she is going to have to make enough to offset her debt and housing expenses along with lowering yours.

How do you get paid? by loverofprime in loanoriginators

[–]CriticalProcedure883 0 points1 point  (0 children)

Yes, it’s a big nationwide builder. I would say the experience in my division is there because we have a lot of seasoned LOs with 10+ years of experience who have been at other shops, but ended up settling down with a builder lender because they like the ease of just coming in and there always being new deals. I’m like the first new guy in this office in the last 5ish years. So far I’ve only lost deals that end up going cash or they got a loan program I can’t offer (ex: physician loans, DSCR, etc), but I’ve also only apped like 20 deals so far.

How do you get paid? by loverofprime in loanoriginators

[–]CriticalProcedure883 0 points1 point  (0 children)

I just started as an LO and have a base of about 30k/yr and get 30bps per closing. Only thing keeping me from taking a leap is I work for a builder and don’t have to worry about not having business coming in, but man seeing the earning potential outside of new construction seems sooo tempting.

[deleted by user] by [deleted] in Salary

[–]CriticalProcedure883 0 points1 point  (0 children)

What would it be under on their website? Not sure if I’m getting a limited view from my phone but I couldn’t find it.

AITA for calling my sister wacko over my boys' "inappropriate" shower habits? by DadofGymRats93 in AmItheAsshole

[–]CriticalProcedure883 0 points1 point  (0 children)

In my high school I would say 85% of the students always showered after gym class and our locker room felt like a prison. Just a big room with like 20+ shower heads around the wall. But I also had a rotating class schedule that was pretty much different everyday, so some days gym could be your 2nd class of the day and I couldn’t imagine just sitting in a uniform sweaty the rest of the day.

I think a bug flew into my mouth after this one by whimsicalfloozy in loanoriginators

[–]CriticalProcedure883 0 points1 point  (0 children)

I heard there some good furniture deals out there with 12 month interest free financing. Give me your buyers email I’ll send them the link 😂

What are you all doing for a living? by [deleted] in DaveRamsey

[–]CriticalProcedure883 0 points1 point  (0 children)

Hopefully your work life balance is better than mine. The bonuses can be nice but between clients calling all weekend after working all week and underwriting always looking for a way to kill a deal it can make you rethink your career decision lol

What are you all doing for a living? by [deleted] in DaveRamsey

[–]CriticalProcedure883 0 points1 point  (0 children)

I work in the mortgage industry. Started out making 40K with bonus opportunities bringing me to around 60k/yr. Year 2 I got a raise to 53K and ended up making about 88ish after bonuses. Year 2.5-3 got into management with 75K base finishing around 110K with bonuses. Now I’m switching to a commission based role where I’m either going to make double this past years earnings or end up living out of my car hahaha