How do I become a Real Estate Loan Officer and Loan Processor?

Jan 02, 2007 by just my luck | Posted in Renting & Real Estate

Hi everyone, my question is in regards to getting started in the real estate business. I would really like to learn how to become a real estate loan officer and loan processor. I have tried to get some information about this on my own, but I just end up overwhelmed and unable to identify what I really need to do to become one. I don't really know anyone in the field and the few real estate agents that I have asked only tells me to go to one of their meetings, which I have gone to, only to find that they're just trying to sell me into joining their "team". Is this the only way to go? Or is there another option for me? I have searched online and found numerous classes that offer certificates, are these what I need to take? Should I be taking classes in a community college and earning these certificates or is online acceptable? Do I even need to take classes to earn a certificate and do I even need a certificate? Would I need a license to work as a loan officer and/or processor?

If you're a strong sales person, you should be able to secure a position as a loan officer even without a history in the business. Many companies will train an aggressive sales person to do mortgages. No need to get a certificate. It's typically a commission based job (except in banks) so the companies risk is minimum other than training time. The only license needed is a solicitor's license (at least in NJ) and it doesn't require testing, only submitting an application and $100.00 (this is done when you are with a mortgage company, not before). It is a requirement to take loan applications. Once you are a loan officer, you can ask the company to let you sit with the processor for your fist few loans so that you can learn the complete process. I

t can be an aggressive field, like real estate sales where you need to really build up a clientele. Some companies provide leads, some do not. I've trained many loan officers with no previous experience in the business. Again, you need to be aggressive, a bit thick skinned and interested in constantly increasing your knowledge base. If you are looking to work directly with a bank and they won't hire due to inexperience, try mortgage brokers (everyone's looking for a good salesperson). Good luck!

Where is the best place to go to get a commercial real estate loan?

Jul 19, 2007 by calimag10 | Posted in Renting & Real Estate

I am looking to start a bar in Chicago, IL and I know the building that I want to acquire. I have a partner who is able to put $350-400K into the project but the building itself will cost between $750K-$1M to acquire and will require anywhere from $100K-200K to restore and convert. I would like to know the best place to go for a commercial real estate loan keeping in mind the significant funding we already have. I would like to limit the down payment to about $100-150K to keep the rest available for the bar itself. As a side note my personal credit score isn't fantastic (about 630). Also, the building is not currently a bar but an old theater so it will require remodeling, however they do hold a liquor license so it is properly zoned.

Thanks!

A local "Chicago Bank" that does this type of financing is Park National Bank. The main Chicago Branch is at the intersection of Chicago and Clark.

Can a creditor on a large loan from a real estate deal seize my home that is jointly owned with my spouse?

Nov 28, 2008 by C W | Posted in Credit

I co-signed on a large real estate loan that may be in trouble eventually. Aside from that I co-own 3 pieces of property with my spouse. One of them is our home. She did not sign on the big loan with me. Are any of the pieces of property co-owned with spouse at risk from creditors? what is at risk?

Yes, indeed! You should talk to a good real estate attorney.

What is the TRUE potential income of a real estate loan officer.?

Mar 30, 2006 by franklinstein | Posted in Renting & Real Estate

I am thinking about changing my career path and I am interested in knowing how difficult it is to become a real estate loan officer and what is the TRUE potential income. Please give detail and advice on this matter. Thanks.

I work at a mortgage company. There is POTENTIAL but a lot of places pay on commission alone. One of the loan officers there makes about 250k annual, when some make hardly anything. It's all based on how motivated and driven you are.

howmuch can i borrow as real estate loan in the uk?

Jul 17, 2008 by natalie nkay | Posted in Renting & Real Estate

i want to know the maximum and minimum range of loan amount that a person can borrow as real estate loan in the uk. also, what does the amount depend on ?the equity of the collateral and what else?

I am sure , there is no definite answer to this. It depends upon lot of factor. i am pretty sure , our economy will grow if we have more borrowers , so you will get lot of amount as mortgage. But you have to take in consideration , that you have to repay it also and today's economy is changing a lot. Rising inflation , decreasing dollar power (yes it effects UK also) all make your mortgage money a little bit hard to pay in coming years .
here are some links where you can get more info about it

http://www.ideamarketers.com/?How_much_can_I_afford_Buying_a_house_UK&articleid=319240

http://www.zimbio.com/Home+Buying/articles/420/Mortgage+Calculator+UK+UK+Residents+Only

www.forallhouses.info

What's the typical salary for a Commercial Real Estate Loan Analyst position?

Jul 09, 2007 by ABC | Posted in Financial Services

What's the typical salary for a Commercial Real Estate Loan Analyst position?

What are the growth opportunities?

It depends on your education and experience. Most companies will require a B.S. or B.A., but some will accept some good experience. A recent grad with no experience can expect to earn somewhere in the $25K-$30K range (this will vary geographically as well). A grad with a few years experience is looking at $40K to $50K. These positions can go all the way up to $65K-$75K and more with extensive experience and depending on how the company is set up with regards to analyst's duties. The opportunities for growth lie mainly with going into a commercial lender position, which can be extremely lucrative. You could also go into credit policy and credit management or portfolio management, but those roles do not open up as often as the commercial lender positions do. Good Luck....

I want to become a real estate loan processor, what classes do I need to take?

Dec 27, 2007 by terry r | Posted in Renting & Real Estate

I've made up my mind, I'm going back to school. I am interested in learning more about real estate because I know
that by the end of 2008 I will buy my first home and hope to invest in real estate.

Personally, I think you need a lobotomy.

It is one of those overworked, over stressed, under appreciated, UNDER paid jobs in life.

What is a "point" in real estate loan?

Oct 03, 2007 by gorebet | Posted in Renting & Real Estate

What is point in real estate loan?
And how much it should be
What is a point less than 0 or negative?

We just found out that a commercial real estate loan we have has a 4 year lock out .?

Mar 18, 2008 by businessman | Posted in Renting & Real Estate

We missed this in our loan papers and our broker didnt tell us about this . We only knew about the pre payment penalty of 4%. we need to sell this real estate but the loan co says it will cost us 80k in interest. Is there any way out of this?

All you can do is call the lender and ask them to waive the fee.

i am new to the nevada real estate/loan origination industry, what is the best way to market myself?

Oct 14, 2006 by decypher | Posted in Renting & Real Estate

I do not have prior real estate/ marketing experience.

The same basics apply, no matter what market you are in.
Your best weapon is you and your business cards. The more money you spend on ads and marketing, the faster you will make yourself become a statistic of people who have "tried" the industry because they heard about someone who was doing so well. What they didn't further explain, is that this same successful person has been building his/her client base for the past 10 years and has focused his efforts on his existing client base. That base will grow through word of mouth... but it takes years to grow. You don't have a base? Yes, you do. You start with your friends and family. If you won't do this, you have no business being in sales. Your friends and family are your own marketing team. MAYBE YOU DON'T HAVE FRIENDS AND FAMILY IN NEVADA? Then join all the networking groups you can; sports teams, church groups, BNI http://www.highenergylunch.com/memberdir... Leads Club, Chamber of Commerce. Your referrals come from those who know and trust you. Consistency over time will get you referrals. Make sure you always dress to a "T". Suit and tie is a must. Just because you can get away with wearing kakis... should you? Someone wants to work with someone who takes themselves seriously and what they do for a living seriously. If you don't, your clients surely won't.
Eye contact, shaking hands, and handing out your business card is how you do it. It's hard. Most people want it now and they are not willing or don't have the savings to do it this way. They are soo anxious that they will spend money on marketing because they don't know what else to do. These people are wheel spinners...don't be a wheel spinner. Save your money!!... so you will still be around when these other jokers get weeded out.
I've been originating over 11+ years, and I started with nothing myself. I also worked a part time job in the beginning to pay the bills until I could get a pipeline going. You are new to the business, MAKE SURE YOU HAVE other means of income to help support you over the next 12+ months. Believe in yourself and do whatever it takes. Good luck!