Question for PPL in Mortgage Industry

[NySportsfan]

I was considering becoming a mortgage broker, as school has worn on me, I have a decent amount of working knowledge already about real estate, and have a relative that owns their own mortgage brokerage business, and could get me into training, and a job.....Here are my questions
1) I know a college degree is NOT required, which Is a reason Im doing it, and know you can do well...This potential job is in florida also, wanted to know if there were special rules down there to become certified? Also, I wanted to ask, with the recent advent of the internet mortgage companies, will eventually the broker business go to shit and people will cut out the middle man?

2) What exactly does the profession entail? I know it is basically working with customers, to help close them on loan packages and the like, But dont know the exact specifications and what exactly you do, and what commissions you could get. I do know it basically varies with your ability and how hard you work, which I like

I thank everyone here for this site as I love reading it and very knowledgable people here....I need any info I can get about this topic, as every little bit helps, whatever you know I appreciate it, thanks, g luck to everyone in football

 

[macavoy]

Dont know about Florida, but the industry in general is unregulated and unlicensed, which is part of the problem.

The key is knowing a lot of people and/or people giving you referrals. In Colorado most brokers get between 1-3% of the loans value. It can be really easy,cheap money if you time it right like the recent refi boom.

All the really good long term brokers I know hate refis and solely deal with home purchases and realtors. So if you know some realtors you could be in luck. These brokers are the ones that get paid in good times and bad, hi and lo interest rates. Its a cake job once you learn the various programs available. Id stay in school, personally, youll be working hard your whole life might as well avoid it while you can. Hope that helps.

 

[UT-Longhorn]

personally, id say for you to not come into this career field currently. Reason I say it is b/c I have a few good friends that are brokers and this is now the end of a huge upswing, and the cycle is about to turn, and go for the worse, or worse than its been for the past few years......they have told me recently that their company's are starting to change their policys and the business is starting to really slow down now over the past few months, and that their pay has gone from sal + comm, to just straight commission and two of them are already looking to bail soon......just an FYI, good luck to whatever you do.........

 

[NySportsfan]

Thanks guys. Longhorn, you're right, and I know it. Too bad I was stuck in shitty classrooms during the refi boom w/the low rates. I don't think the rates will ever get that low for a while either. But saying that, the guy who owns the company is very wealthy, and he made money before this latest run of low rates just ended, so that's something to think about. Secondly, I happen to think Florida, is going to keep booming with real estate due to all the undeveloped land, etc. But so far as business slowing down, I'm sure it is. I thought brokers made most money from refi's, but I could be wrong I guess. IMO though people will always be buying homes as it is a great investment, but they may buy through other means than a broker, I'm not planning on delving in just yet anyway, just wanted to get a heads up about it, I guess timing is a huge part of your success though. Thanks and I'd like more replies

Mike

 

[skulldog]

Mike, you have more moves than x-lax(sp). I remember a while back I was giving you advice on how to buy real estate and before that you wanted to be a professional gambler :shrug: Ah, to be young again I disagree w/macavoy, the mortgage business is regulated and the company has to be licensed, at least in MA & FL, I cannot speak for other states.

If you go into this business w/the attitude that you make most of your $$ w/refi's, you will be broke in no time!! The vast majority of your business will come from relationships you build w/real estate agents, builders, referrals from past clients( once you've obtained them), phone time, mail outs and refi's.

If you let the slowdown in the REFI business shy you away from becoming a mortgage broker, then you shouldn't be one in the first place. When the market goes in the toilet you make even more $$ with what is called subprime lending, which is basically lending to people who are a greater credit risk therefore you can charge them higher % rates(ity happens now based on your credit score) also the foreclosure market with heat up and those investors need loans as well.

Mike, there are no easy ways to make alot of $$$, but if you work SMART and find yourself a mentor who you'll listen to and follow their advice to a fault, then you'll be sucessful at whatever you decide to do.

Good Luck

 

[loungelizard]

stay in school

I sell real estate for a living (very tough business) I deal with a lot of folks from mortgage companies, and I guess my point is I deal with different people from the same companies, when you ask "what happened to Will, or Phil or Bill" the answer is well they went somewhere else or started a new career yada yada yada, may not be what you want to hear but get the degree it really is priceless.

Good Luck,
LL

 

[Trampled Underfoot]

Perfect timing.

I was just offered the same thing in Portland, OR. A friend of mine has been doing this for awhile and has been trying to recruit me but i'm just a little skeptical. Seems too easy to make $$$. Plus i'm nervous about the market and straight commision. I've got a pretty good job now and not sure if its the smartest thing to give up for a chance at the big money. What can I say i'm not as much of a gambler as I thought I was.

 

[HighRoller]

Well this would be me...

Well this would be me...

Just ask Jack for my email addy...I will answer any questions regarding becoming a mortgage broker in FLA...

HR !

 

[NySportsfan]

skulldog,
You're right man, I'm all over the map,lol. I guess you can gather from my posts, that I'm not much into the books, but I'm a pretty smart guy, just not sure what the hell I wanna do yet. Professional gambler would be #1, but Its really tough to make it, I really deep down believe Im good enough, if you can only handle all the emotional ups and downs. Real estate buying, I only asked as a potential thing, I wasn't ready to do it. Hey, I have a wealth of older guys here who know things, I may as well ask no?
High roller, Thanks. What part of fla do you work in? My cousins "partner" owns the mtg brokerage company and works out of naples, don't know the name of it. He does damn well though, and is my "in" at the job If I want to pursue it, Or I may try school again, god fawkin knows, I will ask jack fort your email if something comes up, May I ask if you do well, do you like the job, etc? Thanks guys, keep whatever you have comin

Mike

 

[skulldog]

Ny, I'm 41 and I'm not quite sure what I want to be doing

Try it out what's the worst thing that can happen, you fail. Big deal, your young w/no responsibility, weather is nice, good looking girls in FLA, no balls no bluechips I second loungelizard, if you can hack it, get your degree, the job in FLA will always be there.

Lizard, how long have you've been in the Real Estate business. I've at it 15-16yrs, wife does it w/me.

GL

 

[loungelizard]

8 years for me skulldog, did radio for 20 years in the midwest, burned out on that, started doing this, a lot of fun but a lot of work, all my friends say it's easy money, if they only knew nothing better than showing for a few weeks and having em buy a fsbo. My favorite line in real estate is "well, it don't cost nothing to look" as you drive by the gas pump geez. Oh well, have met a lot of great people who have become close friends, and get a lot of time off for kids things so I guess it all balances out.

Send a referral my way and I'll remember to do the same.

Peace,
LL

 

[NySportsfan]

I know skulldog, you're absolutely right. But being in school just flat out sucks, a few of the classes I'm in just I feel like, what the fk am I doing here wasting my time, I can be in nice weather, making money, or home studying mlb bets,lol, instead oif learning about worthless history nfrom 200 bc.......but a degree helps nonetheless, for this particular job I wouldn't need one, but since I have a possible "in" It will always be there I'm hoping
You're absolutely right, the worst thing is failing, but so what? If you're resilient(sp?) you get on your feet again and try something else, I don't have a wife, won't have one for a long time I'm sure maybe late 20's, no kids, only job is to feed myself which I can eat mac and cheese If its going bad,lol, and pay for my car and shelter, that certainly beats the hell outta sittin in classrooms IMO, but a degree helps I cant argue w/that