How do I build a successful career as a good mortgage loan officer in a down housing market?

Posted on Dec 12, 2012 in FHA Information

Question by KEVIN Z: How do I build a successful career as a good mortgage loan officer in a down housing market?
I have recently become a mortgage loan officer in the DFW area. There is not a lot of experience in my office. Any advice where I can get assistance to survive this market? I would be happy to learn how to close at least one loan per month then build from there. Thanks for your assistance.

Best answer:

Answer by Dionannan
Bad timing.
As I understand the housing market is down and still falling.
Keep working at it and continue studying. The market will rise – When ………….. Watch the experts.

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2 Comments

  1. newmexicorealestateforms December 12, 2012

    If I was a loan officer, which Im not, I certainly would start my practice in the field that currently needs more experts in. In my opinion I would seek to start in the field of loss mitigation on existing loans preventing foreclosures and if I did a great job on those they would come back for refinance when things settle down. Here is information links on how to understand Loss mitigation

    Preventing, Detecting and reporting mortgage loan fraud
    https://www.efanniemae.com/lc/publications/pdf/focuson/dec05issue.pdf

    Free Foreclosure assistance – Homeownership Preservation Foundation
    http://www.995hope.org/

    Fannie Mae Loss Mitigation policies on Foreclosures
    https://www.efanniemae.com/is/hcounselors/lossmitigation.jsp

    Site #2
    http://www.fanniemae.com/housingcommdev/resourceshomeed/lossmitigation.jhtml?p=Affordable%20Housing%20&%20Community%20Development

    FHA Definition of terms used in Loss Mitigation on Foreclosures
    http://www.fha.gov/sf/svc/faqmain.cfm

    Government article and information on Foreclosures
    http://www.occ.treas.gov/cdd/spring06b/cd/gsesusetech.htm
    HUD: Servicing and Loss Mitigation on Foreclosures
    http://www.hud.gov/offices/hsg/sfh/nsc/faqnsctc.cfm

    Site #2
    http://www.hud.gov/offices/hsg/sfh/nsc/nschome.cfm

    HUD: Approved House Counseling Agencies includes foreclosure issues, by state
    http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

    HUD: Article on Foreclosure Issues
    http://www.huduser.org/Periodicals/ushmc/fall95/fall95.html

    Best of luck on your new career

  2. Mary B December 12, 2012

    Considering how many people I know right now with 10+ years experience that JUST lost their jobs. I wouldn’t recommend anyone unseasoned, unless they know a TON of Realtors to send them business, breaking into the business at this time.

    This is the WORST possible time to start a career in the industry.