Thanks for the post.
Loan officers, like any business related to real estate, is a sales intensive job. This means that you'll spend about 90 percent of your waking day (and, you notice I did not say "working hours"...I said "waking day") cultivating leads, making contacts, attending functions that get you more leads, and, ultimately, give you OPPORTUNITIES to make money. Turning an opportunity into an actual loan--or in my case, an actual sale or home purchase, is another part of the job that can take equal amounts of effort.
Loan processors are, as the others noted, a completely different "animal" than a loan officer. A loan officer makes most of the money because he or she brings in the client and sells the loan. The processor handles the paperwork, but my best loan officers also have some of the fastest and most attentive loan processors--they're on the job almost as many hours as their loan officers or else, why would I refer a client to that particular loan officer? I don't see a busy loan officers hiring a part-time processor for a job without that processing having a list of leads to bring to bank or without having a lot of experience that will ultimately make the loan officer's or broker's job easier and more productive.
Bottom line, there is nothing about these jobs that is "part time." In fact, in most cases, my (and I'm sure their) working hours are longer and much more relentless than ever they were as a "regular" 9-5 worker. I'm always going somewhere, always seeing someone, always "pressing the flesh" as they say, and when I'm not doing that, I'm writing blogs, and posting information on my facebook page, and answering questions here--all in an effort to be seen by potential home buyers.
Trying to do this part-time is likely to be an extremely frustrating thing for you. You will--I guarantee--be able to do about four (4) transactions in your first year, but after that, you've run out of friends who need loans and you need to cultivate opportunities and leads. This cannot be done with only 2 hours a day, so after those first four transactions...what then?
My suggestion...there are plenty of other part-time jobs out there that will bring in extra cash if you need it. Think about what you do now, and see if you cannot become a consultant to a start-up or work in a retail business or host an on-line shop. High ticket item sales work is never a part time job if one wants to be successful and that's what loan officers are doing--selling huge loans to the public.
The idea of being a part time loan officer is not going to happen. Again... #1, who would hire you and #2, you would starve to death!
Have you looked into what it takes and what it costs in CA to become licensed?
Getting your license is one of the least expensive barriers to entry as related to the money you can potentially make.
Feel free to contact me offline-408-252-8900.
You may want to wait before making this decision until 1/13/14, see what happens when the rest of the law goes live. My bet is a lot of rats will leave the ship.
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Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Delays in responding to requests for information, will lead to a very upset client, not to mention a bunch of real estate agents.
The loan industry is very susceptible to economic changes. When interest rates fall and refinancing is beneficial to current borrowers, the business can grow tremendously. When interest rates rise and refinancing disappears, a lot of business and many jobs disappear.
Campbell home values at http://julianalee.com/campbell/campbell-statistics.htm
Top 2 agent nationwide at Keller Williams Realty, the nations largest
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Over 1,000 homes sold in Santa Clara County and San Mateo County