Job Responsibilities
Calling customers and taking their calls is the main
responsibility. Everything else is secondary.
|
Job Requirements
Virtually no education is necessary to do home loans.
|
Uppers
Considering that virtually no education is necessary, it is possible to make a
tremendous income. This industry is very money focused, and they payoffs are big
for just a little hard work.
|
Downers
One of the biggest downers is that as an MBA, you probably have
the most education at the company. People often ask why you
would be working at this job with your MBA. The consolation to
that is, the job requires looking at the incomes of all of your
customers, and you quickly realize you make more than most other
professions except for some of the top MDs and C-level executives.
Another big downer is monotony and burn out. The day is spent
calling new customers and seldom building relationships. It is
purely new sales day in and day out, and you are in constant
competition with your co-workers.
|
Lifestyle
Lifestyle is diverse. Some choose not to socialize with their co-workers at all
and keep 9-5 hours. Others compare our job to the movie Boiler Room....where we
work hard and play hard together.
|
Compensation
The base salary is generally minimum wage and everything else is
commission. Because it is sales and subject to interest rate
fluctuations, paychecks vary greatly from month to month. Last
year, it was common for people to take home a monthly check of
over $20,000. Lately, its tough to even reach $10,000 in a
month. My company's business is focused on people with good
credit. If I were to leave and go to work for a place doing
loans for people with bad credit, it would still be common for
paychecks to be between $10-20K per month. One of my friends
works for a competitor that the top loan officer makes around
$40,000 per month.
|
Advice to Jobseekers
If you are just entering this field, you should probably go to a
large, high-volume company like E*TRADE and within the first year
switch to a firm that specializes in loans for people with poor
credit.
|
