Looking into a mortgage career, but would like some help

5 Replies

Hi everyone,

I'm currently looking into a career as a loan officer and I have several employment offers l'm debating about.

My offers are from Quicken Loans, Loandepot, and American Pacific Mortgage.

Quickens and Loandepot are call center jobs where American Pacific is outside sales. I don't think I'm going to go with American Pacific because I'm inexperienced. 

Has anyone here had experience with Quickens or Loandepot? Like which one pays more, or has a better training program? Or any Pro's and Con's in general.

Call center will just grind you until you burn out. Immediately reject both.

You're right that you're not ready to fly with a place like American Pacific. Reject that, too.

You've got to crawl -> walk -> run, but without the brain damage that comes from a call center.

Find a local credit union or regional bank, especially one with a great Realtor affiliate program.

Once you do your job well enough that those Realtors are sending you their referral business and not just accepting your referrals to them, you're ready for the big leagues. At that point, you call American Pacific or a similar outfit. You can expect to bring 95% of your Realtor referral base with you when you make a move like this -- good Realtors (who are the only ones you want to work with, anyways) are loyal to the LO, not to the company or branding.

But you need to avoid the call center like the plague. 

The third path, the one I did, is to start off as an assistant to an assistant making minimum wage. This front loads the operational competence and knowledge, putting sales on the back burner for later (turns out that biggerpockets.com people & Realtors don't want a sales pitch, they want competence and knowledge, so that worked for me here in the SF Bay Area). The above path of just starting as an LO puts sales first, and you will be playing catch up with the operational competence and knowledge. 

If you're in California, I'd be happy to chat more. I'm an open book.

@Kritin Deo  pretty much co-sign everything @Chris Mason said. 

The problem with the call center is that you are only going to get experience in one tiny sliver of the industry. Large outfits like quicken take an assembly line approach. They have entire departments that just order employment verifications and another department that orders payoffs. Even if you are on the origination side at one of these instituons you can be really insulated from the full process  

It is really hard to go from being a loan officer at Quicken to being a loan officer at a local bank or broker.  Having spent most of my career in the Detroit market I have seen countless Successful quicken loan officers leave quicken only to crash and burn when they step out to a community bank or broker. The businesses are night and day. 

With that being said there are a lot of people who prefer the call center setting.  

If you eventually see yourself as a loan officer working locally in your market then I would try to find a top producing loan officer and work as his/her assistant. Treat it like an apprenticeship program.  Then once you are ready you can take the leap.  Feel free to dm me if you want to chat. 

I agree with both the posts above. I'd start in a small company as an LOA and learn the ropes and slowly build your network. You'll be able to see what the top producers in the office are doing and just repeat that.