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Forum » Mortgage Loan Officer as Side Gig
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Thread: Mortgage Loan Officer as Side Gig

post 1664543233 07-17-2022, 12:59 PM
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Mortgage Loan Officer as Side Gig

Anyone a mortgage loan officer full-time or doing it on the side? Would you recommend? What are some highs and lows?
post 1664543323 07-17-2022, 01:01 PM
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  1. nickh04
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just bye low and sail hi
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post 1664543413 07-17-2022, 01:02 PM
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  1. rectifryer
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like 50% of them have been laid off since the start of the year
Boycott foodservice industry crew
post 1664576033 07-18-2022, 06:19 AM
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Originally Posted By nickh04⏩
just bye low and sail hi
Umm not sure what that has to do with working as an MLO on the side?
post 1664576183 07-18-2022, 06:23 AM
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I imagine it's very market dependent. Full time officer I know was making well over $250,000+ the last couple of years. It's starting to slow down now though so he's not making nearly as much. Classic example of needing to strike while the iron's hot.
"The dildo of consequences rarely arrives lubed."

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post 1664576683 07-18-2022, 06:39 AM
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I would never use a part time lender for my clients or myself.
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post 1664577703 07-18-2022, 07:10 AM
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A.I will be taking over your shiity job in a few years
post 1664577733 07-18-2022, 07:11 AM
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Right now is probably one of the worst times to get into mortgage loan origination
Always Neg Back Crew.
post 1664594383 07-18-2022, 01:04 PM
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Originally Posted By OffwhiteBrah⏩
A.I will be taking over your shiity job in a few years
it already is

investors have terms and its easy to screen with software tools
Boycott foodservice industry crew
post 1664594433 07-18-2022, 01:05 PM
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Originally Posted By monster0ultra⏩
Perhaps not the best long term career move but like most sales jobs, it's a great move for your Misc career.

Take the best week you've ever had, multiply it by 52, and that's what you can claim as your income on Misc.
they call that annualizing in real estate lol
Boycott foodservice industry crew
post 1664595683 07-18-2022, 01:27 PM
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Originally Posted By monster0ultra⏩
Perhaps not the best long term career move but like most sales jobs, it's a great move for your Misc career.

Take the best week you've ever had, multiply it by 52, and that's what you can claim as your income on Misc.
I’m not too concerned for long term. Really just want to make some extra cash for 1-2 years to speed up some investment timelines.

Really, I’m only looking at getting 1 close every 4-8 weeks.
post 1664595803 07-18-2022, 01:30 PM
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#12
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Originally Posted By ~Hades~⏩
I would never use a part time lender for my clients or myself.
Why not? What advantage would someone working 8 hours a day have over 4 hours a day?

You think working an extra 4 hours a day results in finding a cheaper loan? Does me working part time influence the bank on their rates? Do the extra four hours worked make documents become more organized? Anyone can return a call in 30-45 minutes.
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