Questions for a Mortgage Broker.

[tictactoe2004]

I just had a job offer as a Mortgage Broker.. I know there are a couple of you guys on beyond. Just wondering how much you guys like your jobs and what the potentials are? What are the pro's and con's of what you do? I've been in different sales jobs for the last 10 years and thinking of making a change.. Since me and my girlfriend are gonna be settling down I kind of like the idea of working from home.

Thanks

[D. Dub]

It's a great career IF you hook up with a strong supportive company with a good reputation and you have the ability to survive 6 mths to a year on very little to no income!!

Unfortunately many companies use a warm body approach --they hire anyone that has their brokers license, have poor or no training, little support or help --- and then let the process of natural selection take its course -- overall even with good training probably 80% + of new mortgage agents fail and bail in their first year -- numbers quite similar to stockbrokers or financial planners.

You REALLY have to like working with people and have to be honest, ethical and fair in ALL your business dealings. You also have to be able to deal with lots of difficult and demanding clients who often don't know their ass from a hole in the ground but think otherwise :D

You have to able to deal with rejections and with lots of deals that fall apart. Also have to deal with difficult, demanding and sometimes unprofessional real estate agents, difficult overworked underwriters/lenders and busy lawyers.

All that being said it can be a fun and rewarding career. :D

I've been doing it for quite a while now and now have my own company that brokers prime, low interest first mortgages, brokers "B" or "C" clients with blemished credit or unique circumstances like immigrants, self employment, unprovable income etc. -- we also do commercial mortgage brokerage, and we also lend out our own "private money" for higher risk first and second mortgages.