want to start as loan Officer

[Kashif Riaz]

Hi,

I live in Dallas TX. I want to start as LO. Please suggest mortgage company where I can work with flexible work schedule.

[Chris Mason]

Originally posted by @Lucia Rushton:

@Chris Mason good to know. Can you elaborate ? Thanks

 Refinances have traditionally been anywhere from 30% to 80% of a given firm's business, depending on the firm. I think the place I'm at right now was typically at around 40% refinances, as of like a year ago.  

Now it's like 3% or 5%, down from 40%. A drop in production of 1/3 or more is going to hurt any industry. Now think about those companies who send you junk mail encouraging you to refinance -- they were probably at like 90%+. But that's all gone now. Imagine if 90% of Burger King's sales were Quarter Pounders, and demand for Quarter Pounders dried up overnight. It's not a matter of if BK files for BK, it's a matter of when (the pun there was that bk can stand for Burker King or Bankruptcy, in case you missed it).

There are, absurdly, about 600,000 licensed or registered mortgage loan originators in the United States. Within a year, I'm guessing it'll be down at least 1/3, if not more.

This is especially problematic for a new MLO, since refinances traditionally where were you got your feet wet and learned basic operational competence. Without that, you really want your very first originated loan (where you will screw a bunch of stuff up) to be a first time homebuyer buying their first home? Seems risky.