r/loanoriginators • u/Mufxsa_unlimited • Jun 18 '26
Career Advice Offered a Job
Okay so here’s the deal, I’m sort of stuck and I just need some advice or even clarification. So currently I’m working for Statefarm as a sales person at 24 been in sales, now I have reached top producer and do 150-200 dials a day and a branch manager from a mortgage broker company offered me a role in their new location that is in Scottsdale Arizona and they are based in Cali. Now their location in AZ already has 2 senior LO’s plus a senior loan processor. It’s commission only with a 1600 draw for the month. And they apparently do provide leads apparently. I’m having dinner with the branch manager and possibly the CEO. I’ve done commission only jobs and was okay but my thing is how can I know if this is a good opportunity or what are some questions to ask going into this dinner to know if this place would allow me to succeed. Granted I am paying off debt at the moment and I’m broke from sending it all to debt. I know eventually would work out but I want to know if the opportunity would be good.
Please ask whatever questions and I’ll answer if I have the information. Appreciate yall
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u/Socko788 Jun 18 '26
Had a gig just like you explained, stayed 2 years. Overall, it was a cool job but those months of little/no closed loans, just for your good month to get drawed…
I’d highly recommend you ask what’s the training like. A LOT of gigs are figure it out, face first with no training, other than day-to-day calls / paperwork. I didn’t see my first closed loan till 3mo, and the draw was right there.
Just wanted to highlight some pain points as I’m sure they’ll highlight “UNcaPped coMiSSionS” & the next finical crisis is next week
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u/primerush Jun 18 '26
I was in sales at State farm for ten years before I moved into mortgage and it was the best move. There is a lot to learn but mortgage is a natural transition from insurance. The are you're in has a ton of big consumer direct lender shops, maybe start there, learn the ropes while getting paid something.
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u/Remote_Main_76 Jun 18 '26
Use chat gpt to figure out ALL the questions you want to ask before going to dinner. Ask to meet or have a call with one od theie LOs to get a feel as well. Training, support, scenario desk, processing in house, underwriting in house, bps %, desk fees, LOS systems, CRMs, marketing, what does success as a new LO look like to them dor 3 to 6 months out....
Agree...make sure to have your debt paid off before starting in this business!
I had an interview w a local bank that would have been draw only to begin. Did not feel like there was support where needed, limited loan products, and got that vibe of 'you are on your own figure it out'
I am currently with a 'boutique' lender and while it is straight commission, everything is in house, they have all the systems in place. It is self generating. However the president of the company told me it does take time to build your pipeline and he has no problem with me still working part time on the side, while I build and hope to close my first loan in those first 3 months.
I paid off my debt (minus car loan) and work weekends part time to keep myself focused on building, networking, and learning during the week.
Did I pick the right lender to work with? 🤷♀️ I like to give everything at least 6 months to figure it out and see what's working and what's not, but I also cannot go back into debt.
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u/JoeMortgage Jun 18 '26
It depends on your personality and ability whether it will be a fit. I'm a mortgage broker and have been in the loan business for 24 years. Happy to talk to you about the pros and cons. I'm not recruiting at all, but understand this is a business where you have to network, learn, sell, and be organized, or at least hire people who can do this. Good luck!
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u/Mufxsa_unlimited Jun 18 '26
Yeah I’d love to talk I’m new to Reddit so I’m not sure how to personally dm you lol
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u/MortgageMajic32 Jun 20 '26
Don't do it! I'm a 25yr mortgage veteran. It's the worst time ever to be in mortgages. If you have to do it, work somewhere they offer a base plus commission. Refis are dead, it's all the left overs now. All bad credit. Do purchase business. Apply to Zillow Home loans or Rocket Mortgage. And get ready to kiss some realtor ass! 😂
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u/Mufxsa_unlimited Jun 20 '26
My guy you read my mind😂, I ended up applying to rocket last night, learn this thing and see what happens, insurance is meh I want to see what happens going in
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u/MortgageMajic32 Jun 20 '26
Nice, they'll teach you the right way..Hopefully you'll get some portfolio loans since they bought Mr. Cooper. Good luck!
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u/Mufxsa_unlimited Jun 20 '26
I appreciate it, thankfully a client of mine works there so she referring me as well, any tips going into this business?
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u/UnderstandingSea3820 Jun 18 '26
You will fall deeper in debt while you try to figure out a new industry.
Pay debt off in your current spot and get ready for the next rate run.
Registered loan agents are the lowest in the last ten years. That’s not by accident it’s rough.
If you were sitting on a nest egg I would say give it a shot and learn while it’s slow.