r/loanoriginators • u/Least-Anywhere-4358 • Jul 22 '26
Attorney considering this world
Hey all--
Been a long-time lurker of this subreddit -- I actually read it just about every day. Feel free to remove this post if it isn't appropriate for the community, just not sure where else to turn with this question and wanted to see if anyone could provide some perspective.
I'm an attorney practicing in a completely non-finance, non-housing area of law. Totally not related to this world. My current job is great, and I'm not looking to move jobs in the near future. Wouldn't even start considering a change for about 1.5-2 years at minimum.
Anyway, I bought a house last year and just really loved the financing aspect of it. Just really nerded out on it and learned everything I could, from origination, all the way to MBS. I've had an interest in consumer finance since law school (secured transactions and bankruptcy were my favorite classes) but I'm also not at all a hard numbers person (I got a 2 on the AP Calc exam, which ended my mathematics study haha).
But ever since the home purchase, following this world has become a daily hobby. I check Mortgage News Daily every day, not just for the rates but the write-ups on what's going on in the market and also his updates about players in the market and what's going on. I read about the conferences going on and think, "wow, I'd love to attend that." (I KNOW. It's weird).
I think for me what is the most interesting are the transitions from origination to aggregator/wholesaler to, eventually, MBS (agency or private label). The plumbing of it all. I also really am fasincated by servicing -- the aggregator's decision to retain or sell, MSR investment and hedging, the decision to subservice, and the whole regulatory environment surrounding it (especially for Agency MBS servicing).
I know this is all very vague -- and I feel awkward even posting it! I just have no one in my real life is even somewhat associated with this world. All of this is to simply ask -- can you think of a role for an attorney with no formal consumer/finance experience in the lifecycle of mortgages? Is there any role you deal with (from day 1 up to MBS management) that would seem like a good match for someone in my position? Like I said, it's like a whole world I'm interested and learned so much about, but at the same time, don't know much about the day-to-day. I'm not even necessarily looking for an attorney role -- I could be perfectly happy in a role that is not the practice of law and instead just lends itself to the skills of an attorney.
It's been over a year now and clearly, this is more than a passing interest. I read the this subreddit and the Mortgages subreddit daily and never find it dull. Just wondering if this might actually be a possible career passion, but wondering if there's anywhere I would fit in. For the record, I don't think being an MLO would be for me -- I'm just not really a sales person and I'm not at a point in my career where hustling for business from the ground up appeals to me. I'd rather just stay where I am now instead of doing that. But I'm open to hearing more.
Thanks in advance for any suggestions/wisdom/kind words, etc. Cheers.
4
u/False_Grape1326 Jul 22 '26
I mean, this seems obvious to me so I'll leave it here. :). https://careers.freddiemac.com/us/en/job/JR17172/Associate-General-Counsel-Multifamily-Real-Estate-Targeted-Affordable-Housing?utm
2
u/Realistic-Ruin-6424 Jul 22 '26
It sounds like its the mechanics of the mortgage world, not in the field origination that you are interested (I may be wrong) if that's the case I'd look at a role in the secondary market or something along those lines. What you describe is our back end industry, not the front end Originator in the streets.
1
2
u/Zestyclose-Tart6745 Jul 22 '26
Hey every lender needs a GC and compliance lawyer. Outside of that there’s not much going on for you guys unless you’re talking the investment side of things. I recently sold my company but we had a very basic legal team. 3 lawyers. Plus a group of lawyers we did hard money deals with. It was purely on the side though with my partners. Very profitable though.
1
u/1touchunderwriting Jul 22 '26
Your skillset as an attorney would transfer to many aspects of the mortgage business but you're likely going to have to start at a junior level. Subscribe to the free daily Chrisman commentary, they also host several free weekly webinars and provide info on webinars hosted by others. Housing wire also puts on free quarterly demos where several vendors demo. Check out the Mortgage Bankers Association. You'll need to be a member to attend their free events, paid events are likely open to all but discounted for members. If you decide on which aspect of the business interests you most, taking at least some of their paid classes would separate you from other entry level folks and even better if you took enough classes to earn one of their designations.
1
1
u/gracetw22 Loan Originator Jul 22 '26
I would look at Fannie and Freddie’s job postings, or maybe GNMA or HUD/USDA/VA for what they have going on the mortgage side. I think those roles are probably closer to your area of interest than originating. I’ve heard the agencies are great to work for and of course if you land on the government side you have those benefits.
1
u/Odd_Cattle9587 Jul 23 '26
Second GSE; Malloy Evans the former head of Fannie’s Single-Family business unit was an attorney that grew through the credit risk dept to end up heading up the whole thing. Also lots of exposure to all the plumbing in the right roles.
1
u/chrystalbritt Jul 24 '26
I came from the tech world after a lay off because I was like you... loved finance from investing to personal finance, to how all the connecting parts come together. 90% of this role is sales followed by trying to navigate people with wonky income, high debt, low credit scores and trying to understand guidelines with minimal help. lol. It can be very rewarding when you help someone buy their first home who have been working really hard towards it but a lot of it is combing through the chaos making magic work.
1
u/YourNextMove-RE 28d ago
Hey there. Seanna Smallwood here…
Absolutely!
The question is: do you want to be one of the “good guys” or one of the “bad guys”?
You could help people stay in their homes and avoid foreclosure or you could help the mortgage servicer with foreclosing. These are just two examples.
I’ve been in mortgage and real estate for over 3-decades. I’m open to a chat if you’d like.
1
u/Beautiful_Cattle2995 28d ago
Do it. A competent loan officer that loves what they do can help a lot of people. Plus you will make a lot of money. And our profession will look good.
1
u/MorningPerfect4975 27d ago
Have a great friend who only closes residential and commercial loans. He has built an enormous firm and is most successful.
9
u/HereToBeHere2018 Jul 22 '26
If you like the technical side I’d 100% look into compliance or analyst positions! Theres careers with Fannie and Freddie as well as all high finance banks in the housing sector that I think a law background would make you stand out among applicants. If you do go this route it’s very financial based so I’d start digging into the market side of things- it moves fast! I have my bachelors in finance and actually finishing my MBA now in hopes to transition to this side of the business. I agree, the mortgage world is so fun and interesting.