just curious, i need a new sales career, trying to get an idea on how the mortgage business is doing, preffably in the No VA area.

any input would be appreciated, thanks.

I thought you were making 'mad' money from your father's car dealership. ;)

I am sure bogger will chime in here; but, this is my personal opinion -- typical mortgage people will be hammered with rising interest rates, economy slowing, etc. I think Todd is in a much different position than bogger. His position is a LOT more stable and prestigious (no offense Bogger).

I know Vlad L does mortgage and he claims millions and millions in mortgage business -- but, lives at home :confused So, might want to take his opinion with a grain of salt.

In my opinion: two positions to always try and avoid --- being on the bottom notch of the totem pole in an organization and being middle management. Those are the first two that get axed in bad times.

Also, according to teuton -- sales, mortgage people, real estate brokers, and something else typically get axed during slow times. I think he does market analysis on this stuff.

I can't help think of office space when I see some mortgage brokers' offices :stickoutt

just curious, i need a new sales career, trying to get an idea on how the mortgage business is doing, preffably in the No VA area.

any input would be appreciated, thanks.

Why do you want to try mortgages?

In my opinion: two positions to always try and avoid --- being on the bottom notch of the totem pole in an organization and being middle management. Those are the first two that get axed in bad times.

It's not like it's always a choice to be hired at an executive level...

It's not like it's always a choice to be hired at an executive level...
It's not :dunno

Your dad must not love you, my dad got me my first job as a CEO!

When I apply for a job, I tell them I want to make a lot of money, a window in my office, and a job that they won't cut. So, what are you trying to say, Jed?:confused

Hah! Thanks James.

If we were in 2001-2002, I would say yes try mortgages because you couldn't help but make money. But now, our industry is trying to get all of the garbage LO's out of the business....money just doesn't fall in your lap anymore.

I would try the next big business instead...

I thought you were making 'mad' money from your father's car dealership. ;)




my dad is in FLorida, he is in the process of opening his own lot, its an option for me to be his "partner" which is cool, i would be doing the buying, but i just dont want to live in Florida again, plus i would end up moving in with pops, been there, done that, too many arguements.

The car business has been good to me, ive always been one of the top producers at the dealershps i have worked at, but i like doing things MY way, and most places are too regimented and try to control things THEIR way, their way is teh ghey and is too controlling, my way applies to any level of business, so naturally i butt heads........the car business is for the birds and i just dont think it is condusive to getting my life in order, need a new start so i can change some habbits an become a little better organized.

i am looking into the mortgage business for a few reasons,

1. i have 3 or 4 aquantances that are in the business and make over $100k, these are poeple i know that use to sell cars that really didnt impress me with their performance.
2. i want close deals, not chase people on a lot that dont want my help.
3. i want more money:)
4. im tired of working weekends.
5. i love the world of finance, if i went back to school it would be for a finance degree.
6. i know i can succed at it
7. i love doing business over the phone, ive sold countless cars over the phone, infact i prefer picking up the phone to walking out and greeting someone in person, maybe i am just lazy?
8. people dont like car salesman, regaurdless of how helpful you can be. that is a big disadvantage for me, i know cars better than 99.99% of all car dealers.
9. the car business make you very cynical.
10. i dont know any other reasons.....yet.

too many little things that bother me about my current employer(and it applies to 95% of all dealerships), and all in all, the only reason im not doing as well as i should is because im "bored" of it, and lack all motivation.

Wow, you have really thought about it. That's rare to see. Good job!:buttrock :)

1. i have 3 or 4 aquantances that are in the business and make over $100k, these are poeple i know that use to sell cars that really didnt impress me with their performance.
selling cars has nothing to do with selling someone a mortgage.

2. i want close deals, not chase people on a lot that dont want my help.
that doesnt change when you move out of cars either.
3. i want more money:)
no guarantee you're going to make lots of money in this market
4. im tired of working weekends.
be prepared to put in more than 40 hours a week
5. i love the world of finance, if i went back to school it would be for a finance degree.
it is a fun field
6. i know i can succed at it
optimism is something great to have in any kind of sales.
7. i love doing business over the phone, ive sold countless cars over the phone, infact i prefer picking up the phone to walking out and greeting someone in person, maybe i am just lazy?
if you dont get in front of people, you will lose them... goes the same with any kind of referral parteners.
8. people dont like car salesman, regaurdless of how helpful you can be. that is a big disadvantage for me, i know cars better than 99.99% of all car dealers.
for the mostpart, people aren't fond of any kind of salesperson. it's about approach.
9. the car business make you very cynical.
wait until you start dealing with the biggest investment of someone's life...

...
...but i like doing things MY way, and most places are too regimented and try to control things THEIR way, their way is teh ghey and is too controlling, my way applies to any level of business, so naturally i butt heads........
:eek:

---Eric

I am sure bogger will chime in here; but, this is my personal opinion -- typical mortgage people will be hammered with rising interest rates, economy slowing, etc. I think Todd is in a much different position than bogger. His position is a LOT more stable and prestigious (no offense Bogger).





none taken.

The business is what you make of it. People that only based it on refi's are going through a rude awakening.

There are 1,000+ Licensed mortgage companies in the area, I think Todd will agree, it's all about being able to set yourself apart from the fluff.

selling cars has nothing to do with selling someone a mortgage.



Not true. In any sales driven business, a good salesman is a good salesman-that's not taught. It's a personality trait/gut instinct.

At one of the brokerage firms I worked for, the hiring manager wanted to see someone with a successful sales record rather than some Harvard MBA type that could do cash flow analysis or financial modeling.

Product knowledge is important of course, but you can't move anything if you can't sell the product.

Not true. In any sales driven business, a good salesman is a good salesman-that's not taught.



Agreed, but just because you think you are succesful in one business, doesn't automatically make you a shoe-in for another.

Well, you certaintly can't "do business your way" especially with no experience. Any company that hires you will be over your shoulder constantly. It takes experience and a solid pipeline to be able to generate enough business to do it "your way." I don't know what you mean by that, however we are heavily government regulated so you have very little latitude in running business your own way.

1. Precisely my point, this industry attracted thousands of people who are in it for easy money, and it hurt us and gave us a bad name. These are the type of people who will be out of the business within a year. The last three years you couldn't help but make good money...it was impossible!
2. Again, market is clearly slowing. This time last year there were 700 homes in NOVA on the market, now there are over 4400...you will have to chase deals, and fight for business. Especially from people like me who have built relationships, and know what they're doing.
3. ok
4. I'm on call 24/7, I still go in the office often on Sundays. However I'm sure that you are correct, you would not have to work weekends...unless you want to make it in the business in which case you will bust your ass night and day.
5. I have my finance degree...this business directly has nothing to do with finance. I also have a marketing degree, and that plays into my job more. This job is basic selling, HOWEVER I have no clue how LO's get by without knowing the basics of the market, what it is currently doing, and where it is going...which I suppose you could tie into finance degree. Or just watch CNBC throughout the day, read the Journal during the week, and Barrons on the weekends.
6. It can be done, but it takes time.
7. You're good there, phone and email is what 90% of the people want. But I still do hand applications and meet with my clients if they prefer, you must be flexiable.
8. Can't argue with you there.
9. ok

80% of the people in my business are "car salesmen," with a fancier title, and thus are sleazy and crooked. They're here for the easy money, and most of them will go into the next best thing once the pipelines dry up. I'll be honest with no experience trying to jump on board now, it may be difficult to find a good company to work for...however if you are diligent, and learn the business, treat your customers with respect, and don't get greedy, this business can treat you very well.

Cliff notes: I wouldn't bother unless you are virtuous and plan on giving it time (12-24 months).

It's not like it's always a choice to be hired at an executive level...

OH, my comment is geared more toward people working at say ... T.Rowe or Legg ... :alright not just a normal industry :stickoutt

Besides .. are you sick man? I'm not going to work -- I expect my parents or marry into a family that will let me 'inherit' everything ... dang ... work? OMGWTFBBQ!!!!! roffle ma wafflez!

My father -- middle management at IBM -- got the axe after what, like 18 years there. After 18 years, hopefully, you are not middle management and not at the bottom of the totem pole. :(

Agreed, but just because you think you are succesful in one business, doesn't automatically make you a shoe-in for another.

Poeple business is all the same................you listen to poeples needs and you offer answers, you listen to to objections and offer solutions, you maintain a comfortable experience and YOU CLOSE THE DEAL.

its the same in any sales wheather it be cars, homes, insurance, people are people, and they are looking for someone to guide them in the process, some people can do it the "wrong" way with "control" others including myself, do it with sincerity, charm, and just being a good listener and being a sharp problem solver........these are things that you are built into your character, not really something that is learned.

when i say i am tired of "chasing" people, i mean that i dont want to deal with "fakers" who waste my time. try working at a dealership with M3's, 911's, AMG MB's, Lotus', misc classic cars, and see how many poeple want to waste your time, it gets old after a while, but thats the way the business is and always will be, i just happen to be bored with it. Thats why i get lazy and stay inside answering incoming calls, setting up apointments, those people, they come in, I show them one or two cars, i sell them, and then i close them.

poeple show very poor manners when dealing with car salesman, and i cant blame them, we do have impeccable reputations to uphold:devillook but, i am tired of it, poeple forget about their manners and exhibit very weak communicational skills, if mortgage brokers say the same about prospective customers, than i will reconsider it as a career.

see what i mean, how cynical do i sound, its really not that bad, im just bored and tired of it, poeple arent so bad, but they deffinately have too many walls built up when the step onto a dealership lot.

mortgages/ debt consolidation, stuff like that i think i can do well, one of the places i was thinking about was Calusa in Herndon VA, but i am just basing them as a consideration based on the fact that they advertise alot for new help----------now maybe im looking at it wrong, but i see it as they are "busy" and i dont care if they have more brokers than they have buyers, the weak will fail, and the aggresive ones will succeed..........prime example, if i wanted to work at another car dealership i would, among other things, look for a place that does alot of volume, i dont care if they have more salespoeple than cars, the weak, again, will fail, and the poeple that hussle and want it will succed.............its called a 80/20, im sure it applies to many sales professions........20% of the salespeople will make 80% of the money.........i fit in that percent tile....well if the conditions are comfortable to me I DO.

its called a 80/20, im sure it applies to many sales professions........20% of the salespeople will make 80% of the money.........i fit in that percent tile....well if the conditions are comfortable to me I DO.

Dude, not with your spelling, punctuation and grammar :nono :stickoutt

I do not think you would be a good salesperson -- you can't even frackin' sell your BMW M3 and how many months has that been on the market now? :rolleyes :stickoutt

One of the people with better sales skills that I have met is Jed. He is pretty damn good, funny; but, at the same time -- can switch from being serious to likable. You might ask him for some tips ... I think in any field (sales or not) you are going to deal with stupid people and get fed up.

I think your expectations are completely unrealistic. That's just me.

One of the people with better sales skills that I have met is Jed. He is pretty damn good, funny; but, at the same time -- can switch from being serious to likable.

I am curious how you drew that conclusion. I know Jed better than you do and I know for SURE that I could not make a bold statement like that. Have you hung out with Jed outside of "car-related" events? Witnessed him sell anything?:confused :confused

Of the almost 4 years I have known Jed, I don't think I have ever witnessed him sell anything. I couldn't say if Jed is a good saleman or not, so I KNOW you can't. Being funny/silly to serious does NOT = automatic good saleman.:nono

I've sold over $6000 worth of car parts on the Internet, have over 50 PayPal points, and I have a 100% rep rating on Ebay. Does that mean I am a good saleman? On the Internet maybe, DEFINITELY not in the real World.

I am curious how you drew that conclusion. I know Jed better than you do and I know for SURE that I could not make a bold statement like that. Have you hung out with Jed outside of "car-related" events? Witnessed him sell anything?:confused :confused

Of the almost 4 years I have known Jed, I don't think I have ever witnessed him sell anything. I couldn't say if Jed is a good saleman or not, so I KNOW you can't. Being funny/silly to serious does NOT = automatic good saleman.:nono

I've sold over $6000 worth of car parts on the Internet, have over 50 PayPal points, and I have a 100% rep rating on Ebay. Does that mean I am a good saleman? On the Internet maybe, DEFINITELY not in the real World.

Very true Andy. I have never seen Jed "sell" anything, per se. But, it seems like you judge people completely on how they 'act,' which is wrong. Just b/c a person acts one way or does not act in a manner, and you never see it, does not mean the person is not capable of it. There are a lot of unspoken and spoken things that can allow a person to glean an insight to their character and capabilities.

I am not sure if you are on the hiring committee or not; but, if you interview people, how do you make the determination if they are a good fit? It's not necessarily 'what' they say; but, how they say it and ALSO the non-verbal cues.

IMO, I can tell from talking with Jed (about non-car stuff) that he has that innate ability (taken from nonverbal cues and verbal). So, I guess you consider that a bold statement ... but, I consider it 'my' opinion. I am not asking you to agree with me, it's just my opinion on Jed's 'potential' ability to sell. I think he would do an excellent job at it if he really wanted to enter/continue that profession.

I'm not sure what your hangup is on my opinion.

I'll also respectfully submit, that just b/c you spend more time with a person, does not mean you ACTUALLY KNOW the person better than someone that just occasionally interacts with the person.

I dont claim to make millions you can make a modest living but honestly rightt now if you dont know the right people you arent going to make much. If you have a nice paying salary job stick to it even though you have the potential to make much more. I'm sucessful at what I do because im ambitious

1.I've built a great relationship with a couple of reputable real estate agents.

2.I'm easy to talk to and dont come off like an asshole like alot of people in the industry.

3.I'm bilingual too.

4.Easy to get a hold of...get prepared for fat cell phone bills. People are happy as long as your picking up their phone calls.

The hours in the mortgage industry are only great if you suck and arent making money. Some times im stuck in my office from 9 to 9 if I have alot going on.

It also kind of sucks putting everything you have on one deal then having that deal break apart due to many veriables. You also have to follow alot of guidelines. Mortgage fraud is out there and you can go to jail for it.

You also have to prepare to decide if you want to work with a lender or broker. IMO lenders suck they limit you to what you can do. I like flexibility and the idea of going outside. Also with lenders they often take away your money or hit you with caps if you have to broker a deal out.

My current company is a lender through GMAC, Country Wide and New Century one of the best prime and subprime company out there. We fund our own loans we just dont under write them but that makes us a direct lender period.

With some lenders what if you have season...Meaning the person has to be living in the property usually 6 months or a year before they can refinance and take cash out?

What if you get a borrower with a 580 credit score who wants 100% financing but your lender will only do 620 @ 100%? What if your borrower doesnt want to show w2's and he just wants to show 12 month bank statements. What if you have a borrower 2 years out of a bankruptcy with 700 credit score...Established trade lines but your company wont look at him because they want 4 or 5 years?

Thats why I love being with a broker....


Also if you apply that I like doing things my way attitude you wont make it far in sales at all. My best real estate agent who sells 30,000,000 a year.....

Told me her old loan officer would scream and yell at borrowers to get documents....wanted things his way......Well she dropped him for me. I'm more passive I love the money but its their deposit and their house if they dont want to get docs over to me.


Goblue...Lol I didnt know people still did hand applications. Marketing yourself is important mines has been mostly word of mouth and family members. My boss has offered marketing oh hispanic and christian radio I just dont need it right now and would rather save it for the spring.

Agreed, but just because you think you are succesful in one business, doesn't automatically make you a shoe-in for another.

Heh you prob know me best out of anyone in this board. You know im not the most articulate person but I've been pretty sucessful in any business I've been in. Its just a question of me keeping my mind straight. You seen my hussles! :stickoutt Even when I was a kid at 18....

Dude, not with your spelling, punctuation and grammar :nono :stickoutt

I do not think you would be a good salesperson -- you can't even frackin' sell your BMW M3 and how many months has that been on the market now? :rolleyes :stickoutt





thats right! Fairfax Counties Finest Schools! too bad they kicked me out, but not before i gradiated the siksth grade. See how gooder i turned out, im da number one stunta of da car sales, yessssir.

not sure why my M3 hasnt sold, probably just cuz im weak, that or the fact that i keep telling people its really estoril blue and that it just looks like green in the pics :dunno

so make the move from northern VA to southern california...........and enter into the mortgage business 4 monthes ago.


so i figured id respond to my own question with a few of my own newly found oppinions. that, and i was curious to see what people had initially warned or encouraged of.


first thing i learned is that a business with a market as large as mortgages does have limitless ways of creating revenue thanks to the wonderful word of telemarketing......Wow, how simple it is to reach across the country via phone and broker millions of dollars, taking in sizeable revenues, all just by simply selling "paper"...........i think to myself; This is an interesting business, there is unlimited potential for income.

i then ask myself and can accept that this will involve marketing/selling to the sales worlds "Target market", poeple of limited intellegence among other things....this is most certain if you want to expand revenue to its maximum potential. does one have to be a "shark" to take advatage of this "target market" while offering products less beneficial in comparison to 1.5 through 5 years ago? No, just dont expect too large of a percentage of home owners to actually benefit from current mortgage rates and programs, and never try to play the part of their financial advisor becuase you will face a moral dilema; weather to "SELL" a loan, or to consult with your borrower about a new loan and how it will effect their future.

ahhh, the f*ckingggggg morality of sales and making money. would have been nice to be in the business when it was like shooting a fish in a barrel to make 250 to 500k a year. instead of getting into the same business with the same excact income potential however requiring one to never add their personal values along with the selling/communication process to obtain the same level of income.

although i have a smaller angle of insight into this business and where it might be heading, i can still say, all cynicism aside, that this business is still a good industry to be in if sales is your thing, but its obviously necissary to understand that there is a void in the market; a large percentage of this "target market" has already benefited from low rates, and you need to shift your prospecting into narrower more focused markets(i.e purchases and poeple in need of debt consolidation and credit help management, not prime customers or even 75% of subprime customers who can not benefit from todays mtg market) if you want to geniunely offer benficial finance solutions.

also, if you are the type that likes to analyze things-like finance and the math behind it for instance, and are good at listeng to poeples needs and offering solutions, you will most likely find yourself talking/consulting a fat portion of your clients out of refinancing their homes........this only applies if integrity is included in your character, otherwise believe EVERYTHING you here about jumping into a bisiness and making 30 to 40k dollars per month(with the right company and marketing support), believe me its incredibly tempting and even i slip up every once in awhile in my daily pursuit for the almighty dollar.

sorry, just felt like rambling today........ i just lost another one to ditech:mad :D-luckily havent had to say that yet..... ya know i really need to go out and buy another BMW, i think alot of my personal struggles i encounter to which also affect my work attitude, are due to the withdrawals i have from no longerer owning m3's...........yup i need to start thinkin "this deal with pay for this monthes new M3 deposit" instead of analyzing the lack of benefits in the loans i ocasionally sell.