I am a newbie that needs help

[slazzen]

Hi my name is John Slazas I am new to this board and am here to learn. I have worked in the bussiness for a very short time. I have not had a easy go of it!! I have learned I am a great salesman and have the honesty and integraty to make people feel good about getting a loan from me.I applied for a net branch through my brother and it seems to have not worked out. I have several good leads and am looking for a solution. And help thank you John Slazas

[Secret!]

Hello John. First of all, since you're brand spanking new in the industry, the very LAST thing you want to do is be one of those wayward net branch people who are out on their own poking in the unsupervised darkness. You need to get yourself trained. This isn't the type of industry that is suited for on-the-job-training, because when you do it that way, you end up punishing your customers with your inexperience. You can very easily significantly damage their family both financially and emotionally, as you blunder around trying to figure things out.

I cannot say this more forcefully than that John, find yourself an employer who will pay you very little in terms of money, but a whole lot in terms of career training and industry education. If you cannot find such an employer, then seek out one of the several commercial industry training facilities that are listed inside your favorite search engine. ... or ofcourse you could check out my favorite one!

[Troy]

I actually agree with secret here.

Net branches are for people who have experience and knowledge within the mortgage industry. However, secret seems to loathe the net branch world & I see it as the natural future for brokers.

You need an employer that will train you and a manager or supervisor that will help you deal with your leads.

I suggest starting with the big names that we all know....countrywide, BofA, Wamu. Also, look into smaller brokerages that have emphasis on training. Make it very clear when you interview that you don't want to only be a phone jockey. You want to know how the business works.

Best of luck John! Welcome to the board

troy

[Troy]

I should clarify what I said previously.

The phone WILL be your best friend. However, you don't want to only be a telemarketer. You need a good handle on the way loans go from start to finish. Then you will know what you're selling.

troy

[Secret!]

The reckless disregard comment I'm sure is true in many many cases, but not the entire industry. As to the tight supervision remark, yes I think it's all too common that most net branch people are out on their own poking around in the unsupervised darkness and they create a great deal of problems for the public and the industry as well. At the levels I'm speaking of, there's an addiction to greed which is all too self-evident, that's at the root of this situation from my own long-experienced and historical perspective.

[slazzen]

Well I worked for my brother for a short time he is known as MIDAS I can relate to the greed conversion . I was on another board he had me banned there. I am not here to go into that chapter of family drama. I have done 2 loans so far a 30 yr fixed and a 2/28 arm. I currenty have 3 solid loans in my pipeline. I am not in this to get rich just live out my mature yrs comfortably.

Loan #1 a refi 661 mid score self employed stated with bank statements and fictisious name 5 yr fixed interest only 3 yr prepay 80 to 90 ltv no cash out except pay for fees and taxes no ins currently in a 80/20 with no seasoning just remolded bath and living area bought below appraised value

Loan #2 option arm 69% ltv 700 scores full doc cash out refi impound for all taxes and ins 1yr pre pay

Loan #3 VA qauilfed cash out refi 95 ltv 700 scores 5 yr fixed 3 yr pre pay I got all these since my last post.

I have a brick and mortor office on a main hwy in a remote mtn town in nor-cal that is gonna explode soon. I am looking into classes at my local JC?? thanks for the advice but I have no choice but to go for it .

[Troy]

Ha!

I saw your name and I was wondering if there was any relation to Paul.

Good luck to you.

troy

[Troy]

Even people with the best of intentions can have disastrous results in this biz.

Take it upon yourself to learn guidelines & programs. Don't be embarassed to ask AEs or whomever else LOTS of questions.

If you have a good processor then can answer a lot of questions for you. Also, this board is slowly gathering some steam. If you have any questions we will try to get back to you also.

troy

[slazzen]

I went to the JC web site for my area and they offer nothing. I am gonna drive to the local city tomarrow and download the loan officer training tapes that are offered on the outpost for free. I will look into an online training coarse. I am a auditory person which hampers me alot in these types of training. I am almost 100% auditory retentive and about 30% in reading.

[mrloanofficer]

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