It may be considered professional to some today but my point it there is no real need for it to be.Originally Posted by ruetzal
I don't think you will never convince anyone that a loan officer is the proper person to be giving out financial advice, particularly where their commission is at stake. If anything the fact people have no idea about their finances is more a reason to NOT make it a commission job so people are not taken advantage of.Originally Posted by ruetzal
So yes, it is data entry. As for background activity that's just busy work. None of what you are describing is making a good case for their necessity.
Don't fool yourself, it isn't all that technical, and certainly not to the level of 6 figures a year. As for licensing that doesn't really mean anything. Study for a few weeks and just about anyone could pass most licensing tests.Originally Posted by ruetzal
The competition you speak of is artificial and manufactured by the loan officers themselves. Sure they compete against each other but it is only because they are there. If they were not it would be a more pure form of competition. A loan is a commodity, there isn't anything special about it.Originally Posted by ruetzal
If you do want to reward them for bringing in loans it should be a finders fee based on the type of loan they worked and not based on the value of the house. A particular example is someone with great credit, income, low debt to income... all of that... should not have to fork over any % of their loan value to some officer when their loan is a cakewalk. There is absolutely no value added in the equation by them, only cost.
It isn't just loan officers, don't think I am taking it all out on you guys. It is most real estate agents too but at least they spend hours and hours driving you around.