Question:
I'm thinking of trying to become a mortgage banker, but I'd like to find out more. Is it satisfying work? Is it financially rewarding? Is there a decent base pay with commissions added on? Any input from anyone who has been a mortgage banker would be appreciated. Best answer goes to whomever gives the most pros and cons. Be honest, tell me what you don't like about it, and what you do like about it.
Answers:
Pro
*you'll learn to do math really quickly in your head
Con
*the housing / mortgage industries are in the toilet. Seriously, have you picked up a newspaper in the last 6 months?
*there is probably fifty times the required amunt of people in the mortgage industry at present. Many large mortgage divisions (Bank of America, WAMU, Wells Fargo) are laying off thousands of people - with more experience than you - in their mortgage divisions
*there are currently no forecasted (or obvious) signs in the economy that people are going to go rushing back into the home purchase or refinance markets in the next couple of years
Seems like your cycle might be a little off. Then again - and not to be *too* negative - I'm sure if you work really hard and are reasonably smart you might make a go of it.
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