Loan Officer Business Plan

Loan Officer Business Plan-42
It seems most of the smart money already refinanced, or made home purchases before values went up.

It seems most of the smart money already refinanced, or made home purchases before values went up.And many of the remaining deals are tricky and/or riddled with hurdles and low credit scores.

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In truth, it can always feel that way when you’re trying to get a home loan approved – a mortgage loan originator’s typical day will never be easy.

But there’s always an opportunity for a loan officer, even if the market is in a down cycle or a lull.

You will undoubtedly make mistakes, which will require a phone call to the borrower to let them know you can’t do the deal. But if you can handle all that, being a loan officer can be quite lucrative, and fairly easy if you get yourself organized and educated on mortgages and the many loan options available to homeowners.

It’s not for everyone, and there is definitely a lot you need to learn before starting a career in mortgage.

So let's discuss the parts of your plan that they'll look at more closely than others: SBA Loans Go Through Commercial Banks The SBA works mainly though commercial banks when it loans money to small businesses.

It guarantees a portion of the money that a bank lends you.

But note that I said "most." Since there's a still a chance you could get a bank loan, submitting a loan application to your bank is still a good idea.

What your bank does with your business plan once they have it tells you a lot about your bank.

If you're a startup, your chances of getting a bank loan are actually pretty slim.

That's because banks are required by law to support loans with assets--called --that protect the bank against a loan default.

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