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Making the switch from mortgage loan officer to....?
July 30, 2014 3:00 PM   Subscribe

I have slaved, I have begged, I have cajoled - and after years in the industry I have come to the conclusion that it's just too damned hard to make a living now as a mortgage loan officer. I have been in banking for 25 years and don't really want to go back to working in a branch either. Is there a career that would allow me to leverage my experience as a loan officer and make decent money - something similar to mortgage but not the same field or product? I can use Google and I am not looking for "have you tried, have you looked...". I am really looking for people who have done this or know someone who has. I don't need more training as a loan officer and I am not interested in the latest sales fad.
posted by brownrd to Work & Money (6 answers total)
 
How much money do you want to earn?
posted by grouse at 3:10 PM on July 30


I don't know anyone who has left the industry but I certainly know people who have transitioned from origination to underwriting, servicing, etc. (I work for a credit union).
posted by headnsouth at 3:28 PM on July 30 [1 favorite]


My sister-in-law has been a mortgage loan officer for years. Her tiny company recently got bought out by some giant conglomerate, and she's inquired about moving into underwriting, and apparently it's an in-house training/apprenticeship process. I'm not sure if she's started the process yet but she was really excited about the opportunity.
posted by jabes at 4:11 PM on July 30 [1 favorite]


Loan fraud investigations.
posted by Verdandi at 4:33 PM on July 30 [1 favorite]


I've made the switch - admittedly, a long time ago. I now work in procurement consulting as it relates to labour and services. My jumps were: mortgages (four years) to software sales (the only thing I got was cold calling experience) to recruiting in the automotive industry (two years) to working as a buyer of labour from recruiting companies in the automotive industry.

Been building on that last bit with the same company for over ten years and am now part of our operational leadership team.

Recruiting often gets a black eye from people who have had a bad experience with bad recruiters, but if you work for one of the big, reputable names in the industry (or a boutique house that treats their clients and candidates right), you can build pathways into procurement, internal recruiting (going from an agency to being in-house for a company) or HR, among other things.

Good luck to you regardless of your choice.
posted by GamblingBlues at 6:03 PM on July 30 [1 favorite]


Have you looked at CDFI's or CDC's? They frequently need people with your skillset.

http://ofn.org/job-bank is a CDFI job listing site.
posted by Ndwright at 7:31 AM on July 31


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