Post: #1

I have been considering a move into a position as a mortgage banker and I was curious is any guys here have any experience in this field at all or have any predictions as to whether or not now is a good time to get in? I posted this question more or less in a real estate thread but I wanted to be able to get advice more directly concerning mortgage banking specifically.

I have "friends of friends" who are making six figures easily doing this now and have been for years. My sales background is strong and I see no obvious reasons why I couldn't do what they are currently doing, so long as there's not some dramatic change in the industry. I have had actual friends (not super close, however) who have worked in this exact position and the opinions are pretty polarizing. None of these people, in my opinion, strike me as people who would enjoy or last long in sales which muddies the waters a bit on their experience.

Anybody on the forum do this type of work or know anybody who does? I'm hoping to hear some opinions about the work itself and, if I'm lucky, some level of prediction on how any changes approaching with interest rates, the market in general, etc could potentially affect earning potential.

Thanks in advance fellas.

Post: #2

there are two types of mortgages, purchases and refis.

the former is tied to the economy, job prospects, hiring, etc.c

the latter is tied to interest rates. when rates go down, your phone rings off the wall. when they go up, no one wants a mortgage.

look at the financial statemetns of a regional bank that breaks out their mortgage production income - even for big businesses these numbers jump a lot from quarter to quarter.

Post: #3

also, rates are close to as low as they can go now, so I expect gradually increasing interest rates over the next few years. that eliminates most of the refi mortgages. The industry has a lot of folks already, and without a steady refi volume it will need less.