TO TONY!

[jennie]

tony,

 

hi it's me again but with a totally different type of question for a change.

 

i read on a post somewhere that you were/are in realestate, not sure tho for sure.

 

my boyfriend is also a realtor and a loan processor and as of late you know i have not had a lot of work and was considering going to work at the holiday inn just to make some money any money, it was better then sitting at home and trying.

 

well he decided to put me on his pay roll and has me doing a lot of different things for him during the day. i hate office work and this is like office work, but i'm doing it cause he does not want me to go work at holiday inn makin practically no money.

 

well when i was doing some of his paper work i ran across how much these loan processors make, $400.00 after a closing!?

 

wow! i know they do alot of work and have to have training, but i'm not too sure what all they do. i know it is like office work, but the money sounded intriguing.

 

so i wanted to ask you if you know what they do, and how much schooling they need, classes to keep current, etc.

 

the reason i'm asking you is cause if i ask my boyfriend he will start pushing me to do it, and i know he will even offer to pay for it!

 

i know he wants me to better myself and all, but it seems like he don't want me to do what i want, but what he wants, makes me think he is embarassed about my job, house cleaing, but i don't know.

 

any suggestions? i would appreciate it/them!.

 

thanx.............................jennie

[Tony T]

Loan processing can be extremely difficult work. Each loan must have absolutely perfect paperwork in order to be sold in the secondary market. In other words, a lender makes the initial loan but then sells the loan at a discount, usually to Fannie Mae or Freddie Mac. Loans processed with FHA or VA guarantees also require perfect paperwork all the way around.

 

The processors are responsible for seeing that the loan application is filled out correctly and in full, that the credit report is done, title work is performed, surveys, appraisals, and all other requirements of the lender are in perfect order. Once this happens, all the documents are turned over to an underwriter who approves or disapproves the loan.

 

Once approved, an new set of papers, including mortgage, mortgage note, closing statement, insurance documents, etc. must be drawn up and coordinated with a title company. The people who do this work more than earn their money. $400 per closing is hardly worth it in my book. I wouldn't do it for that. Some loans are easier to process than others. Many have to be creatively fudged to get the applicants to qualify.

 

I think you are capable of doing this. But you have to work hard and get good volume in order to be successful. With the coming recession, volume will be down some for a while and probably won't pick up for a year or more. But that shouldn't stop you if that's what you want to do.

 

I think you can do it and keeping very busy might take your mind off all your other problems. However, it can be stressful at times and you know how you are under stress. Very few well paying jobs are without some measure of stress.

 

Your best bet is to ask some of the processors directly what they do and how they enjoy their work. See what they say.

 

I don't know how many times I have to tell you...your boyfriend does not understand your problem...he never will...so just give up on it. He does not understand, and I don't really think he wants to understand, that you have some particular challenges and you just can't pick up and do whatever he wants you to do.

 

Please understand this. Sit a while and get it in your head.

[jennie]

thank you tony for the input! correction tho, he is a loan officer not a loan processor. he has quite a few loans and some real estate actions going on right now, so i would be getting any leads from him only.

 

anyway, it sounds like more work then it is worth. i am not good at detail and it sounds like you need to pay alot of attention to detail.

 

i am also thinking about medical data entry clerk. i 've yet to look into anything yet, but am contenplating what to do with my life.

 

crazy huh? i'm 43 and still don't know what to do with my life. i'm not an out going social butterfly which seems to limit me in any career field so i thought something at home kind of work would be perfect!

 

he tells me to cashier or work at coors or anything is better then a hotel. i tell him i'm not interested in those places then he thinks i'm just not interested in anything!

 

i know i have to keep busy or i fall into these stinkin thinkin ruts and do stupid things, like post on here alot about the same ole thing.

 

i think part of it i'm just bored and lonely. my boyfriend said he'd read men are from mars book and i have it laying on the table and am waiting for him to pick it up and start reading, maybe tonight....

 

i know he wants me to better myself, but i don't know what he wants except he wants me to do something with my life,

 

the celexa is helping alot now days, except i feel so weird on them at times, but i'm hanging in there.

 

anyway, thank you again, i need to get a life so i can quit asking you about everything. i wish i could ask my boyfriend or talk to him about these things, but when i can get his attention he puts on his mr. fix it hat, or half the time, he just don't hear me anyway........jennie

 

p.s. i'm not defending him at all, i'm just stating things as i see them, i don't defend him anymore anyway, his ego is too huge to need it from me or anybody! lol

 

loan processing can be extremely difficult

work. Each loan must have absolutely perfect paperwork in order to be sold in the secondary market. In other words, a lender makes the initial loan but then sells the loan at a discount, usually to Fannie Mae or Freddie Mac. Loans processed with FHA or VA guarantees also require perfect paperwork all the way around. The processors are responsible for seeing that the loan application is filled out correctly and in full, that the credit report is done, title work is performed, surveys, appraisals, and all other requirements of the lender are in perfect order. Once this happens, all the documents are turned over to an underwriter who approves or disapproves the loan. Once approved, an new set of papers, including mortgage, mortgage note, closing statement, insurance documents, etc. must be drawn up and coordinated with a title company. The people who do this work more than earn their money. $400 per closing is hardly worth it in my book. I wouldn't do it for that. Some loans are easier to process than others. Many have to be creatively fudged to get the applicants to qualify. I think you are capable of doing this. But you have to work hard and get good volume in order to be successful. With the coming recession, volume will be down some for a while and probably won't pick up for a year or more. But that shouldn't stop you if that's what you want to do. I think you can do it and keeping very busy might take your mind off all your other problems. However, it can be stressful at times and you know how you are under stress. Very few well paying jobs are without some measure of stress. Your best bet is to ask some of the processors directly what they do and how they enjoy their work. See what they say. I don't know how many times I have to tell you...your boyfriend does not understand your problem...he never will...so just give up on it. He does not understand, and I don't really think he wants to understand, that you have some particular challenges and you just can't pick up and do whatever he wants you to do. Please understand this. Sit a while and get it in your head.

[Tony T]

Sorry, in your original post you requested information on a loan processor and that's what I gave you. You do not have the training or experience to be a loan officer at this time.

 

My recommendation to you is that you go to a local trade school, many of which are operated by public school systems, and talk to a career counsellor about training and job opportunities in the work place. Find out what will be in demand in the coming years. You still have many years left in your life and you want to find something that you enjoy doing and that is fulfilling for you.

 

That's how to do it. Good luck.