Job Offer, Im confused!

[huk]

What is the name of your state? ohio
This is not a legal question, but I could use some feedback. Right now I work in retail, but I was offered a job as a mortgage broker(loan officer). I have no expierience, or training and it is 100% commission, and the promises sound just a little to good to be true (75k/100k a yr).....I find this hard to believe......thank you

 

[rainmand]

I'm not sure this is the right forum for your question, but since you asked...

You can be successful if you prepare properly. Get your license first (while you're still employed in retail) and read introductory mortgage books that explain mortgage basics. You should also have your marketing strategy well thought out prior to leaving your W2 job. You should research the mortgage industry and decide which niches you're going to target, then study those niches so you know them better than your competition. (For example, my 3 niches are bankruptcy, foreclosure and reverse mortgages) The goal is to become an expert in those niches and target the customers associated with your niches. It's just too painful going after the business that most other loan officer's are targeting (ie: refinances). You want to create an environment whereas you're perceived as an expert before your customer contacts you. That'll enable you to avoid being trampled by rate-shoppers and allows you to concentrate on a smaller group of individuals you'll be able to help. It's also a good idea to have cash reserves set a side for 6 months since you'll be starting out at 100% commission. It might be a good idea to look for a mortgage firm that offers a training program for beginners. They usually compensate the trainee with a salary during the training phase and then gradually move them to 100% commission when the time is right.