Friday, July 29, 2005

Learner Earner

A site that I recently found, for someone who wants to learn and earn. Learner Earner
While it sound interesting and something I think is great idea, for me in my situation, I don't know if it would make sense. The ad says make starting $20,000. I don't know what the maximum a person can make as a loan officer. Would it be deemed proper Hishtadlus to take this course instead of going to college?

8 Comments:

Blogger tastic said...

I don't think it's a bad idea if you're interested in that area. it's part-time so it's a good transition expereince if you'd ever like to wok full-time, and if you think it may be too late or inconvinient at this time to invest money and time into college, you can always take certification courses at baruch or other places in real estate, mortgages, and book-keeping amd basic accounting to give you other experiences and expertises.

i don't thinks it's ever a bad idea to have a "back-up" plan and i don't think it's a lack of hishtadlus, because when (if) time comes to make a parnasa or support a family, you want to have something.

hatzlacha.

5:35 PM  
Blogger ClooJew said...

hmmmmm....I think it's a fantastic concept, but I am, lulei demistafina, a bit skeptical.

There are a LOT of mortgage brokers out there. And I'm not sure how many more mortgages there are to underwrite--especially if the housing boom slows down.

Also, does Rav Shmuel shlit"a know that his name is being used in ads (even if he did give a haskamah)?

You should consult with shopaholic. She's in the mortgage biz.

http://smelllycat.blogspot.com/

6:39 PM  
Blogger Malka said...

Are you nuts?!?!?! Go to college and don't second guess your decision for one minute!

10:01 PM  
Blogger Semgirl said...

Why dont you do both. Possibly this along with a few courses in a local Community College..

10:54 PM  
Blogger EN said...

Semgirl-I thought of that, but they are very far from each other and hard to travel to both.

11:04 PM  
Blogger Shopaholic said...

Hey En- I've been referred by cloo to advise. I don't know a/t about Learner Earner aside from what I've read (It sounds like IDT). So I can't tell you about that particularly but I can tell you about being a loan officer.

Its NOT an easy job. It's sales, and like all salesmen, you gotta be able to talk the talk AND deliver what you say you will because there are a million and one other places a guy can go to for his mortgage today. why should he go to you?

First of all, like cloo said the housing boom is dying out. The Real Estate market is becoming a sellers market and purchase prices are starting to drop-slightly (not that your going to see it in Brooklyn...),refinances are slowing down, and prime rate is creeping back up. (Its already at 6.25!)
Secondly, to be a loan officer you need contacts-you need people to refer you business. With the market flooded with every Tom, Dick and Harry is a loan officer-or "knows someone who works in mortgages who can give you a good rate", all a guy needs to do if he wants a mortgage is ask 3 of his friends for a rate quote and go with the lower one!

Third- Loan officers make commission only and they get paid once they've actually closed the loan. Also, they are only able to leagally work for ONE bank at time. (So it the loan gets denied for whatever reason they can't (technically) take it to another bank).
Also they get paid 1099 -Which basically means your self employed. If your looking for a first time job,go for something salaried, w-2.

I'm not in any way trying to discourage you. If you think this what you want to do, then look into it. Speak to other loan officers (I'm an underwriter), take out books etc.

My opinion-Its a good job if you know people who can help you get started, get your name out etc. But It's not as predictable (and dependable) as accounting.

3:26 AM  
Blogger EN said...

Shopaholic-Thanks for the advice. I think I'll stay in college. I am not a risk taker.

8:57 AM  
Anonymous Chana said...

You have to know yourself. Can you survive and keep to your religion when you're not in a Jewish community? Have you ever tried?

9:13 PM  

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