Start Your Own Mortgage Company

The real estate market is beginning to settle down; at this point in the cycle people begin to think about opening their own mortgage operation. One key step is the proper hiring of Loan Officers (LO). Mainly since the Fall of 1998 when the Russian Ruble collapsed and there was an industry collapse, in it's wake LO's were taken on board by most as 100% commissioned sales people. Please don't make that mistake!

When you do that sort of thing, you end up with people who come to your company with LOTS of baggage from their former employer(s). Ethical issues that can kill your fledgling operation. For the 8+ decades before that (like when I started in the business), we were paid salary and a modest bonus when me met certain broad ranging goals.It's best to hire LOs that have NO mortgage or real estate experience, that way they get infected with your firm's ethics and integrity instead of being high paid commissioned salespeople who tend to be greed driven.

The central theme (the #1 reason) on why any customer will do business with your company is it's credibility in the community. You think this guy's got that?