Colli Real Estate

Becoming Loan Officer–Costs?

I have worked for several years now as a Realtor, I am thinking of leaving that business and go to the other side, which is loans. It is about a year off, and I am still debating between LO and teacher. I know when I started being a real estate agent that I pad a ton of money: classes, yearly dues to NAR, OAR, GTAR (3 different realtor associations), tests, monthly brokerage fees, then my fees: signs, marketing, gas, etc. In the first year I spent 12K. I am wondering if that is similar to what it wil cost to do Mortgages. I am thinking of going with a Mortgage Lender, but I have not spoken to any yet to find out their pay scale because I don’t want to cause waves until I’m ready to do something. I’m just wondering if there are nearly as many costs associated with being a Lender as there are with being a Realtor. Any insight would be excellent, thank you!

i don’t know in which state are you in, but became loan officer is much cheaper, then to be real estate agent. you need to pay for your license and testing in IL around $300 to start, after that you pay $100 to renew your licensee and you need to take 6 hours of continuing education-$40-60 every year. you don’t pay desk fee and anything like this- you close the transaction- you get paid your commission fee (depends of your split with the broker) and all loan officers are w-2 employee in IL. advertisement money it is up to you how much you want to spend and in many situation GOOD broker will help you with the cost ( like myself)

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