Question for the loan officers....

[DookieLuv!]

What all does you job entail?
How much cold calling do you do?
What is your commision rate?
Do you mainly do new purchase or refinance?
What does the average loan officer make...on average?
Do you advertise or market yourself?
Basically, describe your 8hr workday to me....

[John]

you would probably get a much greater response on this in the mortgage brokers group

[Amortized]

What all does you job entail?
How much cold calling do you do?
What is your commision rate?
Do you mainly do new purchase or refinance?
What does the average loan officer make...on average?
Do you advertise or market yourself?
Basically, describe your 8hr workday to me....

What does the job entail? A lot of stress, a lot of hours, a lot of working for free, a lot of people placing blame on you when its out of your hands, and occasionally help people by closing their loans.
Cold calling? None
Purchase or Refi? Mix of both, some months its 50/50, some its 75/25 and others 25/75
Avg. loan officer would make $30-40k. It may seem low but consider how lazy most loan officers are and its easy to make $30-40k doing almost nothing, if you wanna bust some ass you can easily double that figure.
I advertise and go after referals.
8hr workday? Its usually more than that.
Commision split will depend on expierence and/or if leads are provided. If you are just starting and/or given leads, you can expect 40-50% split. With expierence and generating your own leads you can expect 60-80%.

Something you might want to think about is WHY you want to be a LO. From your questions it seems as if you're thinking about it for all the wrong reasons.

[BigBodySmith]

I was a LO in the Refi boom, it was so easy to get a loan, but at the place i worked at, we had to process our own loans, which is contacting the bank, doing appraisals, dealing with title companys or lawyers. I actually worked on 2 purchases, all the rest Refi's. But that is when rates were 4.5% on a 30 year, really all you had to do was answer the phone, and that was a guaranteed $1000 in your pocket, it was great for the year and half I did it. Had to quit because it slowed down ALOT!! I tell you what, it was a bitch. I mean, there is good money there if you bust your ass, but there are sometimes when you work on a loan for 30 days, and the customer cancels a few days before closing, and you dont get paid!!

But this is a job that requires all your time!! Dont expect free time. I worked for a small place, about 20 officers, and the owner spent like 30gs a month in advertising around the country. So we had all incoming calls, and we also followup with interenet leads. I really did not any cold calling though. But the more time you were there, the more of a chance you get that call you know!!

[Amortized]

I'd also like to add, the "typical" day you're asking about will be completly different as a new LO compared to an established LO. One thing BigBody mentioned was how easy it was, but keep in mind, now that the refi boom has dried up, you'll spend much more time originating new loans than closing loans. You're primary job in the begining will simply be to get your phone to ring, and once you're established, you'll have a completly different job closing loans.