Strategy & Sales

The Real Deal: LOs Should Make $1M This Year

To make a $1 million in a year may be a dream for many, however, a report from The Real Deal might suggest that it's not too farfetched for loan officers.

Navi Persaud
 & 
July 7, 2020

Making a $1 million in a year may be a dream for many. However, a report from The Real Deal suggests it's not too far-fetched for loan officers. The boom in refinances and home purchases, fueled by lower rates, has some industry professionals believing this could be a banner year for LOs.

"If you’re not making $1 million this year as a loan officer, you’re grossly incompetent," said Gold Star Mortgage Financial’s Eric Mitchell, according to The Real Deal. "'I tell them, ‘We’re not working 40 hours a week, kiss your families goodbye.'"

Mitchell could be on to something as we recently reported. Companies have seen significant increases in serious inquiries for buying a home or refinancing a mortgage. The report from The Real Deal states that Quicken Loans saw its busiest day for mortgage applications in the company's history, according to CEO Jay Farner.

"JPMorgan Chase is internally reshuffling its team, transferring many staffers from the home-equity department to mortgages to help satisfy the demand, the bank said in an internal memo viewed by Bloomberg," according to the report.

To learn more about why LOs should make a million bucks this year, click here.

This article originally appeared in the National Mortgage Professional print magazine.

Navi is the Director of Online Content for American Business Media in West Hartford, Conn.

Navi is the Director of Online Content for American Business Media in West Hartford, Conn.

The Real Deal: LOs Should Make $1M This Year
News

The Real Deal: LOs Should Make $1M This Year

July 7, 2020
by
Navi Persaud

Making a $1 million in a year may be a dream for many. However, a report from The Real Deal suggests it's not too far-fetched for loan officers. The boom in refinances and home purchases, fueled by lower rates, has some industry professionals believing this could be a banner year for LOs.

"If you’re not making $1 million this year as a loan officer, you’re grossly incompetent," said Gold Star Mortgage Financial’s Eric Mitchell, according to The Real Deal. "'I tell them, ‘We’re not working 40 hours a week, kiss your families goodbye.'"

Mitchell could be on to something as we recently reported. Companies have seen significant increases in serious inquiries for buying a home or refinancing a mortgage. The report from The Real Deal states that Quicken Loans saw its busiest day for mortgage applications in the company's history, according to CEO Jay Farner.

"JPMorgan Chase is internally reshuffling its team, transferring many staffers from the home-equity department to mortgages to help satisfy the demand, the bank said in an internal memo viewed by Bloomberg," according to the report.

To learn more about why LOs should make a million bucks this year, click here.

Written by 
Navi Persaud

Navi is the Director of Online Content for American Business Media in West Hartford, Conn.

npersaud@ambizmedia.com

These articles are powered by National Mortgage Professional

Making a $1 million in a year may be a dream for many. However, a report from The Real Deal suggests it's not too far-fetched for loan officers. The boom in refinances and home purchases, fueled by lower rates, has some industry professionals believing this could be a banner year for LOs.

"If you’re not making $1 million this year as a loan officer, you’re grossly incompetent," said Gold Star Mortgage Financial’s Eric Mitchell, according to The Real Deal. "'I tell them, ‘We’re not working 40 hours a week, kiss your families goodbye.'"

Mitchell could be on to something as we recently reported. Companies have seen significant increases in serious inquiries for buying a home or refinancing a mortgage. The report from The Real Deal states that Quicken Loans saw its busiest day for mortgage applications in the company's history, according to CEO Jay Farner.

"JPMorgan Chase is internally reshuffling its team, transferring many staffers from the home-equity department to mortgages to help satisfy the demand, the bank said in an internal memo viewed by Bloomberg," according to the report.

To learn more about why LOs should make a million bucks this year, click here.

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