So You Want to Be a Mortgage Broker Description:

So You Want to Be a Mortgage Broker review:
4 stars (Very Helpful) - Found the book helpful and informative for those interested in getting into the mortgage brokerage business.
4 stars (Jameson L Thottam (previously with The Loan Page, IndyMac Bank, Homestore)) - Hi,



My name is Jameson Thottam and work in the mortgage industry (having served as in exec positions (e.g., VP) with various firms such as The Loan Page, IndyMac Bank, Homestore), I highly recommend this book to anyone interested in learning about how the mortgage industry works (soup to nuts: Mortgage Value Chain, Secondary Mortgage Loan Insider Trading, Marketing, and issues related to OCC / OTS / SEC / FDIC, RESPA legal issues & litigation, Operations and other significant issues).



Hope you enjoy,





Jameson Luke Thottam

(Job History: Battery Ventures/The Loan Page, IndyMac Bank, Homestore, Morgan Stanley Investment Banking, LEK Management Consulting)


5 stars (Good Value for the New Person) - If you are interested in getting into the mortgage business, either as a loan officer, mortgage broker, or even a banker than you should read this book.



I have been recruiting new loan officers for the company I work at for 12 years. And this is the first work I have seen that gives all this information at such a low cost.



Before I found this book, I had been sending all new recruits to a local mortgage/real estate school that has a class teaching this same material. The cost was $97 per day. Now I just tell them to get a copy of this book.



For some reason everyone thinks getting into the mortgage business is all fun and games and that everyone makes tons of money. It's not. It's hard work and you must take it seriously. I am glad the author did not sugar coat in his book.



In fact, the thing I like best is that the author writes using easy to understand language. There is very little mortgage jargon to confuse people new to the business. And what there is, is explained. The author is not a tradiontal author. He is active in the industry everyday and knows what he is talking about.



This book covers the basics. If you have been in the industry for a while then the material is too simple for you. It's for new people or those still thinking of getting into the business. You get a behind the scenes look.



What I wish the author did not cover was the ways loan officers make money. I feel that info should be kept secret from the public otherwise there is a tendency for unneeded regulation. But if anyone wants to know how mortgage companies and loan officers get paid, that is in this book as well.



But for those already in the business, Chapter 9 is worth the price of the book by itself. Chapter 9 is titled, How Do People Choose Their Broker. And it is a review of a survey done of thousands of borrowers. The survery reveals what caused the borrowers to use the mortgage company they did. And also how they found out about the mortgage company they used. The marketing deptartment at my company found this info very useful indeed.



To supplement the material, the author interviewed several people who are loan officers or company owners and got their advice on what new people should do once they get in the business.



And here is mine: If you are thinking of getting into the mortgage business, first know what you are getting into. This book is a good source. Talk to people in the business already. See what they say. Talk to recruiters at a few companies in your area to see what positions are available and what your different options are. Make sure you get proper training. Either from your company or from somewhere else. Without proper training in the beginning you will spin your wheels for nothing. It is very important to get a good taste of this business in your mouth at the beginning or you will lose hope. Get the training. Then learn how to market yourself. And hang in there.



At the end of the book, the author included two sales letters for his other products. We have used both these items in our company and can say that they work as well as advertised.



It' great that more and more products are coming out for the mortgage industry. When I first got in, all the training I got was to follow around another loan officer for 3 days.



Now, thanks to books like this one, people who want to understand the business before they get in, can. And if you buy this book and learn that this business is not for you, then that is a good thing. It saved you thousands of dollars and countless hours doing something you wouldn't like. Before, there was no way to know if you would like this industry until you joined. And for many people, it's too hard.



Use the resources that are mentioned in the book to do your own research and follow the suggestions. This guy knows what he is talking about and it shows. Not only in his success but in the success of the people he has taught.