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I Would Like To Get Started In The Mortgage Business PDF Print E-mail
Ask the Expert - Dave Hershman
Saturday, 20 October 2007 00:00

Q: I would like to get started in the mortgage business but am not quite sure about the best route to take in making this transition. My ultimate goal would be to create my own company. However, it may be best for me to start out working for an established company to enable me to learn the business. Any advice would be greatly appreciated.
Bob from Connecticut

Bob--Thank you for this question. Our management conference will be full of recruiting advice for managers—and where a manager/recruiter should start is by understanding the advice I give to those who are looking for a job within the industry. Here is my view in this regard-

o You are right to
shy away from starting your own company. While starting your own company without experience is possible in some states due to ridiculous licensing requirements--it would not be a good idea. This is a complex career and you should treat it with the respect it deserves--gaining the experience and training you need BEFORE you decide your long-term direction.

o Do not skip the research step. Interview loan officers, real estate agents and vendors such as title companies and find out what this career is all about. This need not be separate from job hunting--it should be part of the process. Find these companies not by ads in the paper--but through networking. Everyone knows people in the business.

o Don't look for a company--look for a strong and committed mentor. Someone who will take you under their wing and show you the ropes. You can get classroom training everywhere (including our school). But you can't get day-to-day support from anyone but a mentor. A word of caution here--many will say--Oh, yes, I will train you. But though their intentions are in the right place--their follow through is abysmal. Get specific--what will their help entail? What is expected of them and you? Who else did they train and mentor? Interview previous mentees.

o Set up a comprehensive plan for education, marketing and direction. That is what our class is about. Some say they would rather spend six months in the business or more before they get to out class--others want it the first week. I say--Success is not an accident--it comes with a plan. Understand that you are not taking a job—you are starting a business.

Hopefully this helps--Let me know if you have other questions.


Ask The Expert is an exclusive feature of Origination Update. If you have a question on finance, sales, marketing or leadership you would like to ask—email me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Dave Hershman is the leading author for the mortgage industry with eight books and several hundred articles to his credit. He is also head of OriginationPro Mortgage School, the most advanced comprehensive curriculum in the industry, and is a top industry speaker. For more articles by Dave, free marketing materials and a schedule of classes, visit

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