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Mortgage Jobs - Mortgage Bankers, Brokers & Loan Officers - YouTube
Channel: CareersOutThere
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hey everyone marc luber here from
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careers out there you could find me at
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careers out there.com
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I recently interviewed Tommy Rosenthal
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he's a mortgage banker at the USA
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mortgage company in st. Louis Missouri
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for the past 13 years Tommy's been one
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of the top 10 mortgage originators in
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all of st. Louis I asked him to explain
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mortgage banking to us and to compare it
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to some related careers here's a look at
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how that went our jobs are to originate
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loans home loans we provide the
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financing to help to help borrowers out
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in purchasing a home or refinancing
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meaning saving money on their current
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home on the phone we talked about a
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couple different career paths that are
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related to what you do and I want to
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talk about those and if you could kind
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of distinguish each one for us so that
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we can figure out the differences 3
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where I guess where mortgage banker like
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yourself then the mortgage broker and
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then a loan officer handling mortgages
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at a big bank like a Bank of America
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Wells Fargo all related paths yet
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different tell us what the difference is
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please well here the difference and they
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are kind of subtle differences they're
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all in general doing the same thing but
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with slight differences so a mortgage
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banker which is what I am I work for a
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mortgage company we closed loans in our
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company's name ok and we use our own
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funds to close loans but then after
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closing we sell the loan off to a bank
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America Wells Fargo City Mortgage chase
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any of the big big companies so we're
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doing everything in our company's name
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and then closing a loan broker or a
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mortgage broker the main difference is
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they are also going to originate loans
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but immediately before closing that
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loans going to be transferred over to a
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Wells Fargo and Bank of America they're
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going to not use their own money in the
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transaction and they are not going to
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close and their company's name there in
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the closing whether they sold the loan -
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so the main difference can be sometimes
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higher fees from mortgage brokers
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because they make their money that's one
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way that they make their money is by
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immediately selling off the
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a loan officer to bank duties will be
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the same but their general but the main
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difference is where we're gonna have
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many different investors that we're
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gonna sell our loan to a loan officer at
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Bank of America you might walk in see a
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loan officer there and say I want to do
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my loan with you guys and the only loan
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the only loan company they're gonna be
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using is Bank of America I'm not gonna
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be selling alona so sales you have their
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rate they could only say to you here's
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our rate today and you can look and say
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and you have a broader array of race you
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can also be doing we have a broader red
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the which is great we have more
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different we have more companies we can
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sell our loan to now that being said one
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nice thing about being a loan officer to
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bank is they're also often able to do
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what are called portfolio loans which
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are the bank can make their own decision
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on certain loans that are not
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necessarily by the book for back lack of
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a better term so if they if they think a
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loan makes sense and they their bank
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agrees that they want to do this loan
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they're able to do that and that's
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that's one advantage of being a loan
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officer at a bank as opposed to a
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mortgage company and that you're
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competing with all these characters
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right you're not only competing with
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other mortgage bankers but you're
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competing with the loan officers at the
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banks and the mortgage brokers right
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totally I mean we're in competition with
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all with everybody different mortgage
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bankers banks mortgage brokerage brokers
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all of us because the jobs really are
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very similar yeah what definitely
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competition with also one thing it's
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important to know is again if you're the
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mortgage bank or mortgage broker a loan
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officer again it all comes down to if
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people like you and you give good
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products and fair prices
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you got a great chances of success and
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if someone's watching this sounds cool
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to them there's actually a lot of
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different kind of opportunities then
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because there's different places they
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can go if they actually want to start
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absolutely yeah odorless it was someone
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else that that's looking for career many
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opportunities I think they can go any
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which way as far as that's concerned and
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huh that's really exactly I hope this
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video is helpful for you guys if you
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liked it please click the thumbs up and
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if you want to learn more about the
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career path you could find a full
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interview at careers out there.com where
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we interview professionals from all
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kinds of career paths about what they do
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so we can help you find a career that
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fits you and you can love what you do
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you can also find us at Facebook Twitter
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and lots more videos here on YouTube
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thanks again for watching everybody I'm
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Marc Luber look forward to seeing you
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again soon take care
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you
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