I work for Great Western Bank. My manager is seeking an experienced mortgage loan originator (MLO or "Loan Officer") to head up Boulder location.
Job link: Link won't work. Go to www.greatwesternbank.com - click on About us/Careers and search for "Mortgage".
Interested persons should email me their resume at justin.harward@greatwesternbank.com -- do me a favor and PM me on CSC as well, just in case your email gets tossed into my junk folder.
The MLO will be based in one of the two Boulder branches and receive bank referrals from the two Boulder bank branches, the Erie, CO branch and possibly a 4th. You can make a decent living just off the referrals but the MLO is expected to source a fair amount of their own business, create relationships with realtors, ect.
If you left the industry and have thought about getting back in, now is probably the best time in recent history. Right now there is the combination of record low interest rates and stable/increasing home values in Colorado.
Pay is commission: $100k plus is realistic. For FY2012 of the 30 or so MLOs in the company, the top guy cleared $330k with 4 others topping $220k. The "average" is in the $100-150k range. The business isn't always like this but coupled with record low interest rates and stable/increasing home values makes right now a great time to be in the business.
Additionally MLOs get cell phone, expense reimbursement and marketing budgets.
PM or email me to discuss specifics.
Perks:
Cell phone reinbursement, expense reimbursements, marketing budget. Great locations and exceptionally nice offices. No cubical or "sales floors" here.
You are left on your own to do your thing. Set your own hours, work however you work best. I talk to my manager a few times a week and every Thursday the Colorado team gets together for a 20-30 minutes weekly update conference call.
This is not like most retail banks. We have the same rates and pricing as a broker but with the strength of being an $8 billion dollar bank.
In house processing, underwriting, funding - most refinances and purchases can be completed in under 30 days -- conventional loans are sold directly to Fannie Mae on the secondary market. Our closing cost are below average.
We offer conventional, FHA, VA, VA IRRRL (VA streamline), USDA.
My only gripe is a lack of a FHA streamline currently.
Compared to any of the big banks (Wells, BofA, Chase, ect) we're typically at least $4,000 cheaper on your average $200,000 mortgage and we can complete it in 1/3 the time.
Great Western Bank is without a doubt the best company I've ever worked for, this is a tremendous opportunity for the right person. It's a bank that's large enough to have the resources but small enough that everyone knows everyone.
It's not all rainbows and sunshine however. If you want to make $100k plus, expect to work 55 hours a week. Working the normal 40 hour week 8am to 5pm, expect around $70-80k/year.
Also, you should understand it's not always like this. The mortgage and real estate industry are very much a feast or famine deal. Right now it's very much a feast but in the recent years it's been more famine then feast.
Rates are expected to remain at these low rates through Mid-2015 based on Fed action but once it does start to unwind it's probably going to get ugly. But in the mean time, enjoy the next 3 years!
Justin
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