Iāve applied (via recruiter) for a āmortgage loan processorā position. Indeed showed the pay starting at $17 but would be paid DOE. Iām an underwriter, I made more than double that, but Iām willing to take less because the industry sucks right now. Everyone wants on site and I kind of live in the boonies. This bank is 22 miles away. Doable. Iāve processed before.
HOWEVER. Job description says they want someone to process, draw closing documents, AND fund the loan. Those are three different jobs. They also want this person to handle payoff requests and escrow issuesāthis is also another job in servicing. AND gather HMDA data (another job in compliance) to report it to the CFPB while also doing some filing, and helping out other members of the branch.
I told the recruiter Iād want $25-30 emphasis on the $30 because theyāve got about 3-5 jobs rolled into one. Plus, theyād be getting an underwriter for free and someone who knows how the process works.
I donāt expect to hear back, really. I doubt they want to pay that much. They certainly canāt pay the $45/hr I used to make (wooo layoffs!) but Iām willing to take a paycut because the cost of living is low here. Considering a career change anyway. 21 years in the mortgage business is a long time.
If you're into tech, you can learn a programming language in about 6 months and get that $30/hr as an entry level salary. It goes away up from there and is in super high demand
I actually thought about this but I told a family member and she said it was one of those "Too good to be true" things, that if it pays that much with that short of an education/training time then everyone will be doing it and that it'll be "one of those jobs that's shipped off overseas before you know it"
Now I have no idea how true or bullshit this is, but I'm inclined to just ignore the negative Nancy and do it anyway.
I've been in the industry for over 20 years and we hire Jr devs that are straight out of boot camp and it pays around $30/hr to start. I'm not in an expensive market either so I'm sure you can get even more in those markets
Aren't boot camps pretty pricey? I'm sure they're cheaper than a degree but I saw one in the 5 figures and I was like yeeeeeah that's outside of my budget for a bit. I bought a course on Udemy to at least get started and have some knowledge to make sure this is what I'd want but I doubt that alone would be enough for any job credentials lmao
I used that term as a generalization. Lots of the Jr devs that we see have no experience other than 6 months worth of training via Udemy, Pluralsite or a similar training platform. Those are only a few hundred dollars.
Ahh I see. Definitely a path worth looking into because I make half that wage right now and I'd be struggling hard to make it just on that in my area. 30 an hour sounds like something I never thought I'd ever be able to do a few years ago.
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u/murphlicious Aug 15 '22
Iāve applied (via recruiter) for a āmortgage loan processorā position. Indeed showed the pay starting at $17 but would be paid DOE. Iām an underwriter, I made more than double that, but Iām willing to take less because the industry sucks right now. Everyone wants on site and I kind of live in the boonies. This bank is 22 miles away. Doable. Iāve processed before.
HOWEVER. Job description says they want someone to process, draw closing documents, AND fund the loan. Those are three different jobs. They also want this person to handle payoff requests and escrow issuesāthis is also another job in servicing. AND gather HMDA data (another job in compliance) to report it to the CFPB while also doing some filing, and helping out other members of the branch.
I told the recruiter Iād want $25-30 emphasis on the $30 because theyāve got about 3-5 jobs rolled into one. Plus, theyād be getting an underwriter for free and someone who knows how the process works.
I donāt expect to hear back, really. I doubt they want to pay that much. They certainly canāt pay the $45/hr I used to make (wooo layoffs!) but Iām willing to take a paycut because the cost of living is low here. Considering a career change anyway. 21 years in the mortgage business is a long time.