Mortgage to Insurance?

Aug 8, 2008

  1. BrentC
    Offline

    BrentC New Member

    Posts:
    6
    Likes Received:
    0
    Hi,

    Are there any insurance agents here that have made the transition from being mortgage bankers?

    If so, what is the good and the bad when comparing the two industrys?

    Any insight would be much appreciated as I am considering a career change.

    Thanks!
     
    BrentC, Aug 8, 2008
    #1
  2. reLwaL
    Offline

    reLwaL New Member

    Posts:
    4
    Likes Received:
    0
    Why not do both? Find a company that can does Mortgages and Insurance and do them both. I am doing it now and it works out. If you want to market heavily on Insurance go for it but if you can snag a deal or two of loans why not?
     
    Last edited: Aug 8, 2008
    reLwaL, Aug 8, 2008
    #2
  3. moonlightandmargaritas
    Offline

    moonlightandmargaritas Guru

    Posts:
    9,749
    Likes Received:
    31
    State:
    Florida
    Mortgage brokers are used to "big" scores. Insurance (depending on the type, or course) is mainly "little" scores.

    Here's another:

    Are you looking to get in to insurance cuz you want to, or is it that you want to get out of the mortgage business...
     
  4. BrentC
    Offline

    BrentC New Member

    Posts:
    6
    Likes Received:
    0
    Thanks for the response.

    Both. I've been very interested in insurance for about a year but I've always been hesitant to leave my comfort zone.

    Right now, I'm at a great bank for mortgages and a great division within private banking. But I am 29 and I've only done mortgages since graduating from college. I'm getting to the point where if i don't make a move within another couple years, it is likely i'll be doing this for the rest of my life. If I left mortgage I would be leaving behind some very big relationships with realtors that I have taken a long time to build.

    The "big" score is nice but it is very transactional. I probably won't see that client again for another 4 years. I enjoy relationship management and building.

    Mortgage does beat me down a bit: I have to get the deal, be competitive, underwrite income/asset statements to guidelines changing daily, then hope that we can close 30 days later.
     
    BrentC, Aug 8, 2008
    #4
  5. xrac
    Offline

    xrac Guru

    Posts:
    11,540
    Likes Received:
    82
    State:
    Indiana
    Maybe it has something to do with something like this:

    Indiana Loses Nearly Half Its Mortgage Brokers To New Licensing Law

    Indiana Loses Nearly Half Its Mortgage Brokers To New Licensing Law | Housing Doom
     
    xrac, Aug 8, 2008
    #5
  6. Invain15
    Offline

    Invain15 Super Genius

    Posts:
    104
    Likes Received:
    1
  7. Ramond B
    Offline

    Ramond B Guru

    Posts:
    385
    Likes Received:
    0
    The nice thing about Mortgages is that you don't have to stop doing them to start another career. One thing I do see from the agents in this field and the agents in that field....most insurance agents are much happier people over all. I do agree with reLwaL about doing both. Seems to be a growing trend.

     
  8. JCK818
    Offline

    JCK818 Guru

    Posts:
    620
    Likes Received:
    0
    State:
    California
    I transitioned this year. Less headache and heartache.You have to work on volume.
     
    JCK818, Aug 11, 2008
    #8
  9. Ramond B
    Offline

    Ramond B Guru

    Posts:
    385
    Likes Received:
    0
    I'm sure being in LA in the mortgage biz didn't help. Very Tough market. Glad to hear you are liking this better. I still market for both, luckily the marketing schedules do not conflict with each other. Nice thing for you is you can cross sale both when the opertunities arise.

    Good luck to you!

     
    Last edited: Aug 12, 2008
    Ramond B, Aug 11, 2008
    #9
Loading...