Mortgage officer, mortgage loan originator, and loan officer are all names for the same type of position. The economic crises that are constantly arising have paved the way for many people to specialize in the lending career. It’s not rare for people to confuse mortgage brokers with originators, yet their roles are distinct. Brokers are considered third-parties since they do not work for the lender, but are merely connecting them with clients. The job of a loan officer isn’t simply making sales to get the commission, it involves seeing over business contracts, marketing, finalizing transactions, and monitoring of staff. This may come off as overwhelming at first, but it doesn’t take long to get accustomed to the job thanks to its many benefits. The core job of loan officers is to recommend suitable loans to home buyers.
We’ve compiled 6 of the best reasons that would make you want to consider a career as a loan officer.
1. Simple Qualification Process
While having a bachelor’s degree in an economy-related field is a sure plus for many lenders, a high school diploma is more than enough if you’re licensed. The licensing process takes around two months to be completed. Expect education classes, exams, background checks, and credit score reports. People with bad credit scores can still apply for the license. In accordance with the guidelines mentioned at LoanOfficerLicense.net, the financial responsibility requirement of the SAFE Mortgage Licensing Act of 2008 can be dependent on the state. You should also remember to renew your MLO license every year. It’s worth noting that every annual renewal is accompanied by an educational course.
2. Make People Happy
Not a lot of careers end up with seeing people very happy like they do when they finally get to own their own house. A loan officer builds rapport, works alongside clients, and finalizes the best deals in their favor. The loan officer position used to be a sales position, and lenders noticed that it takes away from the qualities that create a special relationship between the business and the client. A mortgage officer is now considered a consultant as it’s now more focused on guiding consumers who are looking for any help they can get while making a big decision like buying a home.
As a loan officer, you’ll get to socialize every day with new clients as you try to show them the available options, answer questions, direct concern, and finally help them to make a decision. It’s no wonder that the most successful loan officers are social butterflies who don’t think of socializing and talking with people as a chore. It’s hard to get bored when you’re meeting new people every day in addition to solving unique problems.
Mortgage officers’ jobs are linked strongly with the pulse of the real estate industry. The growth of the economy and real estate is solidifying loan officer positions as a secure career option with nothing to worry about. Reports show that mortgage-related jobs are going to see a great increase in the following years due to the potential high demand. The variety of the market and consumers, is giving mortgage lenders a lot of choices to choose from.
A career in mortgage lending offers you a lot of flexibility in terms of your work pattern. For those who enjoy working in an office, they’ll easily find a lot of lenders who need in-house loan officers for their visiting customers or inquiries. Some mortgage lenders can work from anywhere, in addition to traveling a little distance to meet clients. It’s quite alluring to build your own home office and start receiving clients in your house. Once you have your license, you’ll be able to find a work environment that suits your style.
6. Good Salary
Loan officers have more than one way to make money. Those who prefer to make most of their income based on their commission from deals are able to enjoy great and rewarding salaries that are not easily matched in other careers. A flat salary is a great choice for loan officers who would prefer focusing on consulting without having any targets to keep track of. The annual salary can differ greatly; the average median pay is around $60,000 while the skilled officers can rake in over $300,000 a year. What truly sets apart one officer from another is the amount of hard work and dedication invested in the job.
The popularity of mortgage lending as a career is constantly increasing as the economy stabilizes. Deciding on a career is a big step in anyone’s life. It’s still safe to say that there is no lack of demand for loan officers who have a passion for what they do. You should go for it if you believe that you’ll enjoy the job while reaping its many benefits.