Like any job that works with the public, the position of a loan officer can sometimes be stressful. If you can deal with that stress in a calm manner, your career as a loan officer is likely to be lucrative. You will see that the offers fail and you will lose a lot of time. You'll have mental breakdowns as loans slip out of hand, and brokers and realtors yell at you as deadlines approach.
The opinions and ideas expressed in this blog are solely those of its author, Trevor Hammond, and do not necessarily represent the views of Mortgage Guaranty Insurance Corporation or any of its parents, affiliates or subsidiaries (collectively, “MGIC”). Do banks provide clues to their mortgage bankers or is everything still self-sourced, as is often the case when working for a mortgage broker? If you work for a smaller mortgage company or a broker, you may be able to set your own schedule and do whatever you want. If you work for a wholesale mortgage lender and are an account executive (the equivalent of LO), the fee could be even lower, sometimes less than 10 basis points per loan. Larger banks tend to pay their mortgage loan originators a salary plus a small percentage of the final mortgage amount.
So, do you need a job and are you thinking about becoming a residential mortgage loan officer? Or a mortgage loan originator (MLO), as they are now known. Avoiding the burnout of mortgage loan officers is an important topic, and one that I have discussed frequently in the past few months. If a mortgage loan officer gets just one of those deals, it often amounts to a big payday, sometimes up to a few months' wages working a minimum-wage job or other lower-wage jobs. In fact, mortgage loan officers don't even need a bachelor's degree, let alone a high school diploma to get employment with certain mortgage brokers and lenders.
In truth, it can always seem that way when you're trying to get approved for a home loan: the typical day of a home loan originator will never be easy. Trevor Hammond is a sought-after mortgage counselor, certified performance coach, speaker and author who focuses on helping people enjoy more money, less stress, and more life. But there are a number of questions you should ask yourself before entering the mortgage industry as a loan officer. If you work directly for a bank or mortgage lender, you'll need to familiarize yourself with the company's entire product range to know what you're selling.
The originator has the problem of having to get an optimistic homebuyer on a mortgage loan and that has its own complications. Always do a lot of research on the mortgage company or broker you decide to work for to make sure you know exactly how and how much you will be paid, and what is expected of you. Loan Officer Hub brings together the best information and resources in the mortgage industry to help loan officers grow, learn and succeed.
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