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. This is the one I added to the list because I did this work for many years in a previous life. Not that it was so bad when I did it, but rather that it has gotten a lot worse in the past five years.
The originator has the problem of having to get an optimistic homebuyer on a mortgage loan and that has its own complications. This depends on the market in which you work and the institution you work for. Work can be stressful if you have customers who require a lot of maintenance or who need it. As with any job, there are going to be a lot of factors involved.
Managing your stress level and your health, especially in the midst of a pandemic, is more important than ever. But with record volume of loans, a phone that rings non-stop and your children study from home, you probably feel that working 24 hours a day is the only option. In reality, that's the quickest way to burn out, both personally and professionally. Mortgage loan officer burnout often comes from doing activities that frustrate you and drain your energy.
Loan Officer Hub brings together the best information and resources in the mortgage industry to help loan officers grow, learn and succeed. An additional obstacle right now is that with higher mortgage rates, volume is starting to fall and it will be more difficult to get leads and close loans. To ensure your success, you need to make sure you go to a reputable home loan officer school. You must pass this test with at least 75% to be licensed to be a mortgage loan officer.
Having the skills to be detail-oriented and thorough goes a long way in becoming a home loan officer. 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. To be a mortgage loan originator, you must have a clean credit and legal history. As a mortgage loan officer, you will be responsible for making sure that applicants get the right loan.
Their course packages will give you everything you need to be eligible for your mortgage loan officer license. But if you can handle all of that, being a loan officer can be quite lucrative and quite easy if you organize and educate yourself about mortgages and the many loan options available to homeowners. Allied real estate schools have partnered with Real Estate Express to offer pre-mortgage licensing courses. This involves trying to get people to finance the purchase of a home or refinance their existing mortgages.
The amount of time and work you spend is paramount, and you must be highly motivated to excel in the mortgage industry.