Mortgage loan officer info

[Michael Diggle]

Hi everyone was wondering if anyone on here would be able to and willing to help me with some basic info on becoming an MLO.

I currently reached out to a few people I know in the industry and figured here would be a great place to get some much needed info, I recently had knee surgery and am looking into a career change, if anyone has a info or willing to help me out feel free to pm also.

I’m from Massachusetts and have been looking to get into real estate for years, now seems like a great time since my knee isn’t gonna allow me to do the physical labor job I have had for the last 8 years.

Thanks in advance

Michael

[Benjamin Piecenski]

Hey @Michael Diggle, congrats on deciding you'd like to get in the industry!  Couple things for you:

1. How old are you? This is a very aging field.  The average loan officer is in his 50's, so being younger can be a huge advantage.

2. What are your finances looking like?  The most lucrative MLO positions are typically commission only.  You could find a place like a credit union or a call center that pays you hourly with a small commission, but they're making fractions of what higher performing commissioned LO's are making.  If you really want to dive in the pool, make sure you have at LEAST 4 months of emergency funds to be able to survive while you build your pipeline.

3.  What is your current network?  Do you know any realtors, financial planners, divorce attorneys?  How many of your friends and family are likely to be in the market to purchase or refinance in the next year?  In your first year, unless you work really hard and get pretty lucky, a good portion of your business is going to come from who you know.

4.  You may have some difficulty becoming an MLO with no experience in the industry.  The only people I have seen lateral into the mortgage industry as an MLO with no prior experience are fresh college grads.  If you have difficulty finding a position initially, try and find a position as a Processor or Loan Officer Assistant, get some experience for a year or so, and stay on the lookout for new MLO openings as you gain experience!

It can be a great job, but it also requires a level of mental toughness.  The highs can be really high, and the lows can be really, really low.  Making sure both ends of the spectrum don't get to your head is a key in longevity in this career path.  Good luck, and let me know you have any addition questions!