Loan officer career?

Question

I am thinking about trying to pursue a career as a MLO. (loan officer)  I have a decent job now making about 80k but it’s long shifts and swing shifts. I feel like I can excel in that career and I enjoy helping people. I’m very competitive and always try to bring the best numbers. Any advice or feedback will be greatly appreciated!

Stephen Brown · Answer

Hey Emmanuel! This would be a wonderful career choice to pursue but you'll have to speak to a lot of agents to keep referring you business. It'll take time to take off and there will be days where you think you won't make it. Just keep going and be patient and it'll be worth it. Do what you're passionate about and the money will come.

Amir Guerami · Answer

Happy New Year all! I am a lender/loan officer and love what I do….truly. It is sales and you really have to have tough skin and not be afraid of “NOs.” Short of that it is a very rewarding career both emotionally (you help a lot of families achieve wealth building) and financially. There are many types of MLOs as well. Happy to share more with anyone who is interested. Feel free to contact me. Everyone have a prosperous New Year.

Tim Lucas · Answer

@Rayana Leite it is a very tough time to get into the business as a processor right now, since companies are doing layoffs or at least hiring freezes as mortgage volume drops. 2020 would have been the time. That being said, I would probably look at becoming a receptionist at a mortgage company or mortgage broker. I've seen time and time again someone starting as a receptionist, then advancing to doing light processing work, then become a full processor. Great way to get into the business.

Rayana Leite · Answer

@Tim Lucas

From everything that I already have read about becoming a Loan Originator I found your explanation fantastic. Seems like you really know what you are talking about it. I’m trying to get into the industry as a loan processor but I’m finding very difficult to find a place to start, maybe because I have no experience within the industry. Would love to know if you have any tips on where I should start??

Tim Lucas · Answer

I switched around from loan processor and MLO assistant and tried my hand at loan officer. I realized I didn't really like sales, although I really liked helping people. Just make sure you like sales as well as helping people because without both, you won't do well. You have to love connecting with anyone and everyone and making relationships. I was an assistant for one of the top MLOs in the Seattle area. She would go to yoga and come back with 3 loans. If you're not that kind of person, it might not work for you. However, the industry is becoming more adept at working leads, which might work better if you're not super outgoing. I was the managing editor for lead gen sites themortgagereports.com and mymortgageinsider.com and now home.com. We generated a ton of leads and lenders bought them to feed their MLOs. That model works better if you're not a huge outgoing person.

Rayana Leite · Answer

@Tim Lucas

I will definitely keep it in mind! Thank you so much for the advise!

Emanuel Martinez · Answer

@Nicole Heasley

No sadly I did not. My job gave me a big raise and I wanted to take advantage so I could buy more real estate

Emanuel Martinez · Answer

@Tim Lucas thanks for the advice!

Nicole Heasley Beitenman · Answer

Did you end up making the switch? I'm also considering it and would love to hear how things are going. Thanks to 5+ years of networking in-person and online, I have a decent network built in the RE community.

Emanuel Martinez · Answer

Hey Travis, no I am currently not in the real estate industry but want to make the change over to it. MLO grabs my attention because I enjoy interacting with people and helping them in any way I can. I also like the fact they you can work hard and actually see the results pay off.

@Travis Tekell

Loan officer career?

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