Should you become a mortgage loan officer?

While there is a steep learning curve learning how to become a mortgage loan officer, once you get good at it, it can be highly rewarding

SAN FRANCISCO, Calif. Nov. 23, 2016/ Troy Media/ – If you’re looking for a lucrative new career you may want to consider becoming a mortgage loan officer. You will find this an interesting and rewarding career, particularly if you have some previous sales skills and a knack for analysis. You will also need to have superb organizational skills because you will need to create loan programs for borrowers.

Requirements to start are fairly minimal. You qualify for this career if you have a bachelor’s degree in any major. It will also help if you happen to have a positive attitude, are willing to learn about finances, and possess excellent communication skills. Those who earn within the six-figure range usually have positive attitudes and outgoing personalities. They also have an abundance of, analytical and problem-solving skills, as well as an ability to prioritize their work and stay organized. In terms of income, this line of work can be lucrative if you are good at it. In your first year alone, you can earn from $50,000-$100,000.

If you decide to work as an independent mortgage loan officer, you will benefit from working with a culture of support. An organization like [popup url=”” height=”1000″ width=”1200″ scrollbars=”1″]Eagle Home Mortgage[/popup] can help you learn how to sell a wide variety of home mortgage programs. Experienced mortgage bankers with decades of combined experience will be available to teach you how to walk clients through the entire loan process from start to close.

What you’ll do

As a mortgage loan officer, you will collect reports and financial documents from clients and work with other professionals like real estate agents to close loans. When working with clients, you will analyze their income and assets to determine their capacity to repay a loan.

Should you work as an employee or independently?

As a mortgage loan officer, you can work for a bank or credit union or on your own.

Besides having a cap on your income, your role as an employee is fairly limited. You basically represent the institution that you work for, offering forms to fill out, answering questions, and accepting applications. You then hand over the work to an underwriting department to take care of the details.

In an interview with Forbes, Joe Parsons, a senior loan officer at PFS Funding in Dublin, California, describes [popup url=”” height=”1000″ width=”1200″ scrollbars=”1″]how an independent loan originator[/popup] differs from a mortgage loan officer hired by a bank or credit union. He says an independent loan originator “typically renders more service to the borrower, including things like advising the client about the best loans available for their purposes, gathering documentation throughout the process, ordering the appraisal and communicating directly with the underwriter to ensure that the loan gets approved.”

Lead generation

The biggest concern you might have as a mortgage lender is how to generate leads. The secret to success with lead generation is to get good at networking. Networking will keep your pipeline full.

Here are four simple, easy-to-implement ideas to be successful at networking to attract new clients:

  1. Start with your existing relationships. Make a list of everyone you know from friends, relatives and coworkers to your doctor and dentist. Once you’ve compiled your list, complete with contact information, then send each person a letter that describes your services. Outline the benefits of working with you and your rates. Since you are using an envelope, you can add two business cards. Explain that one is for your recipient to keep while the other is to give away to a friend. You can also contact people by email, although you will lose the benefit of distributing your business cards. It’s also important to remember to send a follow up letter. Consider this list the start of your database and keep adding to it as you build your business
  2. Get client referrals. When you are working with a client ask them to refer two friends if they have enjoyed working with you. Naturally, you need to follow up on any leads that they send you.
  3. Join a local civic group. There are numerous civic groups that would welcome you, like Lions or Rotary. Once accepted, be active and attend all their functions. Another good place to join is the Chamber of Commerce. Observing proper business etiquette is essential here. While it’s fine to introduce yourself and give out your business cards, avoid a hard sell.
  4. Work with local real estate professionals in your area. Liaison with others in the real estate business: from attorneys to builders and from agents to appraisers. Exchange leads and even consider organizing an informal weekly meeting to figure out ways to help each other.

Enhance business success with technology

You can further enhance the efficiency of your business by [popup url=”” height=”1000″ width=”1200″ scrollbars=”1″]using customer-data without compromising trust[/popup] by deploying a Customer Relationship Management (CRM) system and email marketing software.

A CRM will help you do the following things:

  • · Store notes on your customer interactions.
  • · Get alerts on when you should follow up on a lead.
  • · Keep track of customer purchasing systems.

You can also integrate your CRM with other software like your sales software, referral tracking software, and so on.

Meanwhile, email marketing software will allow you to send an ezine to your customer database, offering helpful consumer tips on mortgage loans.

While there is a steep learning curve learning how to become a mortgage loan officer, once you get good at it, it can be highly rewarding.

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