If you’re looking for your dream career, look no further than the mortgage industry. A loan officer is a fantastic career choice for many people because you can interact directly with clients, have high earning potential and have solid job security.
What is a loan officer? A loan officer is a person who helps prospective home buyers get the right mortgage for their homes. They guide them through the complicated process by working with clients to gather their financial information to review and determine if they’re eligible for a mortgage loan.
You will spend most of your day working closely with clients to help them through the mortgage pre-qualification, pre-approval and closing on loans. You’ll also be working closely with underwriters, mortgage brokers, and other mortgage loan officers.
One great thing about becoming a loan officer is that the requirements to get into the industry are not very steep. Though the following criteria may vary by state, you’ll need to complete at least 20 hours of NMLS-approved Pre-Licensure Education, then pass the SAFE MLO Test to receive your Mortgage Loan Officer License.
You’ll also have to agree to a thorough background check, and there may be additional requirements depending on your employer. As a bonus, it isn’t required for MLOs to have a Bachelor’s degree, but it may be encouraged by some mortgage brokers.
There is a lot of earning potential and opportunities to advance within the mortgage industry. Salary, for instance, depends on several things, including the company you work for, your level of experience and how many home loans you close per month. For example, If you put a lot of work into your relationships, you can start to increase your referrals, which will then help bolster your earning potential.
Another thing to keep in mind is that plenty of ongoing education is encouraged and can help increase your bottom line. There are certifications available to loan officers, and the Mortgage Bankers Association is a great place to go for additional education through webinars, certificates and designations.
The best thing about being a Mortgage Loan Officer is helping potential borrowers into a new home and helping them fulfill their dreams of homeownership. Welcome to the American Dream!
If you’re interested, look at us, Allied Mortgage Group! And, if you’re ready to jump on in, see if there’s a position open near you. We want you to join Team Allied!