Is mortgage loan officer a good job to have?

[thomasdavie]

Originally Posted by greenthinker

I am thinking to be a mortgage loan officer. Then become a broker eventually. Need some advice from professionals. I don't mind to work hard as long as I can support my family. How competitive is the market? Can I make a living out of it as a loan officer in a couple of years? Thank you!

Hi.

Yes you can but its not as simple as it looks. Its very much like being a real estate agent. Much of it is marketing and sales.

If you enjoy working with people, and have an honest desire to help them , this can be a very rewarding career. If your sole desire is to make money, it can end up being frustrating and destructive.

First and foremost, brokers are salesmen. We sell. In this case, we sell mortgages. So most of our effort will be into finding clients. This will take a couple of years. Once we build up, if we treat them right, they will come back to us and even give us referrals. Eventually, business will just come to you with virtually no effort and that is when the fun begins !!!

Its much like anything else in life. You will get out of it what you put into it.

[Captain Bill]

Originally Posted by tigger37708

Its a tough business.
And generally the mortgage loan officer is considered a lower form of life than a Realtor.

I didn't know anything was lower than a Realtor

I've worked with a lot of good mortgage brokers, and some bad ones. A year ago I finally found a superior one. She is absolutely the best. Emails, phone calls, texts, all returned immediately if not sooner. Need an answer to a complicated question. No problem, She'll get the answer. Clients I refer to her are all happy. She also attends closings and explains things to the client when the escrow officers assistant, or notary, just hands the paper to them and points out where to sign.

So as in real estate, there are some excellent mortgage brokers, and anyone desiring to get into either field should be willing to work very hard at "serving" their client to the best of their ability; and to go that extra mile.

[oneslip]

Originally Posted by gentlearts

All I know is a coworker of mine, in banking, said her kids would need to be dying and in need of medicine before she would ever do that job. The reason why there are so many mortgage originator jobs out there is that it is so hard to get enough business to make it pay, and also hard to get enough business to keep yourself from getting canned.

Your friend is probably having a hard enough time in banking- I think we just have too much of everything these days. Too many banks- too many mortgage lenders etc. etc.

I hate to even say this but me thinks we humans are overpopulating the job markets in which every industry is becoming a "sales" industry & it takes years to develop a large enough network to survive.