Do you want to help people find the home of their dreams? Are you detail-oriented and can self-manage your time and schedules? Are you driven to excel and be the best you can be at your job? Do you have an outgoing personality? If so, pursuing a career as a loan officer may be for you.
Loan officers work in mortgage companies and are responsible for evaluating the loan applications and documents of applicant seeking to purchase a home. Duties include, but are not limited to:
There is nothing more satisfying than seeing a happy customer find a home they love and can afford. In order for potential borrowers to achieve the dream of homeownership, you will have to guide them through the process and be able to answer any questions they may have.
In the housing market, it is important that people are educated about what they are buying and what they can and cannot afford. As a loan officer, you will need to be well-versed in both federal and local regulations so you can educate your clients about making smart home buying decisions. In some cases, you may be able to help them save money and pay off their loans faster!
If you have a passion for homes and a head for math and remembering a wide variety of rules and regulations, a career as a loan officer may be for you.
Despite sometimes having an odd schedule, like working on the weekends, loan offers tend to have a flexible schedule that helps them balance their home-work life. Many loan officers work 10am to 8pm in order to accommodate clients as well as fall in line with laws that determine when loan officers can solicit potential borrowers.
Another perk of becoming a loan officer is the stability it can provide, like health insurance, retirement plans, and mortgage leads to name a few basic perks.
In 2016, a loan officer at a reputable mortgage company can make an average of $64,000 per year. But you should remember that many loan officers do not receive a base salary—rather, they work on commission.
When applying, decide whether you want to work for a large, medium, or small company. This will usually determine what salary and benefits you receive.
Of course, you shouldn’t choose a company based purely on how much you’ll get paid. As with all job searches, find a mortgage company that is reputable and provides training and a healthy work environment. Not only will you be happier, but get more job satisfaction.
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