Career Consideration: Mortgage Loan Officer
April 1, 2019
There are many career opportunities that exist within the real estate industry outside of a typical real estate agent role. Each job plays a key part in the home buying or selling process and provides valuable support to clients along the way. According to the Bureau of Labor Statistics, employment of loan officers is projected to grow 11% from 2016 to 2026, faster than the average for all occupations. If you have an outgoing personality and enjoy learning about lending institutions, lending rates, and terms to help others achieve their real estate dreams, a career as a Mortgage Loan Officer (MLO) might be right for you.
An MLO offers a flexible schedule and an opportunity to help others using skills that come natural to those in this industry. Essentially, an MLO serves to find the best interest rate and terms for a client’s mortgage, bridging communication between the borrower and the lender. An MLO sells financing for possibly the biggest purchase of a person’s lifetime – a home. From job satisfaction to professional development opportunities, mortgage lending offers many benefits to anyone willing to work hard.
Here are just a few reasons why a career as an MLO may be right for you:
1.) The Earning Potential is High
Depending on company structure, MLOs make their income based on commissions only, or in combination with a base pay. Either way, pay commissions offer the opportunity to excel – if the effort is high, the income will follow suit. According to PayScale, the average salary for mortgage brokers ranges from $60,000 to $90,000 and the average salary for an MLO ranges from $40,000 to 65,000 annually.
2.) A Work-Life Balance with Flexibility
Most MLOs can attest to having the ability to tailor their work life around their personal life. Get in with a company who values flexibility, and it’s possible you’ll be able to work from home, set your own hours and work at your own pace.
3.) A Meaningful Career
Buying a home is often the greatest investment a person will make in his or her lifetime. As an MLO, you will play a key part in those purchases, therefore, you will have an impact on many people’s lives. With the opportunity to assist a person or family achieve their dreams, and provide the right financing options that will help them along the way, you’ll find mortgage lending is a satisfying career choice.
4.) All the Perks
There are many benefits of becoming an MLO that go beyond sales commission and even health insurance. Many companies also offer bonus pay, contribution to retirement funds, in addition to marketing support and mortgage leads.
5.) Establish a Strong Network
If you’re a people-person, you’ll likely find success as an MLO. You’ll be able to use your interpersonal skills to establish and maintain relationships with clients, potential clients and industry peers. In addition, there is opportunity to join clubs and organizations offering professional development and the chance to stay up-to-date on the latest regulations of the mortgage industry.
As a mortgage loan officer, you’ll play a vital role in helping people secure financing to purchase their dream homes. From pre-qualification to closing, you’ll be with your client every step of the way to ensure the home buying process goes smoothly. If you’re routine-oriented, a people-person, and a great communicator get your new career as an MLO started with ASREB today.
Ready to take the leap? Learn more about getting your mortgage lending career launched with Arizona School of Real Estate and Business by visiting asreb.com.