Welcome everyone to part 1 of my multi-part series on the ins and outs of what a loan officer does, why you should become one, developing leads, branding yourself, etc. If you haven’t read my previous articles, I am owner of www.loanconsultants.org, the 1 stop shop for your mortgage and lending needs. If there is one thing you can count on in this series, it is my complete 100% transparency to the industry, what you can expect, and how you can be super successful. My goal is to recruit, train, and work with the most dedicated individuals in their quest to financial freedom!
As a loan officer you are the point person with an individual or company who is looking to obtain a loan. You are the person who meets with applicants to gather personal information and answer any questions they may have. You will also have to be knowledgeable on all loan products your company has as you will need to explain, answer questions, and recommend loans that are right for the applicant. The next thing you will do is verify and analyze the applicant’s financial information and credit history to assist in determining credit worthiness. If all these boxes are checked, you can submit this loan package to underwriting who will end up giving the final approval on funding of the loan. You may not have thought about it like this, but as a loan officer, a large part of your job is customer service as you will need to be in constant contact with the borrower every step of the way. When the borrower has a question or wants an update, you are the first person they are going to call and email. If you have a personality that doesn’t like getting “bothered” with “needy” clients, then this is definitely not the right field for you.
In order to be a loan officer, the main thing you need is to be licensed both federally and by the state in which you want to write loans for. In order to become licensed you will need to complete 20 hours of NMLS (Nationwide Multistae Licensing System & Registry) approved coursework, pass the Federal SAFE (Secure and Fare Enforcement)MLO (Mortgage Loan Originator) exam with a score of 75%, and also submit for background and credit checks. Additionally, a state specific test is required if you are looking to get licensed in the following states: Arkansas, Florida, Illinois, Minnesota, South Carolina, and Utah. We will take care of you every step of the way to ensure you are prepared as possible to take these tests and succeed the first time through. If by chance you don’t pass an exam, you then have to wait an additional 30 days to take the test again. It is in everyone’s best interest to pass on the first try.
Once you are hired by a lender or broker, where are you going to work? What I can tell you, first and foremost, gone are the days of loan officers needing to commute to a bank or high-rise downtown to perform their job. The industry has changed dramatically and mostly all loan officers are able to work from home, giving you that flexibility to balance your personal and work life. Now, just because you are working from home, there is still an atmosphere and pace of the business world that you will still experience from your home office. The industry still has strict guidelines and deadlines to hit on a daily basis, so yes, you will be busy! In your first couple months you will need to be a sponge a take in all the information you can get to ensure your training is in-depth and of quality. We have a family oriented team who looks out for each other and helps any time day or night. What is good for one is good for all. You will not be thrown into a cubicle and left to figure it out on your own…. To Be Continued…..