Why Become A Loan Officer: Part 3
Welcome back for part 3 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! Now let’s get on to Part 3. If you missed my first 2 parts I discussed: What a loan officer does, loan officer qualifications, flexible office location, why become a loan officer, and developing leads.
Branding Yourself, Writing Blogs, Websites, Forum Activity as a Loan Officer
If there is one thing that can help you develop quality leads, it is the branding of yourself as a rockstar loan officer. How am I going to do this you might be asking yourself. Well the answer is actually fairly simple and that is you are going to want to start writing blogs on a daily basis. Even if you are not a great writer, all you need to do is write about your personal experiences and you will get 500-700 words in no time. My goal is always to get 1 done per day and if time permits I try and get a 2nd one done as well. What you will do with these is get them posted on your website. Here we will personally create you a website if you show the dedication to writing blogs on a consistent basis. On this website, you will post your blogs on a daily basis and all of this original content will start to build and get you noticed by the search engines. Blogging is an integral part of branding yourself. If people see how truthful you are, you will gain their trust and you will get referrals just from this alone. The other key part of branding yourself is to be active on a mortgage forum. When posting on a forum such as this, you will get noticed immediately by the search engines. The more posts you can create backlinking to your website and blog posts, you will increase the traffic to your website. Just from this increased traffic to your website, you will be getting leads on a daily basis. Now this isn’t going to happen overnight, however if you are dedicated in creating a ton of original content, you will sell yourself easily! Honestly, these are easy ways to brand yourself and it really doesn’t cost anything except your time, that’s it!
Loan Officer Compensation
Alright, for the final section of the series, it is what everyone is probably wondering about, and that is compensation. Since we all don’t work for free, let me give you some details on what the national average is and how “normal” compensation plans are structured. Then I am going to give you the details of how we blow the competition away! The basics of it all is the “basis point” with 1 basis point equaling .01%. As a loan officer, you will get a predetermined amount of basis points for each loan that closes and this percentage is multiplied against the loan value to determine your compensation. At the big banks and lenders you may get a base salary of about $20,000-$30,000 per year. After this, you will receive 25-40 basis points (.25%-.40%). For example, on a standard $200,000 loan, you will earn an additional $500 to $800. Now to land these loans you are going to need to be cold calling and generating your own business. An average loan officer does 5 loans a month or $1,000,000 in loans which will allow them to earn an additional $2,500 to $4,000 per month giving you an annual salary of $50,000-$70,000 per year.
Remember, don’t ever sell yourself short when beginning in this industry. I have given you all the tools in this series to succeed and all the reasons in the world to come join a winning team, where we want the best for every single one of our employees. When you start with us, you are part of the family and as a family, we take care of each other. I for one will personally work with you on a daily basis to make sure you are as successful as you can be. If you have liked what you have read so far and are interested in joining the team here at www.loanconsultants.org please call me directly at 888-900-1020 or email at firstname.lastname@example.org. We are here for you 24-7!