The housing market, after suffering huge financial losses during 2008 to 2010, is now once again flourishing. Not only does this mean that more people are able to afford a home – a sign the country is pulling out of a recession – but it also means that many small and large businesses will now have an opportunity for sustained growth. Your typical contractor, designer, real estate agent, and mortgage loan officer benefits from the increased sales.
A moderate to a steady rise in new home sales throughout the country helps to improve the job market. It takes the efforts of a large group of people in many different professions to complete a home from start to finish. A home starts with a design that turns into a blueprint. From the blueprint comes the construction followed by the sale. Along the journey architects, construction workers, electricians, plumbers, landscapers, and real estate agents play a vital role in achieving the sale.
In addition to the many people that put the product together and then present it to the public for sale are those behind the scenes. Being a mortgage loan officer is a lucrative job when interest rates drop and people can secure a loan at an affordable rate. A mortgage loan officer handles not only the purchase but also a refinance as well. Unlike a bank or credit union that relies solely on their underwriters to make the determination of a person’s worth, a mortgage loan officer plays a significant role in finding the right loan for your situation. Their job is to find a lender that best fits their clients’ criteria, and make the sale.
A typical independent loan officer doesn’t make any money unless a potential client signs the contracts and closes the loan. Because of this, a loan officer must caress the client and follow them through every step, eagerly answering questions and make suggested recommendations that best benefit their clients’ interest. Since they are in the business, they also have many contacts that can help make the process move along quickly as well as easily. They know appraisers, building inspectors, real estate agents and yes a multitude of lenders. Knowing what different lenders require before someone applies saves time and energy on both sides of the table.
As a mortgage loaner officer, it’s also in your best interest to take charge, follow up frequently and keep your clients moving towards a closing. You’ll also need to know the differences between each of the lenders that you use, helping your client select the right lender for them. This means determining what the down payment requirements are, and if it’s best to take on a 15, 20 or 30-year loan and whether or not to get a fixed or variable rate mortgage.
When the housing market fairs well, a mortgage loan officer job can be a positive career move. If you enjoy working with numbers, dealing with the public and can handle the stress that comes with a near miss every now and then, this is definitely a good profession with many rewards. Along with the risks, there are the pluses that include being able to create your own hours, have the ability to work from home and yes be your own boss. According to stats on a mortgage loan officer salary it really depends on your incentive to reach a goal. If you are happy with a few sales a year $40,000 is your number, however, with a few connections and excellent marketing techniques, you could reach a yearly salary in excess of several hundred thousand.