Loan Officer Jobs

 

So you need a job and now you're thinking about becoming a loan officer?

 

It's true, loan officer jobs pay more than most any other job out there, assuming you haven't passed the bar or made your way through medical school.

But it can't be that easy could it? To make six figures without a high school diploma, you'd think you would need to invent something or start your own business, or be a trust fund baby. But the prospect of being a loan officer has changed conventional thought, especially as the housing market shot off in recent years like a bottle rocket.

So now as we lay in the wake of the housing bubble burst, are loan officers still making money? The answer is a resounding yes, but the numbers of loan officers have probably been cut in half, if not more in the last year or so.

And the quality of mortgage loans at the moment isn't what is once was a few years ago. It seems most of the smart money already refinanced, or made purchases before values went up. And the only deals around at the moment are tricky and riddled with hurdles.

But if a loan officer gets just one of those deals to go through, it often equates to a huge payday, sometimes as much as a year's salary working a minimum wage job or a lower paying occupation.

So that's the incentive, big money. But there are a number of questions you need to ask yourself before setting out in the mortgage industry as a loan officer.

First and foremost, it is not an easy job. Sure a mortgage broker or bank may say it's simple. And sure, you may not have to work very hard, or take part in any back-breaking work. But factor in the stress, the near misses, lost deals, and the wheel-spinning and it isn't as favorable as they may make it out to be.

You will lose deals, and you will waste a lot of time. You will have mental breakdowns as deals fall through your fingers, and brokers and agents scream at you as deadlines close in.

But if you can handle it, being a loan officer can be quite lucrative, and quite easy if you organize yourself.

It's not for everyone, and there is definitely a lot you need to learn before starting a career in mortgage. And once you get a taste of the money you may have trouble walking away, no matter how high the stress and quality of your life.

All that aside let's look at the reality of a loan officers' duties on a daily basis.

www.yourfamilyhomeloans.com