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Mortgage News: Loan Officer Jobs on the Rise – How Will YOU Compete?

By
Services for Real Estate Pros with More Loans 4U


Recent positive refinance and purchase numbers have given way to a huge influx in Loan Officer job applications across the nation’s leading mortgage job networks, according to a recent article on the Wall Street Journal’s Market Watch.

The article discusses how companies like Anikim Credit Corp (who places job applicants with lenders) have seen a huge surge in Loan Officer job applications in recent months. The driving forces behind this trend include the current low interest rate and the fact that some prospective home buyers are 3 or more years out from a foreclosure or a short sale. This results in the purchase market seeing more activity with people buying homes again.

This trend is being realized by prospective LOs who are either looking to re-enter the market after seeing the bubble burst in ’08, or are changing careers looking for a more lucrative opportunity in the Mortgage industry. With the average Loan Officer’s annual average earning s rising 17.3% this year over last (according to National Mortgage News), it is no surprise that our industry is an attractive one for these groups.

What does this mean for you?

There is one extremely obvious implication that springs to mind - More competition.

How will YOU stay ahead of an increase in competition?

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Lester Muranaka
360 Mortgage Group, LLC - NMLS 155922 - Austin, TX
360 Mortgage Group, LLC - NMLS # 155922

This is a topic that was recently discussed at our company. VA Mortgage Leader competes for Loan Officers throughout the country and it becomes much more difficult to recruit at a national level compared to simply in the local market. The real question we were struggling with and any feedback would be appreciated but what do you think is the most successful in recruiting new Loan Officers if you have to provide higher wages or more perks?

Nov 10, 2012 02:07 AM
Paul Eastwood
More Loans 4U - Denver, CO

Thanks for your question! I honestly can't say with 100% confidence which is more successful, but I do know that a combination of those 2 items is essential when attracting new LOs for recruitment.

In my opinion, with the surge of new applicants it will be essential for offices to show that they are on the cutting edge of technology considering the dominant role the Internet plays in today's business world. This will especially be a factor for younger LOs entering the industry.

How is your office's technology and software making it easier for LOs to build relationships with REALTORS and market themselves directly to buyers?

Nov 13, 2012 08:03 AM