Some of the most common misconceptions potential students have about Mortgage Loan Officers are:
- Being your own boss is easy
- You need experience to be a loan officer
- Getting leads and prospecting will be easy
- Following up with clients isn’t that important
- It’s an easy job when you get started
Common MLO Expectations That Differ in Real-Life
Being Your Own Boss Will Be Easy
Although many MLOs work for larger financial institutions, they must still take charge of their workload. You’ll primarily be responsible for the general daily tasks of a mortgage loan officer such as meeting with new loan applicants, reviewing applications, and taking and returning phone calls. However, you’ll also have to dedicate time to growing your clientele by networking with other industry colleagues, building your social media presence, and continuously increasing your knowledge and skills. It is crucial to hold yourself accountable so that you can be a successful MLO.
You’re Going to Need Experience
One of the common myths about working as an MLO is that you’ll need years of experience before you can obtain employment as a mortgage loan officer. There are many mortgage companies and large banks who are willing to employ newly licensed MLOs. In some cases, financial institutions will even hire trainees and assist with the costs of MLO pre-licensing education. Additionally, becoming an MLO does not require a college degree or any other specialized knowledge, making it a career path that is highly accessible.
Getting Leads Will Be Easy
While being a mortgage loan officer is not a sales job, you’ll still need to market yourself to develop and maintain a steady clientele. This can be one of the most challenging aspects of your career, especially as a new MLO. One way to garner leads is to regularly network with your real estate industry colleagues. Join professional organizations and attend events to connect with people who can be a good source for referrals. Your social media presence will also be a significant contributing factor in your ability to get quality leads. Although branding yourself can be laborious, just be patient; it’ll pay off.
Following Up With Clients Isn’t That Important
Client service can make or break your career as a mortgage loan officer. As a novice MLO, you may find it difficult to get your footing, and unintentionally neglect the service aspect of your job. But remember direct communication is a must. Clients that have already begun the loan process will want to communicate regularly with their respective MLO, so answering emails and returning phone calls in a timely manner is crucial to your new role. Prospective clients or leads must be nurtured to develop into concrete business. Following up and keeping open lines of communication is not only good client service, but also helps strengthen your business reputation and, in turn, future growth.
It’s an Easy Job When You Get Started
Newer mortgage loan officers sometimes get caught up in the notion that success is easy because they’re only focusing on how the top 1% in the industry are performing. While there are many MLOs that earn salaries in the mid-six figures, the average earnings for a loan officer in the United States is $63,380, according to the Bureau of Labor Statistics. Marketing yourself, building a clientele, and garnering enough high-quality leads to rank among the top MLOs takes time and effort. With persistence, you can experience success and make the money you’d like to make. However, do not make the mistake of taking catchy influencer videos promising easy wealth at face value.
Being an MLO can be a rewarding profession; but being levelheaded and realistic about the duties of the job is imperative to your job satisfaction and, in turn, your overall success as a mortgage loan officer.
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