When consumers apply for a loan at a bank or other lender, their point of contact is often called a loan officer. Whether you are just starting your professional career, or looking for a fresh start, a loan officer job can be an immensely rewarding career opportunity. Loan officers may originate many different kinds of loans, but according to Indeed.com ®, “when most people hear the words ‘loan officer,’ they usually associate it with someone who works with mortgage loans.”
Working as a loan officer can be a pathway to security, satisfaction, and personal growth. Here are some reasons a career in mortgage loan origination may be the right path for you:
1. Many Loan Officers Earn Competitive Compensation
According to Investopedia ®, “if you’re interested in a stable, white collar job” with competitive compensation, “a loan officer position may be a great choice.” And according to Indeed.com ®, “The average yearly salary for a loan officer in the U.S. is $179,896” before performance compensation like commission pay. Many people find a career as a loan officer appealing precisely for this reason – good base compensation, and a high earning ceiling, which rewards them when they put in extra work to bring in new business to their employing lender.
2. A Loan Officer Job is Accessible to People of Many Backgrounds
In addition to the attractive earning potential associated with a position in mortgage loan origination, many loan officers choose to become loan officers because “it’s not a requirement to have a college degree or a lot of work experience already,” though specific qualifications may vary depending on the lender. Still, some loan officers might say that their job offers the American dream– a job that can help secure your financial future, and a job that is also eager to hire applicants with nontraditional backgrounds.
Mortgage lenders are always looking for new customers. Whatever your background, if a home lender thinks you have the potential to bring in homebuyers and homeowners for purchase and refinance mortgage loans, you may have a shot at a lucrative career in mortgage loan origination.
3. A Job as a Loan Officer is a Great Opportunity for Personal Development
Whether or not you ultimately make a long career out of it, taking a mortgage loan officer job can equip you with tools to help you succeed for the rest of your professional life. Affinity’s Mortgage Loan Officer Training Academy attests that working as a mortgage loan originator can “add insane value to your resume [sic] and portfolio.”
Whether or not a position as a loan officer is your first job in the real estate industry, when originating mortgage loans, you will be exposed to many sides of the business, including but not limited to realtors, appraisals, and law firms which specialize in real estate. Networking with these collaborators, and with other loan officers, ought to help you continue growing personally and professionally, and expose you to professional opportunities you might not have considered yet.
The so-called “soft skills” you may pick up or hone in a loan officer job, like salesmanship and clear communication, are also valuable tools in many industries. Former loan officers may be sought after by employers because they are viewed as being especially persuasive or good with people.
4. Loan Officers Can Help to Better Their Communities
Whether they are employed by a national company or have a desk at the community bank on the corner, mortgage loan officers have the opportunity to serve their neighbors not only by providing competent and friendly service, but by helping their clients identify how best to save a little money in the homebuying process. Very few people purchase homes for cash, so in today’s world, mortgage loan officers serve an important function in the real estate industry.
If you are passionate about improving, repairing, and/or revitalizing your community, consider working as a mortgage loan officer to help put homeownership in reach for your fellow members of the community. Networking with local realtors and others who are passionate about housing access can help you put your day-to-day work towards the issues and communities which you care about.
In Summary
There are many reasons why job seekers looking to improve their futures gravitate towards loan officer jobs. Some are motivated by the prospect of lucrative financial success. Others are looking for an opportunity to advance and develop their professional prospects, and still others want to make an impact on homeownership in their community. Often, a job seeker is aware of all of these positive factors, when they are making the decision to pursue a loan officer job.
For many American workers, the path to success goes through a mortgage loan origination. Working as a loan officer has the potential to bring financial prosperity, stability, and personal satisfaction to your life. Is it the right career for you?
The Federal Savings Bank is an Equal Opportunity Employer.
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.
