Pitching government loans, top mortgage officers can make millions a year, according to Jim Cameron, senior partner at Stratmor Group, a mortgage industry advisory firm. Brian Decker works at LoanDepot in Riverside County, Calif., where he sold more than $200 million worth of home loans last year.
Additionally, are loan officers happy?
Loan officers are one of the least happy careers in the United States. … As it turns out, loan officers rate their career happiness 2.5 out of 5 stars which puts them in the bottom 5% of careers.
In this way, do loan officers need a degree?
Loan officers typically need at least a bachelor’s degree, preferably in a business-related field such as finance, economics or accounting. Mortgage loan officers need a mortgage loan originator license, which requires passing an exam, at least 20 hours of coursework and background and credit checks.
Do loan officers work from home?
Importantly, the Department of Financial Services also will allow professionals, including licensed mortgage loan originators, to work from home or other temporary locations without having first licensed those locations.
Loan officers are the main point of contact for borrowers throughout the mortgage application process at almost every mortgage lender. That’s an important job, right? In return for this service, the typical loan officer is paid 1% of the loan amount in commission. On a $500,000 loan, that’s a commission of $5,000.
Sometimes the terms “loan officer” and “banker” are interchangeable, sometimes not. Many of the jobs in banks – for example, tellers, trust officers, marketing specialists and investment specialists – have nothing to do with loans.
A loan officer works for a bank or independent lender to assist borrowers in applying for a loan. … If you’re looking to borrow a loan, a loan officer decides if you’re eligible to proceed to underwriting. A loan officer will meet with you and evaluate your creditworthiness.
The term “direct lender” is one that small lenders sometimes use to distinguish themselves from mortgage brokers. Loan officers are employees of lenders or mortgage brokers. Loan officers find, sell and counsel customers, and take applications.
Becoming a loan officer in California is not as hard as it sounds when you follow the right steps and remain focused on your goals. You will soon embark on a rewarding journey that marks the start of an exciting career. Depending on your dedication, you can meet the prelicensing requirements within a few months.
With a median salary of $63,650, loan officers report an average level of job-related stress and upward mobility, according the report, but they also have an above-average level of flexibility and work-life balance.
How difficult is the NMLS SAFE Act exam? Passing the exam is not easy… in fact, according to NMLS SAFE test passing rate, the first time pass rate is 54%, and only 46.7% for subsequent attempts. … If an individual fails the test, they have to wait 30 days before being eligible to retake the exam.
Loan officers meet with applicants who wish to borrow money and evaluate, approve, or reject the loan applications. They answer questions and help guide customers through the application process as well.
Loan officers are often called mortgage loan officers since that is the most complex and costly type of loan most consumers encounter. … Loan officers must have a comprehensive knowledge of lending products, banking industry rules and regulations, and the required documentation for obtaining a loan.
You Are Looking For Stability. Another perk of becoming a loan officer is the stability it can provide, like health insurance, retirement plans, and mortgage leads to name a few basic perks. … But you should remember that many loan officers do not receive a base salary—rather, they work on commission.