Changing your job at any time can be a difficult and stressful thing to do, especially when you don’t know what field you want to go into. If you’re one of the lucky few that has a rough idea of what they would like to do in life and have managed to whittle it down to a few options, then having a list of things you need to know about each job role is a perfect way to help decide which route to take. 

What is a Mortgage Loan Officer? 

An MLO is a person that plays a key part in the home buying process, typically they’re the first point of contact and will help customers find the best loan or mortgage for them. Finding a mortgage that’s right for someone will help and allow them to stay in their perfect home forever. If you’re thinking of becoming an MLO then a good way to help is to research all what you should know about the job and solidify your decision by having a list of all the benefits. Being able to compare it to other roles is an important thing to do, especially as you’re going to be doing it for some time; and knowing the benefits in a clear list is a brilliant way to feel like you’re making a decision in the right way.

What do a mortgage loan officer’s duties include? 

There are numerous things that happen on the day of an MLO, and finding potential homebuyers being a large part of their duty. This is done by attending seminars and through advertising. Without homebuyers, you wouldn’t have a loan to offer! Once a homebuyer is found, then compiling all the information that’s needed for a loan application is the next step. 

 

This is done by gaining all the information you need from the client themselves. Once completed, you’ll have to present the borrowers with all the possible loan options you have come up with and why they will be beneficial to them. Whilst all this is going on you need to ensure you’re keeping accurate and thorough records of all transactions and be able to coordinate with others in the same industry, such as underwriters. Don’t forget that this is primarily a sales-based role and will require you to be confident with people to be able to deliver the best service you can.

What qualifications do I need to become an MLO?

 

 

Here’s a job role you can land without having any previous experience, not something that often comes along in this day and age. There are a few things you’ll need before applying to become an MLO but only depending on the broker you are applying for; in some cases, you won’t even need a high school degree. If you fancy a job with one of the larger financial institutions, then it’s probably best to have a college degree. 

 

These days most MLO’s need to be licensed but that’s depending on the state you’re in, so it’s worth doing a bit of research and double-checking. The majority of MLO’s do, however, need to be registered, take part in a background check and have their fingerprints taken. This is only for the safety of the public and to prevent anyone from being able to do the job.

 

It’s worth noting at this stage that each and every MLO is required to take part in 8 hours of continued education every year they are a mortgage loan officer. 

How much does an MLO earn? 

Like any job, the salary can vary from company to company and is often not based on a basic salary. The majority of MLO’s work on commission-only, meaning they really are paid for their performance. Having said this, the average salary for an MLO in 2020 is $86,000 and will more than likely be rising in years to come. 

Is there any career progression? 

Generally, within the role of an MLO, the progression is lateral and most stay within the job role in their entire career. Progression can be measured in many ways other than a job title, so trying to get the best commission you possibly can each year can be a good way to progress up a ladder if that’s how you want to work. Some, when they’ve been in the job for a while, will put the word ‘senior’ in front of their job title. This generally means they have been around a fair bit longer than anyone else. 

 

So if you’re thinking of becoming a mortgage loan officer then make sure you’ve done all of your research before making any jump into a new career. If you’ve done all your research and you think this is the best role for you, then ensure that all the boxes are ticked for you to embark on your new career. Good luck! 

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