 FINANCIAL REWARDS
Successful Loan Officers should generate at least $500,000 monthly in loans originated within 90 days. The average profit ranges between 2–5% of the loan amount, and your commission is usually 50% of that profit.
With qualified Loan Officer training, you are typically a 100% commissioned employee of a bank or mortgage company. It is difficult to say what your commission would be, since it is based on your past sales experience, your level of training in the mortgage industry, how much discipline you have, and how seriously you take your new career path. We can tell you that without the proper training and daily self-discipline your chances of failure are almost 100%. If your personality is outgoing and energetic, and you have the self-discipline to develop a plan of action — which you will learn in Capstone's Loan Officer training — and work that plan, you will succeed. You need to be prepared to have 60 days of personal cash reserves to maintain your monthly living expenses before your first commission checks will start to come in.
Once you become a Loan Officer, your first 30 days should be dedicated to learning your company's products, practicing your sales presentations, prospecting for new clients, and networking among your friends and family. By the end of the first month, you should have one to two loan files in process. By your second month, you should have the product knowledge and sales presentation under your belt, so you can spend more time working your plan.
It is vitally important that before you join any mortgage company, you feel comfortable with your Sales Manager, because that person will become vital to your success. Capstone Institute™ offers you the best mortgage finance training in the country, however it will not be enough unless you have proper guidance from your Sales Manager. Remember, your Sales Manager is also typically a working Loan Officer, so there is limited time for day-to-day "hand holding." This is why Capstone training is so vitally important to your success.
DUTIES & RESPONSIBILITIES
The position of a Loan Officer carries great responsibility. When taking a single loan application, you typically have two Realtors, one representing the buyer, one representing the seller, and possibly a builder. Everyone involved in the transaction relies on your knowledge and professionalism to ensure that the loan closes as promised, on time, with no surprises.
Your ability to select the best loan program, to take an accurate and complete loan application, and collect the required documentation is a large part of your potential success as a Loan Officer. Properly planning a daily, weekly, and monthly schedule of activities is vital to your success. You must use your time effectively to schedule your prospecting, presentation, customer follow-up and time to attend the loan closing of every one of your borrowers. It is also very important for you to include personal and family time within your marketing plan. Be prepared to have some nights and weekends dedicated to prospecting and making sales presentations.
CAREER ADVANCEMENT
Successful Loan Officers have other opportunities to advance and grow within the mortgage industry. Some Loan Officers who have the talent and dedication become mortgage brokers, and establish their own mortgage company. Others find great rewards in becoming a Sales Representative for a lender that buys mortgages from mortgage brokers. This position is called a "Wholesale Representative." The Wholesale Representative must have extensive knowledge of all existing loan programs that their company offers, and be on top of what is being offered by other wholesale lenders. A good Wholesale Representative understands how to get the "undoable" loan closed. Remember, the only good loan is a closed loan.
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