For individuals who feel unfulfilled in their jobs and stuck in the day-to-day shuffle, the professional road may seem bleak at times. However, for many, a career as a mortgage loan originator (MLO) offers the income potential, flexibility and sense of fulfillment that tops many other career choices.
Pay and Flexibility
In May 2012, the U.S. Bureau of Labor Statistics (BLS) reported that mortgage loan originators earned an average annual salary of $59,820. Overall employment of loan officers was predicted by the BLS to increase eight percent from 2010-2022, identical to the average for all careers. And, because MLOs are not required to have a 4-year degree, although several pre-application requirements are needed to secure an MLO license, the option of pursuing a career as an MLO can be an attractive option for individuals who may not possess a higher education.
The above-average earning potential and the ability to earn a commission on top of a base salary, coupled with the flexibility and freedom of being able set your own schedule, makes a MLO career an optimal choice for those who are dedicated, disciplined and eager to succeed.
“If you are ready for a job that will allow you to form lasting relationships with clients … and challenge yourself daily, a loan officer position may be right for you. Loan officers are often able to schedule their jobs around their other responsibilities, including family events—meaning your job may be great not only for you but for those around you, as well!” said a California mortgage company, Cherry Creek in “The Perks of Being a Loan Officer.”
Room for Advancement
While there isn’t a long hierarchy of MLOs positions, MLOs have the ability to advance their career in a variety of ways, contrary to popular belief. MLOs can be promoted within a firm to Senior Loan Officer, receive raises in base salary and/or commission percentage, earn additional education and licensing and eventually even employ or lead a team of their own loan officers.
Apart from the tangible benefits, working as an MLO provides a daily sense of accomplishment and community. For many established MLOs, working with families to help them land the home of their dreams is both satisfying and rewarding. Although the benefits each mortgage company offers their MLOs differs, the competitive rise of this industry is triggering many companies to hone in on benefits that foster MLO retention and success. Benefits such as a collaborative corporate culture, specialized training, mortgage processing tools, marketing, public relations, social media support and other in-house support such as compliance and legal support are all becoming increasingly important as mortgage companies search for ways to bring in new opportunities. At Southeast Mortgage, we arm our MLOs with a streamlined 8-day close, a client relationship management team that focuses on referrals and repeat business and an open-door management philosophy that sets the foundation for MLO success. To learn more about Southeast Mortgage or to apply for a position, visit our website.