Like real estate firms, offices of mortgage lenders come in all sizes ... big and small.
The largest in the area has over up to two dozen officers in the residential loan department. The area’s many mortgage operations also include numerous one-person operations.
How does a person get to be a loan officer?
“I look for someone who fits a profile,” says a local manager. “A loan officer needs to be a people person, detail oriented and well organized. Ideally, the person has experience in the real estate field.
“Then, to be successful, a person needs to fully understand the programs offered by the company and be a good listener.”
Here are some tips:
• Get out and market yourself. For instance, participate fully in association activities, make contacts and network throughout the real estate community.
• Be flexible. It isn’t an easy job. It’s not a 9-to-5 job. You have to be organized and you have to be able to follow through.
• Stay on top of everything. Getting the necessary information often means going to many sources.
• Learn to manage phone calls and manage information. When a person wants to buy something, they want to buy it NOW. You have to act quickly.
Since there is no college curriculum which graduates loan officers, the largest companies have developed a training program. It involves formal training, then on-the-job training in various departments.
Here’s one career path:
“When I finished training, I was put in the processing department for a while,” said a local loan officer at a major bank. “I handled the paperwork and learned what documentation is needed. You see what the underwriter is looking for, what kinds of credit risks they are watching for. Only after they felt I had a good grasp of the business was I moved into the field.”
The training process took about four months. Now, she is a fulltime loan officer.
The formal training programs established by the big institutions benefit the smaller companies as well - they’ll hire from the “big boys”.