5 Benefits of Becoming a Mortgage Loan Officer
July 17, 2017 |
A Mortgage Loan Officer (MLO) sells financing for possibly the biggest purchase of a person’s lifetime – a home. From job satisfaction to professional development opportunities, mortgage lending offers many benefits to anyone willing to work hard. Here are just a few reasons why a career as an MLO may be right for you:
1.) The Earning Potential is High
Depending on company structure, MLOs make their income based on commissions only, or in combination with a base pay. Either way, pay commissions offer the opportunity to excel – if the effort is high, the income will follow suit. The average salary for mortgage brokers is $60,324, according to Payscale.
2.) A Work-Life Balance with Flexibility
Most MLOs can attest to having the ability to tailor their work life around their personal life. Get in with a company who values flexibility, and it’s possible you’ll be able to work from home, set your own hours and work at your own pace.
3.) A Meaningful Career
Buying a home is often the greatest investment a person will make in his or her lifetime. As an MLO, you will play a key part in those purchases, therefore, you will make an impact on many people’s lives. With the opportunity to assist a person or family achieve their dreams, and provide the right financing options that will help them along the way, you’ll find mortgage lending is a satisfying career choice.
4.) All the Perks
There are many benefits of becoming a MLO that go beyond sales commission and even health insurance. Many companies also offer bonus pay, contribution to retirement funds, in addition to marketing support and mortgage leads.
5.) Establish a Strong Network
If you’re a people-person, you’ll likely find success as an MLO. You’ll be able to use your interpersonal skills to establish and maintain relationships with clients, potential clients and industry peers. In addition, there is opportunity to join clubs and organizations offering professional development and the chance to stay up-to-date on the latest regulations of the mortgage industry.
Ready to take the leap? Learn more about getting your mortgage lending career launched with Hondros College of Business.