How an MLO Can Find Success in Their First Year

So you’ve passed the NMLS, received your certification and joined a brokerage. It’s official — you’re a mortgage loan officer! Your first year as an MLO will be a challenging one, but it’s nothing you can’t handle. You’ll close real loans, deal with the public and learn about new mortgage processes. It will be the start of your new career. Here’s how to find success over the next 12 months.

1. Familiarize Yourself With Your Brokerage

Different mortgage brokers specialize in different kinds of home loans. You already have all the training you need to complete mortgage transactions, but now it’s time to familiarize yourself with real loan products.

There are hundreds of home loans on the market. These include:

• Traditional mortgages
• FHA mortgages
• 203K rehab loans
• USDA rural housing loans
• VA loans

You should have a good understanding of most of these loans and brush up on the ones you are not familiar with.

You also need to pay attention to the latest market trends — anything that could impact mortgage rates and policies. Housing Wire and Mortgage News Daily are two essential websites for any successful MLO.

Your employer won’t expect you to know everything about the industry, but a deep knowledge of the mortgage sector can help you find the best loan products for customers.

2. Become a Better Communicator

You might have spent the last few months studying for your MLO pre-license in a classroom environment or online. However, the role of the MLO is a customer-facing one — and one where you’ll meet different types of people on a daily basis.

Becoming a better communicator is essential. Creating a good rapport with house buyers will increase your chances of finding the right home loan and sealing the deal.
“A lot of new homebuyers say that the main obstacle that they face with their loan officer is that of communication. According to these buyers, unprofessional loan officers often don’t reply to their calls, messages or emails, which lead to a lot of problems,” says Choice Mortgage Bank, Inc. “Remember that the job of a loan officer requires a lot of skills, but the most important one is that of communication.

3. Become a Better Team Player

Being an MLO, at times, is a challenge. But with the support of your colleagues and employer, you can handle almost any situation. That’s why it’s a good idea to get to know the rest of your team in your first few weeks on the job. It might be difficult at first, especially if you don’t know anyone, but once you’ve broken the ice, you’ll be absolutely fine.

Why not organize a staff night out? Or suggest you try a group activity? It will strengthen your team, and you’ll all benefit as a result.

“Teams are created for several reasons,” says MindTools. “They may need to deliver a one-time project or work together on an ongoing basis. Either way, if you take advantage of a group’s collective energy and creativity, the team can accomplish much more in less time.”

Do you want to become an MLO? Are you ready for the challenge? You’ve come to the right place. Here at Hondros College, you can find the right professional education program to become a mortgage loan officer in your area.