Career Advancement as a Mortgage Originator

Buying or selling real estate tends to be a challenging process as each transaction has its own set of particulars, so consumers look for a real estate agent or mortgage agent to help them through deal with all the nuances.

business professionals choosing real estate.  Asian loan rep in foreground
business professionals working in real estate industry.

Careers in mortgage lending or real estate focus on the transfer of residential and commercial real estate between individuals or companies, and usually require them to analyze financial and legal aspects during the contract period. A mortgage career can turn out to be quite lucrative and very flexible, which is ideal for those seeking job without an expanded territory.

The average incomes for a realtor or mortgage originator are pretty close. However, if you’re not looking to make average income, specializing in certain aspects of mortgage lending can be a great choice. Breaking into the top 5-10% of realtors or mortgage lenders in your city is not easily accomplished within 6 months, especially without a powerful sphere of influence.

Once you are established and develop solid business relationships and work in a high cost area, it is not uncommon for a mortgage lender to originate from 1-4 loans each month. That will translate into a pretty decent living if your loan sizes are close to or above the jumbo loan limits of $417,000.

With that being said, if you’re good at what you do, you can make a killing. Likewise, in high cost areas like Orange County, Los Angeles or the Bay Area, the competition becomes a lot tougher.

Here are some reasons to become a mortgage originator:

#1: Love being your own boss.

For sot people, nothing’s more frustrating than a boss micromanaging you every day. When you go with a career as a mortgage broker, you are basically operating your own small business. Although, you’ll probably have a broker-owner to answer to, the relationship between a broker and an originator is far different than an employee and employer. For you to make money in this line of work, you will be micromanaging yourself.

#2: Like to make your own schedule.

If you choose to take a 2-or 3-hour lunch, make appointments in the morning, afternoon, or evening, it’s your call. Different time slots can be adjusted to meet your schedule and your family. It sounds alike all roses, but remember, your income revolves around your clients and their availability. So, mortgage originators oftentimes have to schedule their work around their clients’ schedules.

#3: Mortgage Originators Meet New People
As a mortgage originator, you get to use your interpersonal skills at professional networking events, on the phone, and sometimes with your clients’ immediate family. Typically, you’ll be speaking with colleagues, affiliates, partners, and new prospects. Each day presents a chance to meet someone new.

#4: Mortgage Loan Officers control their career
For a mortgage originator, the ceiling of how much income you can make is non-existent. You’re in complete control of your profession. You determine if you want to advance and manage or own a mortgage office or branch. You are the guiding factor in the advancement of your career.