How To Become An Awesome Loan Officer And Be An Expert

This Blog On How To Become An Awesome Loan Officer And Be An Expert Was Written By Michael Gracz of Gustan Cho Associates Mortgage Group

How To Become An Awesome Loan Officer And Be An Expert

Only a few years ago, if you were able to spell the word mortgage, you could become a Mortgage Loan Officer.

  • Hence, it became a big tent for everyone and anyone who wanted a “job” with the potential of juicy paychecks
  • Many of the good Loan Officers got lost in the shuffle of all the negative things that were happening, such as predatory loans, fraud, and RESPA violations

In this article, we will discuss and cover How To Become An Awesome Loan Officer And Be An Expert.

Changes In Mortgage Regulations

Nowadays, the scene has changed quite a bit, the banks have gotten really strict with mortgage lending guidelines and Mortgage Loan Officers are licensed professionals. To become a loan officer you can’t just fall into it anymore, you have to want it. Getting your license is only the first step. Here are a few tips on what to do if you want to succeed as a Loan Officer:

Find a mentor.

  • There are so many mortgage lending guidelines, mortgage regulations
  • It is impossible to learn them from a book
  • Only experience will teach you to teach you what you need to know
  • Since initially, you don’t have the experience, you need someone who does and can help you navigate through the myriad of situations that you will encounter from the start
  • There is no honeymoon period in this business, you are jumping through hoops right out of the gate
  • On the other hand, you shouldn’t be lazy and rely on your mentor to answer all your questions
  • Investigate and do your research before you ask questions that could have been easily answered on your own
  • You don’t want to be seen as taking advantage of your mentor

Never stop increasing your knowledge:

  • Stay on top of mortgage regulation and guideline changes
  • They happen often
  • The more you know, the more efficiently you will be able to do your job

Build relationships:

  • If you have a transaction mentality, you will not survive in this business
  • In order to make it, you have to build relationships with customers, Realtors, attorneys and everyone you come in contact with
  • Word of mouth and referrals are the fuel that will keep your career going
  • If you have to solely depend on new leads (meaning people that did not come to you via a referral) you will run out of steam quickly and so will your pipeline

Admit your mistakes:

  • Due to the level of complexity in any transaction, there is a high probability that you will make a mistake, especially when you are new to the business
  • Hiding under a rock for a few days and hoping that your processor will straighten things out for you will not work
  • The sooner you admit to your mistakes (even if it’s a huge one) the sooner you will be able to take action
  • Customers also appreciate straightforwardness and honesty

Never neglect your pipeline:

  • It’s easy to get caught up when you have a lot of transactions that are closing in a short period of time
  • However, you can’t lose sight of what’s going to happen once those deals have closed
  • If you only have one loan in your pipeline because you have been too busy with your current loan, it will knock the wind right out of your sails
  • Then, you have to start the process all over again in order to build up your pipeline
  • When this happens repeatedly, it takes a huge toll, not only financial but also on your energy levels
  • A Loan Officer will burn out quickly if he does not learn how to maintain a steady pipeline

Stay Organized: You will thank yourself later:

  • For goodness sake!
  • Even if you are a messy person, please keep your files organized
  • I know this from personal experience
  • Having to look for misplaced documents uses up so much of your precious time an energy
  • Find a system that works and stick to it
  • You will thank yourself later

Separate work from personal life:

  • Determine your working hours and try not to deviate
  • When you let work take over your whole life, you will burn out quickly. In order to do well in this business, you have to have the drive
  • It is an absolute must to keep your personal time unencumbered by work duties

Love what you do! 

About The Author Of How To Become An Awesome Loan Officer

How To Become An Awesome Loan Officer

This article on How To Become An Awesome Loan Officer was written by Michael Gracz the National Sales Manager of Gustan Cho Associates Mortgage Group. Mike Gracz is a person who is a jack of all trades and a master of all of them. Never ever met an individual like Mike who is so well diversified in too many areas to mention. To put it simply, Michael Gracz is a master of life. Mike is a natural-born leader and all the time anyone of Gustan Cho Associates talks to Mike, he is so positive about life and a motivator to everyone he comes in contact with.  How To Become An Awesome Loan Officer will help many newer loan officer recruits who have just come on board to our team. We look forward to Michael’s future valuable informative articles in the days and weeks to come. Stay tuned!!!!

This BLOG On How To Become An Awesome Loan Officer Was UPDATED On April 26th, 2020 by Michael Gracz

Leave a comment