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Let’s face facts. The mortgage business isn’t for the faint of heart. It takes guts and relentless determination in order to succeed. You won’t become a top producer overnight and your early months of being in this industry will be hell. There is so much to learn as a broker not only with the mechanics of the loan process, but also learning how to deal with difficult customers and balancing the demands of lenders and other outside third parties. It really is a juggling act. Picture the man at the circus with the 15 spinning plates and you’ll have a pretty good idea of what being a loan officer is really like. If you are thinking of going into the loan business or know someone who is, here are some questions you should ask yourself before committing to this new career. Don’t be blinded by the commission---take a step back and look at the big picture. Ask yourself… 1. Do you have a full 8-10 hours a day to devote at a minimum to your new career? 2. Do you have time in the evening between 5 and 8 pm to call people and free time on the weekends to follow-up? 3. If you intend to originate loans part-time, do you have the sufficient knowledge and education to know what you are doing? 4. Who will put out the fires on the loans when they arise? 5. Do you have enough savings set aside for you and your family to survive from during your “education” process in the start of your new career? 6. What will you do if you fail and the loan business isn’t for you? 7. Is your family supportive of your decision? 8. Do you have any experience in another area of real estate that will help you originate loans? 9. Are you joining the right kind of mortgage company that has sufficient support systems and back office structures set in place? 10. Do you have a processor who can work on your loans while you sell them? 11. Do you have a marketing plan in place to ensure you have a steady stream of new business? 12. Where will your leads come from? 13. If a customer says “yes” to a loan proposal, do you know what to do next? 14. Are you good at math and can you run numbers in your head? 15. Are you good at dealing with many different types of personalities and can you be “diplomatic” in tense situations? 16. Are you afraid of making “cold calls” or selling on the phone? 17. Do you have any previous sales experience which will help you? 18. Are you an organized person who pays attention to details? 19. How do you cope with high pressure situations? 20. Have you ever bought or sold property before and are you familiar with the process? 21. Do you know anyone in the loan business already who might be able to help you? 22. What are your expectations for your first 6 months? 23. Where do you see yourself in 5 years in this industry? 24. Are you doing this just for the money or do you have a “higher purpose” for wanting to work in this field? By asking yourself these questions, they will help clarify your career goals and give you guidance before jumping into the industry. If you are a mortgage veteran or do any sort of hiring, I would suggest printing this list out as it will help weed-out the people who aren’t suitable. Their answers will reveal a lot! Yes, it’s true. There is BIG money to be made in the mortgage business. But, please be aware that with the big paycheck comes a steep learning curve and a lot of long hours paying your dues. But, if you have the long-term vision to stay focused on your goals and keep your eye on the prize, you will do very well indeed. Instead of asking if the mortgage business is right for you, a better question to ask is…“Are you right for the mortgage business?” Answer that, and you’ll be well on your way to becoming the next top producer. Click here to see a printout from a recent commissions report with my biggest month ever! Download the entire system now and start earning more money immediately. Click here...
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