If you’re considering a career as a mortgage brother or home loan officer, knowing what to expect can help you make informed decisions and build a successful career from the ground up.

At A and N Mortgage, we help both buyers and aspiring real estate professionals achieve success. Read on to learn what loan officers are, which services they provide, the benefits of choosing a career as a loan officer, and much more.

For more direct answers to your questions or help getting started, give our staff a call today.

What Is a Loan Officer?

Loan officers are people who act as intermediaries between borrowers and lenders. Typically, loan officers serve as representatives of a financial institution such as a bank, credit union, or mortgage company.

What Does a Loan Officer Do?

Navigating the complex paperwork, qualification processes, and other elements of buying a home can be challenging. Loan officers perform various tasks that make this process smoother for home buyers.

Networking

One of the most critical functions a loan officer serves is networking. These experts form connections with real estate agents, current property owners, market investors, and more as part of their career duties. Connecting with a well-established loan officer can put you in touch with the people you need to find and buy your dream home.

Loan Applications

Many factors go into home loan applications. However, thanks to mortgage loan officers, most homeowners don’t have to take on the home buying process alone. Loan officers help buyers locate and organize all necessary documentation for a complete loan application.

Next, the loan officer evaluates the relevant information to determine the buyer’s eligibility for a home loan, helping the lender decide whether to grant the loan. Throughout this process, the loan officer keeps the buyer informed about the application status, possible interest rates, any complications, and any further documentation that may be necessary.

Borrower Guidance

Loan officers do more than just handle the paperwork, however. These trained professionals serve as guides for prospective homeowners, establishing a relationship of trust beginning with the first consultation and continuing through the lifetime of the loan and beyond. With their desire to help, professional connections, extensive knowledge of financing, real estate value, and more, loan officers help buyers make informed investments in their homes and futures.

Benefits of Becoming a Loan Officer

If you’re considering becoming a professional mortgage loan officer, you’re probably wondering what benefits the career path may offer.

Excellent Work-Life Balance and Flexibility

Due to the nature of the work, many lending companies offer their loan officers a degree of flexibility in work modalities and schedules. In some cases, partial or fully remote work may be available to qualified and licensed loan officers.

Other companies allow loan officers to work only as necessary, to be “on-call” during select business hours. In either situation, however, people who choose a career as a loan officer often experience a more even work-life balance.

High Earning Potential

In many cases, a loan officer will receive a reasonable base pay in addition to commissions from each successful loan application process. Many lending companies and financial institutions also provide their loan officers with complete benefits packages, including health insurance, vacation, retirement options, etc.

Ability To Help Others

One of the biggest perks of working as a mortgage loan officer is the ability to help others realize their dreams. In most cases, people seeking a mortgage loan want to buy a property to settle down, start a family, or build the home they’ve always wanted.

As a mortgage lender, you can help people prepare, inform themselves, and work to make their dream home a reality. Working as a loan officer is both a lucrative and emotionally rewarding career.

Networking Potential

One of the most critical functions that a loan officer serves for their clients is networking. Mortgage loan officers can put buyers in touch with real estate agents, financial agencies, and more to facilitate the home loan process.

However, for everything these connections do to help your clients, these connections also help you. While serving as a mortgage loan officer, the professional relationships you form will help you build a lucrative career, expand your prospects, and establish your reputation as a reliable expert in your field.

Career Security

Finally, mortgage loan officers have job security. Many people still buy homes, refinance their current homes, or even sell during recessions. This predictable market activity means you have a job you can depend on, even during market hardship.

How To Be Successful as a Loan Officer

To form a foundation for success in your new career as a loan officer, we recommend actively creating professional connections with builders, real estate developers, real estate agents, and financial institutions. These connections help you establish a robust client base, keep continuous leads on future clients, and build your reputation in related professional circles.

Is Becoming a Loan Officer For You?

Before you begin the process of becoming a loan officer, it’s wise to consider what the process will entail. Take a look at the factors below to get a picture of the financial and personal investment becoming a mortgage loan officer will take.

Education

Becoming a loan officer begins with education. Every aspiring mortgage broker must obtain a high school diploma or GED equivalent and three years of in-field experience or 20+ hours of training at a qualified institution.

Pre-licensing training for mortgage loan officers focuses on relevant federal law, non-traditional lending, and financial regulations.

Examinations

Aspiring loan officers must pass the national exam: NMLS SAFE Mortgage Originator. Often, license applicants must also pass a state-specific exam to qualify. Check the NMLS website and relevant state agencies for the most up-to-date exam pricing and passing thresholds.

License Applications

After passing the NMLS exams, you will submit your registration and relevant documents to the NMLS. This system helps manage and cross-check all application information and provides a dashboard for license renewal.

Bond Issuance

All mortgage loan officers must pay for a surety bond to operate. In Illinois, mortgage loan officers must have a $25,000 bond in place.

In most cases, loan officers pay for their surety bonds using an annual premium calculated from the individual’s credit score and other financial details. The bond is a method of protecting your clients from any wrongdoing or fraud on the part of you, the broker. Think of it as an insurance policy for your professional reputation.

Fees

Finally, you’ll need to pay your licenses fees before getting out in the field as a full-fledged mortgage broker. In Illinois, loan officer licenses fees for mortgage brokers reach up to $2800, including processes fees and more.

How To Become a Mortgage Loan Officer: Steps To Take

Register With the NMLS

The first step to becoming a licensed mortgage loan officer is getting registered with the Nationwide Multistate Licensing System & Registry (NMLS). Once complete, you’ll receive a unique NMLS ID that enables you to apply for a license in several US states.

Create an NMLS Account

Next, you’ll use your NMLS ID to create an account. Take this time to complete any necessary forms, such as the MU4, and reach out to your mortgage company about possible sponsorships.

Complete The Checklist

From this point, your journey to becoming a licensed loan officer should include the following steps:

• Complete 20 hours of pre-licensing training at an approved institution
• Pass a criminal background check and submit copies of fingerprints
• Submit to a credit check
• Apply for appropriate state exams and licensing
• Pay all relevant fees
• Pay for a surety bond Pass in-person national examinations

For specific information regarding your unique journey as an aspiring mortgage loan professional, reach out to A and N Mortgage today.

How A and N Mortgage Can Help

If you’ve read our advice above, you may feel pretty well prepared to begin becoming a mortgage loan officer in Illinois. You might wonder what guidance from a company like A and N Mortgage can do to help you.

Our trained professionals provide guidance, answer your questions during each step of the process, recommend educational institutions, and offer support. For professionals ready to jump in and gain experience, we’re always ready to review resumes from those with excellent sales skills and the drive to succeed.

Contact our team at A and N Mortgage today to find out more or get started.

A and N Mortgage Services Inc, a mortgage banker in Chicago, IL provides you with high-quality home loan programs, including FHA home loans, tailored to fit your unique situation with some of the most competitive rates in the nation. Whether you are a first-time homebuyer, relocating to a new job, or buying an investment property, our expert team will help you use your new mortgage as a smart financial tool.