This is a great field for those who possess an outgoing personality and the ability to make others see things their way. It also helpful for you to have attention to detail and the ability to learn quickly. However, due to the current state of the credit markets it is a tough career where you have intense competition for fewer viable prospects at the present time. There are forecasts that within the next year hundreds of billions worth of loans will need to be refinanced which could turn out to be very profitable for many .
Do you have any tips or advice for people considering this career? If you are planning to get into mortgage banking, then you should have a interest in the property market.
Would you recommend this career? Yes, I would.
If you had it to do over again, would you still choose to go into this career? Yes,
What are the pros and cons? Pros 1. You get a chance to serve people by offering them homes at cheapest possible rates. 2. You kind of get a satisfaction of serving your locality Cons 1. A high pressure job 2. Lately jobs are moving to India, so you have to be careful.
What should people know about this career that they might not have heard about? 1. Its not a boring and repetitive work that it might look from outside
I am a loan processor for a major mortgage banking firm. I highly recommend it. The work is challenging and the potential for lucrative salaries is well established. There is an element of repetitiveness to many aspects of my position, but I enjoy the work, too. There are also many opportunities for advancement with the right education and training. Working in an office environment can be a lot of fun, also. Real estate is a very tough business to get into at times, but once you meet people, networking is the best way to find new jobs that pay even more!!!
You have to be very budget conscious to handle being a loan officer. You have to be pretty cold hearted, as well. There isn't much in the way of office politics, every man is an island (which I consider to be a positive). You make great money if you do it well, but the hours can be very long, and it's tough to take time off. Successful brokers/bankers work 12 hour days, and six day weeks.