Loan officers are the main point of contact for borrowers throughout the mortgage application process at almost every mortgage lender. That’s an important job, right? In return for this service, the typical loan officer is paid 1% of the loan amount in commission. On a $500,000 loan, that’s a commission of $5,000 .
By attending the closing and being able to communicate with the real estate agent, title company and – most importantly – the borrower, the loan officer makes the closing smoother and the borrower feels more confident.
A great loan officer is always in line with all national loan regulations, but arguably even more importantly, they are open and forthcoming with customers and realtors about important information that can make or break a loan in a timely matter. They never over-promise or under-deliver.
How to Get More Customers for Your Lending Company Use content marketing. A lot of lending companies suffer from not being able to maintain a relationship with their customers . Revisit direct mail marketing. Another way to ramp up your marketing efforts is to try direct mail marketing. Use PPC.
A loan officer works for a bank or independent lender to assist borrowers in applying for a loan . If a loan officer believes you’re eligible, then they’ll recommend you for approval , and you’ll be able to continue on in the process of obtaining your loan .
But if you can handle all that, being a loan officer can be quite lucrative, and fairly easy if you get yourself organized and educated on mortgages and the many loan options available to homeowners. It’s not for everyone, and there is definitely a lot you need to learn before starting a career in mortgage .
Loan officers are compensated either “on the front”—via fees you pay upon getting your loan —and/or “on the back,” a commission from their institution (which you indirectly pay via a higher interest rate).
On a daily basis , Loan Officers analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans . They supervise loan personnel.
Loan Officer Income Some receive a flat salary , but most are paid on commission. The poll results below from Inside Mortgage Finance show the range of commissions paid. Each basis point is 1/100th of one percent, so 25 basis points , or bps , equals 1/4 of one percent. That’s $250 for a $100,000 mortgage .
Loan Officer Skills & Competencies Computer proficiency: Job candidates for loan officer positions should be familiar with computers and software applications related to banking. Analytical skills and perception: You’ll be required to accurately assess clients’ financial statements to ensure their creditworthiness.
You deal with stress well. Like any job working with the public, the position of a loan officer can sometimes be stressful . If you can deal with that stress in a calm manner, your career as a loan officer is likely to be lucrative.
I want to give this loan officer a gift , gift card, or something. The most important gifts you can give are free: a thank you note and referrals of friends/family. But yeah, a gift card should not be a problem.
How to Market to Realtors as a Loan Officer Marketing to Realtors is About Building Relationships. Email Marketing is a Good Way to Stay in Touch. Social Media Marketing Expands Everyone’s Reach. Open Houses are an Opportunity to Meet Realtors Face to Face. Co-Branded Marketing Makes THEM Look Good. Personal Visits Build Relationships.
How To Convince Someone to Apply for a Loan ? Build Relationships and your Network. Before trying to convince clients to get a loan , you must first have a network to offer it to. Be Visible. Let your network know where they can contact you. Know the Client. Discuss the Benefits. Avoid Technical Expressions. Keep it Short. Highlight the Distinct Offer.
You know understanding details like property type, loan amount, credit score etc., is the key to providing your customers great service. But first, you need to get the conversation started. Spread the Word. Sell Yourself. Refer a Friend. Find Out More About the Customer . Drive for Results.