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If you were alive and breathing during the real estate boom of the last decade, you were probably aware that being in the mortgage business was an incredibly lucrative way to make a living…even if you didn’t have a college degree. Like real estate agents, one of the best ways to make a good living was to be a loan officer. Accountant businesses, lawyers and doctors sometimes fell behind this business, even though they required much more extensive schooling. But how are mortgage brokers doing now, and is it still wise to get into the profession?
You may be surprised to know that loan officers are actually doing reasonably well today when compared with their success during the last decade…it just happens that the number of loan officers today is far fewer than before. Many of the most successful ones were able to maintain their strong connections, and make sound investments with the money they did make. However, that does not mean to imply that becoming a loan officer is an easy gig; the road to success is paved with a lot of mental anguish and failed deals.
The average person in the loan officer accountant business makes about $40,000 per year. This may not sound like a lot, but it is an average that factors into account very poor loan officers that don’t get much done at all. Loan officers work strictly on commission, so there is a very wide variety in their income amounts. Most loan officers fail quickly and end up making very little, while others rake in hundreds of thousands of dollars per year. Loan officers do not advance much in position within their company; they may achieve a title such as “senior loan officer,†but this usually means little more than basic seniority within the company.
If you want to get into the business, you should be aware that there will be a very rough start, and you will have to go through a lot of wasted time, failed deals, and lots of stress from the office. However, it can still be a very lucrative position, and once you get a taste for the money you can make from it, you will have little difficulty putting up with the stress.
