Guy Opening Door and Leaving the Mortgage Industry

Our Introductory Thoughts About Leaving the Mortgage Industry

I was once a loan officer.  And leaving the mortgage industry is exactly what I did.  More importantly, I’d like to discuss my reasons for doing so.  Don’t get me wrong, this isn’t a complaint.  Absolutely, writing this post was important for three reasons: (1) Honestly, I want to relate to you on the same career level.  (2) Most importantly, convey the importance of addressing a career change.  (3) Ultimately, present solutions for the problems loan officers face.

My friends and I were working as loan officers.  All three of us, me, Steve and Chris were closing loans.  Wow, did we struggle!  Wouldn’t you know it, life is the best teacher of all things.  Truly, the mortgage industry was no exception.  Undoubtedly, we felt that there was “more to it” as career loan officers.

Leaving the Mortgage Industry | Recognizing the Disadvantages of Being A Loan Officer

Well, the disadvantages of being a loan officer definitely can make one consider leaving the mortgage industry.  Indeed, the issues we were facing varied in scope and complexity.

First, turn times in loan processing were always an issue.  Underwriting time spanned differently with each investor.  Moreover, these turn times were lengthy and inconsistent.  In each case, following a loan matrix really never detailed approximate finishing times for such underwriting.

Secondly, limited product lines made being competitive and difficult.  Not having appointments with FHA and VA made matters worse.

Leaving the Mortgage Industry Pointing to A Computer for Job Searches

More of the Same | Leaving the Mortgage Industry

Thirdly, homogeneous pricing, when it came to interest rates, made competitive scenarios even more so.

Fourth, everyone, including their grandma and grandpa, is chasing ‘A’ credit borrowers.  In lending, that is never going to change.

I would have to say, corporate culture also had a big part in the decision for leaving the mortgage industry.  Having a job, loan officers like myself want a career.  Furthermore, loan officers want support from management.  Usually, at the companies we worked, management was disengaged.  So, yeah, so much for top-notch sales management leadership.

Nightmare Processors – One of the Biggest Reasons Why Leaving the Mortgage Industry Made Sense

Sure, there are great processors.  In many cases, good processors do exist.  But, in my experience, this simply wasn’t the case no matter where we worked.

In the majority of cases, processors either didn’t care, weren’t trained well enough or weren’t responsive to our needs.

Craziness!

In one instance, the processor was so addicted to the internet, all she did was chat.  Nothing was ever processed on our loans.  The only thing she DID process were social conversations on the web.  Having no choice, we processed our own loans.  Not surprisingly, our origination efforts went down the toilet.

In another dramatic scenario, our loans were neglected by the processor.  Really, completely neglected!  You know why?  Amazingly, this one loan officer was buying her real jewelry.  These were “favors” for processing his loans more quickly than anyone else’s loans.  Coincidently, his loans went to the top of the pile and stayed there!  Being floored by this, I thought, “Craziness!”  The manager finally put a stop to it.  By this time, it was time to consider at least “partially” leaving the mortgage industry.

Lack of Advertising and Promotional Support – The Biggest Reason for Leaving the Mortgage Industry

Leaving the Mortgage Industry Exchanging Cards

You know, when it comes to thinking about leaving the mortgage industry, promotional advertising is one of the biggest reasons.  Don’t get me wrong, real estate is a big-time gig.  It has made a lot of people really rich.  But, you have to be able to promote yourself.

Having been a loan officer, I know that need to “find” business.  As a matter of fact, it’s also one of the biggest reasons real estate agents quit their careers.  Obviously, there’s no money in something you can’t promote.  Strictly speaking, without a marketing plan and having no money makes being a loan officer difficult.  Always, it’s feast or famine.  Right?  Ummmm, that’s what I felt.  What I found out, it doesn’t have to be this way.  Surely, there must be a better way!  Of course, there’s a better way!  Right?  Maybe so.

“Somewhat” Leaving the Mortgage Industry Behind

In my humble opinion, finding “joy” is key in being a loan officer.  Without a doubt, having more to offer is critical.  Even more so, promotional help is super important.  Why not?  Yes, why not?  It has been done.  We did it.  And, you bet, there is an answer.

To deal with these issues, we created a company called Home Sweet Home.

As a primary focus, this company has a primary responsibility for helping loan officers succeed.  Mostly, assistance provided loan officers is advertising assistance.  Awesome to note, loan officers can earn up to $10,000 in advertising via the Referrals-In-Exchange-for-Advertising-Program.

Along with this, we help home buyers first time home qualify.  Typically, we help home buyers with credit issues.  More so, we help borrowers with down payment assistance.  More important than this, we help with raising income as well.

How You Fit In | Leaving the Mortgage Industry for One of the Best Jobs for Loan Officers

Just maybe, you are tired of being a loan officer.  Maybe, you may want a career change from mortgages to helping loan officers.  It’s possible.  Being a loan officer is great.  But, being an Account Executive helping loan officers is where the action is.  Not to mention, you can make up to 6-figures helping loan officers close more loans and advertise.  Actually, that’s a good career.  But, helping more borrowers first time home buyer qualify could be the calling you’ve been seeking.

Definitely, the Home Ownership Program makes loan officers more competitive in an already competitive market.  No kidding, nearly 40% of all new loan originations are first time home buyers.  Think about it, if you help loan officers convert more subprime loans into FHA and prime loans, you will be giving them a huge advantage over the competition.  Better yet, contact us or complete an online job application TODAY!

Thanks,
Michael Lee

5 Comments

  1. Manuel J. Virissimo on January 16, 2020 at 5:58 pm

    I would welcome any suggestions you would have regarding a new career outside of the mortgage business.

    I read your article about loan officers. I’ve been in the business 19 years..

    Looking for a career change…

  2. Binish on February 28, 2020 at 5:22 pm

    Hello I’m have been in business for 6 years and i’m looking for a career change. i’m welcome to anything.

  3. MICHELLE PAXTON on May 2, 2020 at 1:19 pm

    I’ve been a sr. Mortgage loan Officer for 19 years and considering a change this year or by year end.

Leave a Comment





This site uses Akismet to reduce spam. Learn how your comment data is processed.