How To Become A Loan Officer
If you're good at doing financial calculations and sales, you'll probably want to explore how to become a loan officer as a new career. There are a few key steps you have to take to work as a professional loan officer.
- Apply for a job. Call mortgage brokers and lenders in your area to apply for a job as a loan officer. Brokers are the "go-betweens" between lenders and customers. They'll actively seek new loan officers when rates are low.
- Get training. When you're hired to become a loan officer, the company will train you. They will teach you the ins and outs of selling loans. When you're proficient, you'll get a permit from the state to sell mortgage loans (you may have to pay for this permit or the company will cover the cost).
- Practice selling techniques. When you become a loan officer you've got to learn selling techniques. You've got to be comfortable on the phone and in person when talking to potential customers. This is a career where relationship selling is important; acustomer is more likely to pick your loan package over competitors if he trusts and relates well with you.
- Make it easy for your loan customers. When you become a loan officer understand that you are competing with other brokers and lenders in your territory. Whenever possible, make the process extremely easy for your customer. For example, instead of just quoting her the interest rate and making her pull out her financial calculator, tell her the monthly payment as well.
- Network. While some lending companies are busy or have loads of leads lists to sort through, some will require you to go out and network to find new leads on your own when you become a loan officer. So get out there and network with your community. Pass out business cards to family, friends, acquaintances and friendly strangers.
Posted on: Mar. 27, 2010