What are the pros and cons of being a loan officer?

• Minimal requirements for entry into the field. Though requirements can vary from state to state, there are generally minimal education and training requirements for this career.

  In most cases, you must complete at least 20 hours of pre-licensure education, then pass the SAFE MLO test to receive your mortgage loan officer license. A bachelor's degree is not a requirement, although some employers prefer one.

• Advancement opportunities. The mortgage industry, in general, offers many different career paths and opportunities for advancement. You might start as an underwriter and then become a loan officer.

  After this, you can work your way up to becoming a mortgage broker, which can increase your earning potential significantly. Continuing education is encouraged to advance in this field.

• You get to help people achieve their dreams. Being a loan officer can be satisfying and fulfilling because you help some people realize their dream of home ownership.

  As a mortgage loan officer, you help your clients with pre-qualification, pre-approval, and closing for loans. Loan officers can take pride in their work, knowing they are helping people buy homes.

Cons:

• Dependency on lead generation. Those working for a large brokerage firm usually don't have this problem. However, those working for smaller firms can sometimes experience difficulty generating client leads.

  In the latter situation, you must rely on cold-calling techniques, attending networking events, and inquiring with previous clients for referrals.

• The mortgage industry can be a volatile one. The mortgage industry moves fast, and mortgage rates and home prices can sometimes fluctuate, directly affecting how much work you might have at any given time.

  It can sometimes be hard to keep a strong stream of clients when the numbers concerning the market aren't good.

• Scheduling and busy seasons. You should remember that loan officers sometimes have to work odd hours. This is because their clients have jobs themselves, sometimes making their availability exclusive to after traditional working hours.

  Spring and summer are the busiest seasons for loan officers. During down seasons you might not be busy at all.