(This information is for career changers or those looking to get started in the mortgage industry.)

The mortgage industry is one of the best industries to be in and the job of a loan officer or mortgage broker is a challenging and fulfilling one.  There is no other industry where one can earn the salary of a doctor or lawyer, with merely a high school education or better.

Successful, well-trained mortgage loan originators have tremendous earning potential.  With personal drive, professional knowledge, good communication skills and daily self-discipline, new loan originators can expect to earn between $50,000 to $70,000 in their first year.  Most mortgage loan originators are based solely on commission, although some firms will offer a base salary or a draw.  And, with experience and seasoned sales skills, second-year loan officers can earn in excess of $125,000.

If you have no mortgage experience, the best way to get hired, is to approach the mortgage companies in your area.  Although, they may not advertise any openings, the role of a loan officer is a sales person and companies are always hiring.  Commission splits and the number of leads provided vary between firms, so be sure to investigate all the options and see who will give you the best start.  You will want to join a company that has a strong training or mentoring program&your first few months will be difficult as you are learning a whole new industry.

If you work for a direct lender, there will be only one rate sheet to look at.  These jobs are loan officer jobs.  If you choose to work for a mortgage broker, there will be many lenders and many rate sheets you will deal with.  Although, you may still be referred to as a "loan officer", technically you will be a mortgage broker.  (Loan officer has become a generic term over the years).

Licensing requirements vary between states, and usually you can just go under your hiring company's current license.  Also, you may or may not be required to process your own loan once it has been "sold" to the customer.  Some firms have processors on hand to help you get the loans to the closing table.  Be sure to check before originating any loans. 

Here are a few places to find mortgage job openings in your area:

1. Your local newspaper may advertise openings under the help wanted section.

2. The phonebook also has listings of all mortgage firms.  Call and ask for the HR or Branch Manager.  Tell them that you are looking for an apprenticeship as a loan officer.

3. Contact the National Association of Mortgage Brokers at http://www.namb.org and ask for a list of mortgage firms in your state.  The NAMB also has a state branch association which may be helpful to you.

4. If you are looking to work for a direct lender, contact the Mortgage Bankers Association of America at http://www.mbaa.org.  They can also lead you to your local state association.

5. The state mortgage associations have industry newspapers and publications, which list jobs as well.

6. Sink or Swim Job Board:  New!  Mortgage industry job openings throughout the country.  An excellent resource for finding a job as a loan officer, mortgage broker, loan processor, title representative, and many more!  Check it out and put your career on the fast track to success!  http://www.mortgageboard.net/index.cfm?affiliate=40

7. LenderCareers.com:  Excellent mortgage industry job hunting website with an active job board, company profiles, and useful articles on how to get into the industry. http://www.lendercareers.com/

8. Online job resources.  Do a search for "mortgage" at http://www.monster.com, http://www.hotjobs.com, http://www.careerbuilder.com, http://www.jobfind.com, etc.

I hope these resources help get you started in your new career.  Be sure to email me and share your success story...I'd love to hear it!