A Mortgage Broker Career
Begin a career in Ohio Mortgage Lending

For help with obtaining an original mortgage or with refinancing, consumers often seek out a mortgage professional. They look for someone who is trustworthy and who can effectively secure the best interest rate and terms.

Sometimes referred to as a loan originator or loan officer, a mortgage broker helps to arrange funding and negotiates contracts with the actual lenders, but does not fund the loans directly. They also gather pertinent client information to ensure informed decision-making regarding loan quality and repayment probability.

Find out if a career in mortgage lending is right for you
Changing careers can be an emotional roller coaster…do I have what it takes…am I too old…am I too young…what is it going to cost me? Experts agree: Gaining as much knowledge as you can before you take the plunge will better prepare you to succeed in the long run. Check out our FREE articles to help you decide if a mortgage career is a good match for you:

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Characteristics of a Successful Mortgage Broker's Career
Those who excel in this industry tend to be:

• Detail-oriented and highly organized
• Proficient with paperwork
• Computer-savvy
• Self-motivated and disciplined
• Strongly connected in their communities
• Driven by high personal goals

A Day in the Life of an Ohio Mortgage Broker

Loan officers guide clients through the loan application process. It begins with a formal meeting or telephone call, during which time basic information is shared about the loan’s purpose, and available options and credit terms.

Mortgage loan officers answer questions about the process and assist clients with filling out the application, on which the lender bases the decision to grant the loan and to define the terms. You’ll advise the prospective buyers to bring information to verify their income and outstanding debts. You’ll also describe the property being mortgaged and detail the specific loan amount and repayment terms. Once complete, you’ll analyze and verify the application to determine your customer’s creditworthiness by electronically accessing the client's financial history and credit score.

At the closing, the buyer, seller, and you meet to make the legal exchange of the property and funds. You’ll likely need to explain closing costs, which usually include discount points, fees, and other items.

Most loan officers work a standard 40-hour week, but many work longer, depending on the number of clients and level of demand. You can work especially long hours because you’re free to take on as many clients as you choose. When interest rates are low, triggering a surge in loan applications, business can be quite brisk.

Starting Out

In most instances, brokers act as salespeople. They prospect and develop relationships with commercial and residential real estate agencies for client referrals. Recommendations to home buyers from real estate agents are critical to success.

Working in the mortgage industry typically involves some travel. You’ll frequently rely on laptops, cell phones, and pagers to keep in contact with your office and clients. Mortgage loan officers often work out of their home or car, visiting offices or homes of clients while completing loan applications.

Compensation for mortgage brokers varies, but most are paid a commission based on the value of loans they originate. In this way, commissions are used as motivation to bring in more loans. Some organizations pay only salaries, while others pay a salary plus commission or bonus.

Unlimited Earning Potential

When the economy is on the upswing and/or when interest rates decline dramatically, a surge in real estate sales and mortgage refinancing often occurs. Plus, the hiring of mortgage brokers rapidly increases.

The opportunity to increase your earnings peaks when demand is high—and you’re willing to put in the extra effort. Six-figure incomes are common in this industry. It’s simple: The harder you work, the more you make. The sky’s the limit!