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Career Information | Mortgage

Loan officers facilitate the home lending process by seeking potential clients and helping them apply for a loan.

Imagine a career helping people obtain the necessary financing to purchase their first home or dream home. Buying a home can be one of the most exciting, yet overwhelming, times in a person's life. By gathering and evaluating information on your clients' current financial status and explaining the features and benefits of the different loan programs available, you will ensure they select the programs that are best for their situations.

Did you know?

  • Loan counselors differ from loan officers in that they specialize in helping individuals who have had problems qualifying for a traditional loan.
  • According to the U.S. Census Bureau, the rate of homeownership in the United States has grown to 68%.
  • In addition to helping their clients obtain financing for the purchase of a new home, loan officers also help their clients to refinance existing loans.

Mortgage Lending is a growing industry!

Look at the facts according to the US Department of Labor's national statistics:

  • Average income: $43,210
  • 255,000 jobs in 2002
  • 28,000 annual openings
  • 4.9% job growth rate
  • 7.2% work part-time

Find a Job through Hondros College:

Job Board - Search real estate & mortgage job openings arcoss the state.  

  1. How long will it take to get started?
  2. Will I be able to find a job?
  3. How much will I work each week?
  4. How much money can I make?
  5. How far can I go?
  6. Where can I get more information?

  1. How long will it take to get started?
    When starting out, you will benefit from taking several weeks to several months of specialized mortgage industry courses to prepare you for this career. Once you have completed your coursework,  you will be ready to take and pass the required mortgage loan officer licensing exam.

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  2. Will I be able to find a job?
    People will continue to purchase new homes and refinance existing homes, ensuring there always will be a demand for qualified mortgage loan officers. Additionally, you may choose to focus on an area such as loan counseling and specialize in obtaining loans for those who have been previously turned down for a mortgage.

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  3. How much will I work each week?
    A career as a loan officer will allow you some flexibility in determining your work hours. As a full-time loan officer you will work 40 to 50 hours or more per week and your schedule will often include evening and weekend hours based on the needs of your clients. The more you work, the more successful you will be.

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  4. How much money can I make?
    As a loan officer, you will have control over your income and nearly unlimited earning potential. You will earn a commission for each loan you secure for a client and may also earn a small salary and/or be eligible to earn a bonus. The more clients you obtain home loans for, the greater your income.

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  5. How far can I go?
    How far you take your career is up to you. Loan officers experience variety and opportunity for advancement. In addition to advancing through various managerial levels, you also may choose to become a mortgage broker and represent multiple lenders.

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  6. Where can I get more information?
    There are many resources available to assist you in your decision to become a loan officer. For a personal touch, we recommend calling 1-888-HONDROS to speak with one of our career specialists, or you can visit one of these Web sites.

    National Association of Mortgage Brokers

    Bureau of Labor and Statistics 

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