Mortgage Underwriting = Stable Salary
Loan officers around the country are either doing very well or doing very poorly…I’m not exactly sure why this is but it just seems to be the way it is. In their attempt to feed their families, many loan officers in the past were doing some pretty unscrupulous things. Luckily, some new regulation has been enacted to deter and weed out some of this behavior and the business itself has a renewed aire of honesty and transparency…ahhhhh. But, not so fast….the loan officers that were bad have exited the business (gone back to their used car lots and rat holes, I suppose) and the loan officers left are stiff competitors, often really knowledgeable and good at their jobs. This is great for consumers but not always so great of if you a loan officer looking for a steady paycheck in the business.
The good news is that there are a ton of ways to get really good or get into another position in the industry with a stable salary. One of best options is to go from loan officer/mortgage sales to underwriter. Keep these two things in mind:
How to go from Inconsistent Commissions to Stable Salary, Step #1: Be Strategic.
As you can already imagine, I am not a fan of mortgage insiders that try to hold people down with their secrets and blocking methods. However, there are effective strategies you can use to beat them at their own game and do it quickly:
1. Don’t wait around for some bank, lender or mortgage broker to teach you the skills you need, You can spend years, yes YEARS waiting around for your company to teach you the skills you would need to get out of a commissioned job and into one with a stable salary
2. One of the fastest ways to get out of a commission-only job is to create a resume that lists your transferable skills. Make your resume “pop” by telling them all that you know about mortgages, how you know understand the fundamentals of assessing risk and not about the “sales” you make
3. Read 20 Secrets to Success in the Mortgage Business: What Insiders Don’t Want You to Know where you will learn more techniques and secrets of mortgage underwriting
How to go from Inconsistent Commissions to Stable Salary, Step #2: Go for it!
Think about how you get anything in your life. You decide that you want it and you go for it. Most likely you get fed up with what’s going on and you take back control…doing things this way works every time. Commission-based jobs are sometimes pretty cool, that is how they sell them to you, they tell you about how much money you can make, they show you super sales guys making hundreds of thousands of dollars and they promise you that you can do…but guess what? It’s BS…you will make money some months and other times you won’t and in many cases you will have NO control over whether you get a check or not. One change of the mind by your client and you don’t eat. So deciding that you would much rather a stable salary and with awesome benefits is a great idea. And here is the funny part…”those sales guys” will try to convince you that you will make less money doing this and that sales people are the “money-makers”…HAHAHA is all I can say to that one. You can make so much more money working in processing, underwriting, default servicing, and other parts of the mortgage business than you ever could selling loans.
So here is the big secret: If you want more money, decide that you will make more money and go for it. Stop drinking the “sales” Kool-Aid and get a stable salary and all the benefits that go with it. Learning the skills you need for a new a career is simple, but it won’t happen by waving a wand.