How to Become a Successful Loan Officer

Mortgage lending is in good shape since we’ve shaken off the lingering shackles from the Great Recession. With interest rates still at all-time lows, it’s a great time to buy a home and it’s a great time to be a loan officer. However, what separates you as an “okay” Loan Officer from a great Loan Officer can be your ticket to reaching the goals that you’ve set for yourself this year.

What does it take to be a successful Loan Officer to capitalize on today’s robust mortgage lending environment?

The Golden Rule

“Do unto others as you would have them do unto you.” In other words: “Treat your member the way you want to be treated.” The mortgage process is more complicated than it use to be for both you as a loan officer and for your members. There’s lots of confusing paperwork, inspections, appraisals, income verification, budgeting, escrows, and let’s not forget the biggest stressor of them all – moving.

Your member has all this on their plate – and probably more, so it behooves you to have the utmost patience and understanding. How would you want to be treated if you were in their situation? This question is a great start in addressing your relationship with the member. They will appreciate it.

Communication

Success with the Golden Rule starts with communication. Obviously, talking with your members about their situation and taking them through the process and all its avenues and options is extremely helpful for them. Being proactive in this area addresses any issues that may arise down the road.

A successful Loan Officer consistently communicates with others throughout the process. It might be someone internally at your credit union, a real estate agent working the deal, a title company, or various others who are contributing to make the financing happen. It’s important to keep the lines of communication open. Ask what they need before they need it and anticipate their needs with your vast experience. In the midst of a transaction, top Loan Officers don’t rest on their laurels waiting for a call. They proactively update all of those involved about issues they need to be aware.

Responsive

Responding to your members’ needs, inquiries, and requests in a prompt and professional manner builds immense trust with them. Being responsive let’s them know they are important to you and that you’ve got their back.

Even if you don’t have the answer right away, let them know you are on it and will get back to them promptly with a response, and hold your word here, too. When you say you will call them back, call them back.

Experimentation

Great Loan Officers will try numerous avenues to make a deal work for their member. Again, experience helps here in knowing the mortgage lending landscape. Ask lots of questions. The more research and information you have the more likely you are to uncover all the options available to them. It’s not always going to be your typical conventional loan. Sometimes the best deal is going to be a different kind of loan product, a down payment assistance program, or a portfolio consideration for your credit union. Reveal all your member’s options and help them make an educated decision and they will not forget you.

Motivation

Having the energy and drive to do what great Loan Officers do is key to succeeding. Study what other successful Loan Officers have done in the past and learn from it. Find new ways to invigorate and rejuvenate yourself to keep going. You could attend a great conference, read a book, find a life coach, or simply spend time with a mentor. Finding just the right ways you can keep pushing yourself to learn and grow will help you to be an even more successful you.

Discipline

Knowing the rules of mortgage lending inside and out is imperative to a successful career in this field. There are many rules and regulations that are constantly changing. Training and continued education will guide you to stay atop of them all and keep your members happy as you are leading them through the loan process the right way.

Discipline also goes for implementing what you’ve learned and managing the processing, underwriting and closing very well. Top Loan Officers know their business, and they know what it takes to complete a 100% closable loan file. Good Loan Officers are smart, and they know it is possible to beat deadlines, getting docs to title early. Top Loan Officers show up at closing.

If you are an okay Loan Officer looking to be great and capitalize on today’s good times, focus on growth and make a few simple tweaks to your daily processes and procedures. Know your profession a little bit better everyday. There’s nothing holding you back but yourself. To be the best Loan Officer, you have to put in the effort.