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EMBRACING A NEW CAREER AND LIFESTYLE AS A MORTGAGE LOAN ORIGINATOR

One of the most exciting aspects of working as a independent mortgage broker is the opportunity to have unlimited earning potential. Couple that with helping people achieve the dream of homeownership, and there’s a lot to like about life as an LO. Those are just a few of the reasons why Marc decided to join the broker channel.

FROM FINANCIAL ANALYST TO MORTGAGE SALES

After starting his career as a financial analyst, Marc began considering a career in sales. While talking about options with his father (a commercial real estate broker), the topic of mortgages came up.

“I liked the idea of that,” said Marc. “It could be a recurring business model. You can close on a purchase, but later you could do a refinance. So, I decided that I would start pursuing that and get my license.”

Marc was also attracted to the growth potential in the mortgage business.  As a loan originator in the wholesale channel, there’s no cap on how many loans you can do and how much money you can make.

“My dad was in sales, so I wanted the same for myself. You’re not fixed to a salaried position,” said Marc. “If you have the book of business and build the foundation, you could easily make more than you could at another job.”

NOT HAVING TO SAY NO

Like many people who aren’t familiar with the mortgage business, Marc didn’t know the difference between wholesale and retail before he started doing his research. Once he started looking around and talking with others, his choice became clear.

“The main benefit I saw in the broker channel was product offerings. I did not want to say no to a client, especially if this was going to be my full-time career. I want to close every deal I can close. And I think you can do that on the broker side,” said Marc.

Brand new to the industry, Marc knew he needed to join a broker shop that was willing to mentor him.  “We're dealing with the largest transaction of a person’s life, so I want to make sure that I'm doing it right,” said Marc. “This is why picking a good company can really help. If you have every angle supported by the company, you can sell the product much better.”

PATIENCE AND PROGRESS

When you work in sales, getting that first deal can be the toughest one and that certainly applies to loan originators. It took Marc 7 months to close his first loan. But when he got into the business, he went into it with no plan B.

“You have to make it work,” said Marc. “If it's not working now, you're going to have to find the deals. Seven months is a long time. No income coming in. But I prepared and saved for it.”

Marc’s patience has paid off. He’s doubled his earnings from his previous job and his progress is due to his persistence and willingness to completely immerse himself in what he does for a living.

“If you’re going to commit to this, you have to fully commit to it. It’s not just your job, it’s a lifestyle,” said Marc. “I reflect back and I'm super grateful and blessed that I chose this career.”