Loan officer jobs with mortgage brokerages are significantly more "salesy" than those with banks. The loan officer jobs within the banks are not nearly as competitive as the ones with the brokerages because banks don't approach mortgage lending the same way that brokerages do. Banks tend to get their mortgage business from their pre-existing banking customers and referrals from these customers. They don't do a lot of, if any, aggressive mortgage loan advertising. This means that banks don't have to spend nearly as much per prospect in order to sell a new mortgage loan as brokerages do. For this reason, they compete against brokerages on price. Processing fees, origination fees, points, and so on and so forth are much, much less cumbersome with bank mortgages than they are through mortgage brokers.
But there is a reverse side to this coin. Mortgage brokers provide services that banks don't. This begins with the broker's portfolio of mortgage programs offered. It is much larger than just about any bank's. Banks offer a relatively small or narrow mortgage program choice. Brokers offer mortgage through several or many different banks and lenders, and they typically offer everything from standard 30-year fixed mortgages for those people with excellent credit to those loans specifically for people with bad or unfortunate credit. Brokers shop a mortgage application around for the prospect. When the prospect's local bank doesn't have it for or won't give a suitable program to a prospective mortgage buyer, the mortgage broker will find a lender who will underwrite the loan. Mortgage brokers also tend to be specialists in using refinancing for debt consolidation and money saving purposes. Banks are happy to do this for their mortgage holders, but not when they have subsequently lowered their credit rating; the brokers love to work with these people.
Mortgage brokers, therefore, have to compete on services. They cannot compete on price, for they make all of their money on up-front fees, and it costs them far more to close a sale than it costs a bank. Loan officer jobs with brokers will therefore emphasize salesmanship over merely steering a client to the best loan. But, in both cases, the loan officer must understand both, and must be willing and able to tell a mismatched mortgage prospect that they cannot or should not help them.
Loan officers who work with either brokers or banks should establish relationships with real estate agents. Real estate agents will bring them "free" business, as they try to establish working relationships with loan officers who can help their prospect get a mortgage so they can close the sale. Some loan officers specialize in commercial real estate selling working with realtors who also specialize; this is more complex than the usual home loan. But at any rate, when a prospective property buyer is referred to the loan officer, it makes his job far easier, especially if he is with a mortgage broker. The prospect is much more of a captive audience and understanding of being helped in this context, and won't be so quick to balk at any closing fees or points that the mortgage might require.
Once a good relationship is established with a real estate agent, that involves getting a couple of loans done in a timely way with very good communication throughout, they are a great source of business for the loan officer. This is important because loan officer jobs entail commission compensation. However, a lot of loan officer jobs put commissions on top of a base salary. It is more usual for a bank to offer a higher base salary but a broker to offer a potentially more lucrative commission.
There is high turnover in the business, but there is also a constant need for loan officers, so jobs in the industry are not at all hard to find for the right person. Loan officers can be trained in the technical details of the business in a matter of just a few days, and they mostly learn on the job. There are usually no particular educational requirements, though some employers will favor those with a bachelor's degree or higher. However, people who have previous experience in sales, marketing, or some financial industry job who can show a proven track record of success or demonstrate the right aptitude stand the best overall chances of getting loan officer jobs. Some loan officers begin as telemarketers for midsize or larger mortgage brokers.
