The Bank Work Environment
If you’re working in a large, corporate environment, you can expect your day to be more traditionally structured. Not all, but most, large mortgage banks will want their employees in the office from 9 a.m. to 5 p.m. The dress code and office environment will probably be more formal.
The Small Business Work Environment
If you choose to work for yourself or for a smaller branch, your day can vary wildly depending on personal preference and company expectations. Some LOs choose to come into the office later in the morning and stay past traditional work hours in order to call potential leads when they are home in the evenings. Others hit the ground running in the early morning so that they can leave by mid-afternoon.
In these situations, it’s often up to the individual to determine the work schedule that works best for them. It’s all about closing loans, however you can do that most successfully is the way you’ll want to plan your day or week.
It’s all about closing loans, however you can do that most successfully is the way you’ll want to plan your day or week.
Common Daily or Weekly Tasks
However you choose to structure your day, there are a few things that you can expect from your daily schedule as a mortgage loan officer.
1. Lead Generation
Being a loan officer revolves heavily around one thing: sales. After all, you need to find the people who want a mortgage and help them choose you as their LO. S. Census Bureau). Not to mention online mortgage lending platforms are on the rise. Needless to say, the competition is fierce. This means that a large portion of a loan officer’s energy goes toward finding and cultivating new leads.
Once again, depending on your personality, the company you work for, and the market that you operate in, the methods for finding new leads varies.
Lead Generation: Purchased vs. Organic
Some loan officers choose to purchase leads from sites like Zillow or Lending Tree. If you pursue this method, you will still need to cultivate these potential clients. This can be a difficult task. After all, receiving a cold call can be unexpected and even unwelcome.
Purchasing leads can be a successful method for some loan officers, but there are a couple of critical things to keep in mind.
If you choose to find and develop leads on your own, you will probably pursue this in multiple ways. Not only does this create trust between you and your clients, but it also can lead to opportunities for new business through referrals or refinancing situations.
Referral Partners: A Loan Officer’s Secret Weapon
Another popular way to generate leads is through referral partners. Referral partners are industry professionals, often real estate agents, who send mortgage leads your way. These partnerships are absolutely invaluable for a mortgage loan officer, and as such, careful attention needs to be given to developing these connections.
If you’re just getting started, finding referral partners can be a daunting task. Don’t be discouraged if it doesn’t happen right away. Cultivating referral partner relationships is a process that takes time.
If you’re wondering how to find partners, consider actively marketing to potential partners through networking. Especially if you’re new in the industry, it’s critical to make your face and name known, and build trust by proving your competency. Hand out business cards and marketing materials when you meet a new professional contact, but be careful not to come across as desperate. Instead of begging for their referrals, prove that you deserve their referrals through your industry knowledge and efficiency. Remember, if you can get their clients a loan, it means they’ll be able to get their commission, too.