Entry-Level Positions For Aspiring Loan Officers
Entry-level mortgage industry positions abound, including operational roles like "assistant processor" or sending disclosures, allowing newcomers to learn "a little bit about the mortgage industry". Sales-oriented entry points include loan officer positions (requiring no prior experience but potentially limited initial income) or loan officer assistant roles offering mentorship and a path to becoming a loan officer; call center positions also exist, providing business knowledge but less opportunity for relationship building.
Entry-Level Positions, Sales, Operations, Mortgage Industry, Loan Officer
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Mark Tomaszewski
Sales Manager/Sr. Loan Officer
Peoples Mortgage Company
University of Arizona
N/A
Psychology
Finance (Banking, Fintech, Investing), Real Estate
Sales and Client Management
Took Out Loans, Greek Life Member
Video Highlights
1. Entry-level positions in the mortgage industry include loan processor assistant, loan officer assistant, and call center representative.
2. A loan officer assistant can learn from experienced professionals and eventually transition into a loan officer role.
3. Call centers provide opportunities to learn about mortgages without the immediate pressure of sales, but relationship building might be limited compared to other positions.
Transcript
What entry-level positions are there in this field that an undergraduate college student might consider?
There are many opportunities in the bridge industry. If you're interested in operations, which involves loan processing, paperwork, and ordering verifications, you can become an assistant processor.
When I started, my first job was sending out disclosures. Disclosures are legal documents sent by the lender when you're under contract to buy a house. They detail your loan terms, like your interest rate and payment.
My initial role in sending disclosures gave me a basic understanding of the mortgage industry, though not extensive knowledge. This is an entry-level position within operations.
There are also entry-level positions in sales. You can become a loan officer without prior experience, though it might take time to earn money and you might lack confidence with clients. You don't need a college degree for most states to be a loan officer.
Another path is to be a loan officer assistant. An assistant helps with various tasks, including client communication and paperwork. They learn from me, gaining knowledge about the business with the goal of eventually becoming loan officers themselves. This was the path I took, and it allowed me to learn the industry and build from there.
Beyond that, there's the call center side of the mortgage industry. Companies like Rocket Mortgage or USAA have call centers where you don't directly handle sales. People call in, and you transfer them to salespeople.
These call center roles are good for learning the business and how mortgages work. However, it can be difficult to build relationships because you're primarily answering incoming calls. Still, it's a viable way to learn the industry. Many of these companies offer entry-level sales positions and provide training on mortgages and sales techniques, making them a good starting point.
So, there are a few different options to consider.