Mortgage Lender Career Path

[Stephanie N.]

While I build my way to wealth through real estate, I find myself desiring a W2 job that better aligns with my long term goals and could be a more enjoyable W2 along my journey. As such, I'm considering switching from my product management career path into one that is more closely tied to real estate. Becoming a mortgage lender is appealing to me and seems like it could be a good fit for my skill set (i.e. detail oriented, wanting to help people, enjoying working with numbers).

For the mortgage lenders out there, what do you love most about your job and what maybe isn't so great about the role? Have you seen others successfully move into this career path from a different profession? I have a high paying job now and am hoping to transfer my skills rather than start at the bottom.

[Derek Brickley]

Hey Stephanie!  Great question and would be happy to talk in more detail but:

Although there are many transferrable skills, unless you work for a bank that pays you a salary (generally with no commission) I have yet to see a way for new loan officers to not start at the bottom.  Generally speaking it may be a struggle especially while you get your feet wet on how the process works, learning guidelines, etc.  Then building an active pipeline to help buyers can be tough to get moving.  I have seen multiple people leave a successful career to jump into the "lucrative world of real estate" whether that is as a realtor or a lender, only to dry up their savings and quitting 6 months down the line.  It's not for everyone, and starting in it and being successful will take a lot of time, dedication, and effort.

With that disclaimer aside, I cannot imagine another career for myself.  My previous skills transferred seamlessly to the financing side, the numbers and learning and structuring loans.  For many people, their home is their largest purchase and as a loan officer we may be the closest to a financial advisor they ever speak to.  We have such an impact on those peoples' lives that it is extremely rewarding, and when done right it can be enjoyable/fun too!  

In short: It's a great career path for those forward-thinking that will put in the work and enjoy helping people.