Questions for MLOs

[Tyler Robbert]

Hello there, friends - 

I'm interested in getting licensed as a Mortgage Loan Officer, but I'd love to run a few questions by someone (or multiple folks) who already have boots on the ground in the industry to get some firsthand perspective before I pull the trigger. Would anyone who identifies as an MLO be willing to chat with me to answer some basic questions? If anyone is willing/able to talk over a Zoom call for a more personable conversation, I'd love that; otherwise, my main questions are below, and you can feel free to simply answer them here. Thanks in advance for your wisdom and insight!

- Looking at a guide to becoming a MLO, I notice one of the final steps is to get "sponsored" by a mortgage company. What exactly does this mean/entail? Does this mean that that mortgage company would be my employer, or would I still be looking for a job after the process is complete?

- On average, what would you say the percentage of leads you have to track down vs. the number generated in-house by your employer is? Being new in the area where I live, I don't have many connections, so my preference would be to work at a company that primarily supplies leads to their MLOs. Is that realistic?

- What would you say is a realistic average annual salary to expect, especially starting out as a new MLO?

- Is there a lot of opportunity for hybrid or completely remote work as a MLO?

- Based on the certification requirements, it seems that becoming a MLO is fairly simple process even if you've never worked in the industry before. Would you say this is a true assessment? Are there any hidden hurdles to be aware of when considering making a career switch in this direction?

Thanks again for any input. I really appreciate it!