Mortgage and Loan Education

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Work At Home Loan Officer

Written by Dana Hinders
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When you start your own home-based loan officer business, you are acting as both the mortgage broker and the loan officer. You'll explain available financing options to your clients, help home buyers find the best lender for their needs, and process loan applications. In addition, you'll be responsible for your own marketing; a sales background can be extremely helpful in generating leads for your business.

Unlike a mortgage banker, a home-based mortgage broker shops around for the loan that best meets a client's unique needs and originates the loan through that source. A mortgage broker consider factors such as a client's risk tolerance, plans for how long they will keep the property, and their credit history when deciding which loan is the most appropriate. Many home buyers prefer to work with a mortgage broker because they believe a broker will offer them more affordable financing than a mortgage banker.

Some home-based loan officers choose to work for a larger company instead of actually owning their own businesses. This can be a good option for someone who isn't sure how to get their business off the ground and would like the support of more experienced mortgage brokers. Owning your own business, however, offers more flexibility and greater long-term income potential.

Staying Competitive in the Modern Marketplace

To compete with larger firms and internet-based mortgage brokers, successful work at home loan officers must be familiar with the local market. They must know which appraisers are knowledgeable about a particular neighborhood and be able to recommend a qualified attorney to their clients. A home-based loan officer must work to build a relationship with his or her customers; it's the ability to provide personal service that will generate future business through the referrals of satisfied clients.

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