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What makes an MLO tick?

Posted on: 19th Jan, 2007 06:51 am
New to the mortgage scene. I'm a recruiter trying to learn the terminologies and personalities of this business. Could sure use some help on getting to know the life of an MLO and what makes them tick. What would make an MLO want to leave their present situation? Stability? Opportunity? Or just plain money? Please let me know.
Hi,

In 2004 a loan officer's earnings were between $35,360 and $69,160. The lowest paid ten percent earned less than $27,580 and the highest paid ten percent earned in excess of $98,280. As you can see the amount a Mortgage Loan Officer can earn is one major factor in deciding upon taking the job of an MLO.

The figures are two year old but you can get an idea about what the earnings are like.

Mark Avon
Posted on: 19th Jan, 2007 10:09 am
"Could sure use some help on getting to know the life of an MLO and what makes them tick."
Let me provide you with some insight into the work they do and for whom they work for.

Mortgage loan officer often have to visit offices and homes of customers for filling up the applications. The working hours per week are normally around 40 but some MLOs also work for longer as they can contact as many clients as they choose.

Their earnings are basically by way of commission and when the interest rates have a downward trend they have better earning scope. Brokers, bankers and financial institutions hire them as commission-only salespeople but few established banks also take salaried loan officers who are paid small commissions on per loan basis.

The quality of any MLO is judged by the personal network he has, the number of high value/high fee loans he can close and the fee income he can earn for his company.
Posted on: 19th Jan, 2007 11:53 am
Thanks Maynard and Mark. Any suggestions where I can go to attract good MLOs? Posting ads? Online websites? What organizations or affiliations should I be contacting? I'm in VA so don't know if some organations are local or if all Mortgage organizations are national only.
Posted on: 19th Jan, 2007 01:18 pm
"Any suggestions where I can go to attract good MLOs? Posting ads? Online websites?"
Searching online websites would be a much better option.
"I'm in VA so don't know if some organations are local or if all Mortgage organizations are national only."
Inova, there are local state wise organization also whom you can contact in addition to nation wide servicers.

Thanks
Posted on: 19th Jan, 2007 02:13 pm
Mortgage organizations are local as well as nationalized.

A mortgage loan officer may leave the situation only if he gets good opportunity. Money may not be the factor always. Opportunity and stability is what matters to the officer.
Posted on: 19th Jan, 2007 08:26 pm
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