If you are reading this, chances are you are already in the mortgage industry? But, maybe not. Maybe you're looking for information to help you decide whether or not to give the mortgage business a shot. Or, maybe you're already in the business and you're trying to convince someone else to enter the industry. Regardless, the main question you want answered is the same main question you want answered for a great number of things: “What's in it for me?” Why should you join the mortgage industry?
Well, of course there is the obvious. There a lot of job opportunities as a loan officer, as it's a continually growing field. Also, the industry can be quite rewarding on the financial end of things. According to the Bureau of Labor Statistics (BLS), the median annual wage for a loan officer was $63,500 in 2015—nearly twice the amount of the average across all occupations. But, is there more to the industry than just finding a “good job?” Can it be rewarding in other ways?
On the Jan. 23rd episode of my Lykken on Lending podcast, we aired an interview with Bill Cosgrove of Union Home Mortgage. Of the topics we covered, we dealt with this question: Why do we enter the mortgage business in the first place? Bill didn't talk about job availability or income potential. Instead, he focused on the reasons that lead to a more fulfilling career on a personal level:
1.The mortgage industry offers the opportunity to impact a larger number of people—as it is typical to close on around 20 loans per month.
2.The mortgage industry offers a challenge, as the industry is more complex financially and legally than other sales-oriented professions.
Why should you join the mortgage industry? Pick your reason. Whatever justification sounds best for you, I promise that it's worth giving a shot ...
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David Lykken, a 43-year veteran of the mortgage industry, is president of Transformational Mortgage Solutions (TMS), a management consulting firm that provides transformative business strategies to owners and “C-Level” executives via consulting, executive coaching and various communications strategies. He is a frequent guest on FOX Business News and hosts his own weekly podcast called “Lykken On Lending” heard Monday’s at 1:00 p.m. ET at LykkenOnLending.com. David’s phone number is (512) 759-0999 and his e-mail is [email protected].
