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Loan Officer

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Michael Schwartz edited

Loan Officer

Explore Being a Mortgage Loan Officer with Michael Schwartz

 

Briefly describe your job.

I help people make smart choices about mortgages. I listen to their goals and review their financial documents and then show them what options are available for their situation. We look at which options may be better suited and discuss implications of others.

 

How long have you been working in this field?

I’ve been in banking since 1996 and doing mortgages since 1998

 

When and how did you decide to choose this career?

I decided based on my interest in financial topics and the joy I get from helping others. Plus, I enjoy helping people obtain money (even though it is a loan) to buy a house in which they and their family will call home.

 

What education and training did you receive before entering your field?

I have a bachelor’s degree in Business and Marketing Management from Webster University in Irvine, California.

 

How did you begin OR what was your first job in the field?

I started as a personal banker, opening up bank accounts, servicing clients and answering questions about their accounts.

 

Describe a typical day on the job?

My day is divided up into three main categories.

  • The first part is prospecting for business. I talk with Realtors, other business partners and new client prospects about getting a      mortgage.
  • Then I follow up on existing loan files to make sure that my current loan cases are progressing smoothly.
  • And then I do marketing for my business to attract new clients and business partners.

 

What do you like most about what you do?

I get satisfaction from helping people. When I can help people finance their dream home or refinance and save tens of thousands of dollars, it makes me feel that I’m making a difference.

   

What is the biggest challenge for you in this job?

It’s a challenge sometimes finding new clients. So I make it a choice to ask my existing clients who they know that are looking to buy or may need to refinance. But when things are slow, I remind myself of the positive reasons for choosing to do this type of work.

   

What would you like to say to someone considering this career?

Do your research. Make sure you feel comfortable giving people advice in the area of lending.

 

What are the most important personal and professional skills necessary to succeed in your field?

Integrity and persistence are important to success. You also have to enjoy talking with people. Being good with and liking to work with numbers is important too.

 

What could someone who is interested in this field do to learn more about it right now?

Go online and read up about the industry. Use key words for your search like: “history of mortgage rates”, “FHA Loans”, “VA Loans”, “Conventional Loans”. Talk with people from the industry.

 

Is there any general advice you would like to offer to students on making a career choice or on work life itself?

Find something that makes you happy. Don’t worry about the money. Know that the money will come when you are satisfied in what you do.

 

You can learn more about Michael Schwartz in this link. Also, visit and join his Facebook Page. He posts very interesting and informative updates about the loan industry!

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