Can Part Time Loan Officers Be Successful?

This question can be answered in two ways, but first one would have to ask themselves why they would be working as a loan officer part time. If you already have experience in the business, and you understand the ins and outs of mortgages, you may do fine. But if you have a lot to learn, and are new to the industry, you may not find that you are learning at a pace that brings you any substantial income for quite some time. There are mortgage companies out there that can assign other more experienced loan officers to be your "mentor" and help you learn some of the lingo and more popular products.

If you have another job, you may be pressed up against deadlines that you can't realistically meet. I have read about a man who is actually in the mortgage industry, stayed in a hotel with a wife, two kids, and a cat for five weeks while waiting for his loan to close through a moonlighting loan officer before finding out that it was causing him to sleep most of the day. He gave the loan to a co-worker and his loan was closed in 4 days. Although it is true that there are full time workers that accomplish part time volumes, and part time workers that generate full time incomes successfully, it is generally a good idea to focus on one thing, and do it well. Many times, a new homeowner's dreams are becoming reality at this point in their life, and a good mortgage professional is there to ensure that things are going smoothly and quickly.