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Is Becoming A Loan Officer The Right Career Path For You?

Apr 28, 2021
We talk a lot about the home buying process from the buyer’s perspective. If we look at the home buying process from a Loan Officer’s perspective, it is completely different. 

For the purposes of this blog, let’s focus on the role of a Loan Officer and how it could be the right career path for you. Does the idea of a career that provides flexibility, freedom and the ability to control your own success and earning potential sound exciting to you? If the answer is yes, this might be the perfect career path for you. If the answer is no, but the housing industry excites you, don’t worry it might just mean operations is a better fit, but more on that another time. 

What Is A Loan Officer?

As the Fairway Mid-Atlantic leadership team says, a Loan Officer acts as the quarterback of the entire process. They’re responsible for financing your home purchase and acting as an advisor during the home buying process. A Loan Officer takes loan applications, pre-approves homebuyers for a loan, works with numbers and scenarios, reviews guidelines and puts together a final loan package that best meets the specific needs and goals of a homeowner.


They are the industry experts with a wealth of knowledge about how the housing market works, the movement of mortgage rates, loan products available to borrowers, and so much more. A Loan Officer is one of the most important professionals you should have on your team when buying a house or thinking about refinancing your existing home. In tandem with your real estate agent, a Loan Officer should be an expert in the industry, a problem solver able to find creative solutions, and a trusted advisor throughout the process.


The Day to Day

Daily, a Loan Officer is juggling a lot. Mostly, they are talking to their clients about their loans and where they are in their home buying process. They help potential borrower’s get pre-approvals to start searching for their home with their real estate agent, they work with an operations team to manage loans as they move through the mortgage application process to the closing table, they advise their clients on offers and scenarios, and they work with their network of Realtors and partners to support existing clients and build new business.


No two days look the same. When looking for a career path you could enjoy it’s important to consider what you value in a work environment. Several different financial institutions would allow you to pursue the path of becoming a Loan Officer, however, those paths are not all the same.


For example, a Loan Officer working for a large bank may find their job is similar to a regular 9-5 desk job. It’s predictable, stable, and provides a lot of support. A Loan Officer working for a broker or correspondent (such as Fairway) may experience something more similar to the structure of entrepreneurship. These paths may provide more flexibility and freedom, a wider selection of products available to their clients, and more opportunities to build their network.


Benefits of Becoming a Loan Officer

The biggest benefit of becoming a Loan Officer is the flexibility that comes with it. This job allows you to choose your adventure. What you put in is what you get out. Depending on the financial institution, LOs generate their own business through networking and relationship building. This means that the larger your ability to grow your network and establish yourself as an expert in the industry, the more business you could potentially create.


Another benefit is the entrepreneurial spirit. You decide what your business looks like and how much business you’re doing. Loan Officers are considered part of a sales force. To be successful, you must hone your communication and networking skills, have excellent problem-solving skills, and possess the drive to work hard for your clients.


Ultimately the greatest reward that comes from this job is the people we get to help. There is no feeling that matches the rush of seeing your clients close on their home. The relief and excitement are immediate but it’s the impact that lasts. Becoming a Loan Officer means you help families make one of the largest financial decisions of their lives. They turn a house into a home, get the opportunity to build their wealth, and in turn create the future they’ve been dreaming about. And you would get to play an active role in making it all happen.


So do you think becoming a loan officer could be your next career move? If you are interested in anything to do with business, finance, real estate, the housing market, or even just entrepreneurship, this could be the career path for you. The possibilities of this career path are endless.


For more information about what a loan officer does, what it could look like as a career, and how to start the process, head to our Join Our Team page. We love what we do and are always willing to help!


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Q1 Recap

By Mikaylah Collins • 12 Apr, 2023
We've begun to see signs that the Spring Market is here and could be robust! Here is what we know: According to NAR, home sales were up 14% in February over the previous month which marked the biggest monthly increase since July 2020. While March results are not yet published, the mortgage industry saw an increase in purchase applications for the 3rd straight month; a great sign for the housing market. Driving much of this activity is the stabilization of rates in January & February and lower interest rates this past month. We’re starting to see signs of a slowing economy and the markets are now pricing this in. This week we saw the 10-yr Treasury drop under 3.4%, a level it has not reached for quite some time and the lowest it’s been since September 9, 2022. This is great news for consumers as decreasing rates mean more home affordability. Over the past year, most markets have seen home prices stabilize if not even decline, albeit by a very small amount. This stabilization was still a relief for homebuyers as it helped to offset higher interest rates. As rates continue to decrease, we would expect home prices to again increase due to demand increases. In addition to increased demand, there is still a shortage of homes for sale nationwide and that will continue to worsen as more and more homebuyers enter the market.  So what does it all mean? Now is a GREAT time to buy a home! Rates and home prices are stable, there is not as much competition as there will be when rates do decrease, and buying a home is still extremely affordable for most. Once rates fall, we will likely see home prices rise and the competition for the shortage of homes will increase alongside it making the window of a buyer-dominated market very small.

Q1 2023 Market Outlook

By Sarah Rubin • 10 Feb, 2023
We are well into Q1 and feel confident saying that the market appears to be stabilizing. Before we start looking forward, let’s quickly look back at the end of 2022.

Finding The Right Listing Agent For You

By Sarah Rubin • 15 Dec, 2022
Buying a home is a huge investment and one we talk about often - BUT the flipside is that you have an opportunity to cash in on that investment when you’re ready to sell your home! While you do have the chance to cash-in, a lot more work goes into selling a home than you might think! If you are considering selling your home, working with a listing agent will help you market your home, negotiate with potential buyers, work through paperwork, and ultimately close on your home! So what is a listing agent? In its most basic terms, a listing agent is a real estate professional who represents the seller in a real estate transaction. The listing agent lists the home for sale and works on behalf of the seller to sell the home at the best price and terms for their client. Listing your home is a BIG deal and it is not a place to try and DIY. But why can’t you just grab a sign at Home Depot and try and sell yourself? Well, there are lots of reasons some of which include: Professional consultation: A listing agent will walk you through each step and tell you what to expect along the way! They should understand the specific community you’re in and the current market environment and will help you determine a competitive but realistic asking price for your home. Marketing and selling your home: Your listing agent will list your home on the multiple listing service (MLS) in order to better market your home to potential buyers. They also can make staging recommendations and hire a photographer to best show off your home and its features. They’ll schedule house showings, and can be present to answer any questions. Communication and negotiation: Communication is key to both buying and selling a home in order to minimize stress and misunderstandings. Listing agents take care of this important task, by staying in touch with interested buyers and their agents, fielding questions, handling paperwork, and negotiating the final sale price and terms. Recommendations: Seasoned listing agents might come with a list of professionals who they have worked with in the past that they enjoy working with in order to make the selling process smoother for you! Some of these professionals include: real estate attorneys or title companies, inspectors, stagers, those who specialize in home improvement AND of course trusted Loan Officers. How do I find the right listing agent for my situation? In order to find the right listing agent for you, make sure your agent is licensed and has experience, references, and a professional website where you can learn more about them and their qualifications. Most real estate agents work with both buyers and sellers, but some might specialize in one or the other. Once you find a few agents through referrals or online research, meet with them in person to ensure they meet your needs and work well with your personality. It is also important to ask questions during your meeting with them and it’s imperative that you determine what you’re looking for in an agent so you make sure you are happy with the product being delivered. Selling a home can be stressful, especially for first-time sellers. A listing agent can help by taking on some of the burden and providing the information and resources needed to help sellers make informed decisions. We work with agents on both sides of the transaction – if you have any questions or would like a recommendation for an agent in your area, please reach out to us!
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