3 Ways To Transform Your Loan Officer Job Into Your Own Business

3 Ways To Transform Your Loan Officer Job Into Your Own Business

What’s your knee jerk reaction to this statement?:

“Even though, technically, you are employed by the mortgage company you work for, you will fail if you think of yourself as just their employee.”

I’m sorry to say it, but if you’re classified as a W2 employed loan officer, the cards are stacked against you in so many ways.

Everything seems to be conspiring against your success.

The power of technology, automation, call centers and Big Data are threatening to eliminate your position, altogether.

So many deep pocket companies are getting into the mortgage game including the likes of Amazon, Zillow, Keller Williams, and most likely any other player that has access to mountains of useful buyer data, sophisticated technology, never ending pipelines of leads and low cost human capital manpower.

To say that competition is fierce is quite the understatement.

Not only that, but recent tax law changes have seen to it that if you want to make a good living as a loan officer, you had better work harder (and smarter) at producing because the government will no longer be reimbursing you for your marketing expenses.

One of Trump’s tax law changes did away with form 2106 (unreimbursed employee expenses).

What that means is as a loan officer who invests (rightly so) in their marketing will no longer be reimbursed for anything from mileage and gas expenses for traveling to prospects or clients, to monthly ad spend to bring in new clients.

That ship has sailed and those benefits are gone.

However, self employed folks got a 20% tax cut, right off the bat.

It seems so unfair, doesn’t it, that even though, for all intent and purposes, you’re an employee, but your “employer” (the mortgage company you work for) still expects you to treat this position like it’s your own business, but, of course, with none of the self employed benefits you’d otherwise get if you were actually self employed?

What, just because you’re given some sort of minimum wage guarantee? The reality is you can’t make a living unless you’re producing.

The reality is you’re still a commissioned salesperson, right?

That “guarantee” is really just there to cover the company’s ass and to satisfy compensation and tax laws, right?

You can’t live on that guarantee and live a true loan officer’s lifestyle.

You can’t have the aspirational things you want and know you deserve on that guarantee, right?

No, you’ve got to produce.

Your commissions…that’s what matters.
Your production value is what you’ve got to focus on.

The problem is the way things are designed socially, you’re not setup and supported for success.

Instead you’re constantly presented with hurdles, obstacles, booby traps, pitfalls and rattlesnakes that all conspire to make your success super difficult.

Isn’t it a shame the companies you work for barely give you the tools you need to survive?

In fact, I’d go so far as to say they’re simply not enough.

You’re given bare minimum support and that’s because there is just so much bureaucracy and so many loan officers that you’re simply just another number as far as they’re concerned.

You want training?

You want support?

What they tell you usually amounts to little more than “Here’s a book. Here’s a video. Good luck.”

It’s a giant filtration process.

They only care about producers.

It’s such a weird dichotomy, right?

They want you to treat it like it’s your own business, but they don’t want to support you even though every time you get a deal you’re actually helping the organization out as a whole, as well.

If you agree with what’s been stated above, I want you to know that I completely understand and agree with your assessment, but…

DON’T let this be a convenient excuse to not treat this business like it’s your own.

Why?

Because you won’t thrive (and that’s assuming you survive at all).

If you’re buying into the b.s. that you won’t treat this like a business because you’re technically an employee then maybe you should branch off on your own or, as harsh as this might sound….get out of the business and get a better job (maybe one that pays you more than minimum wage).

Maybe go work for one of the call centers. I think their salaries start at like $15 bucks an hour?

How does that sound?

If that doesn’t appeal to you then your other choice is to treat this like a business.

What’s it gonna be?

Are you gonna go out and become a broker?

Or, are you gonna get a different job?

Or…are you gonna suck it up and treat this like a business?

As far as I can tell, these are really your only three options at this point.

If you’re opting to stay in and treat this like a business, there are 3 different ways I’d submit you consider doing if you want to start kicking ass and really start thriving.

First, control your leads and your data by any means necessary.

I don’t just mean being able to generate your own leads, I’m also talking about managing your own database, having your own contact management system just like any good business owner would (the company you “work for” they consider the leads in the database, the ones that you got for them in the first place, they consider those leads theirs…not yours. Pfft!)

Secondarily, you’ve got to seek a balance and alignment in choosing the company you work with.

Let me ask you something, why’d you choose the company you work for?

I’d imagine it was just a matter of preference, right?

Most likely you just felt right about the company you choose to hang your hat on. Whether it was because they give you a lot of freedom and leighway to do things your own way or because they give you a bit more support, maybe.

If you work with a company that vibes with you, that’s gonna help you create your own success tone. I highly recommend if you’re not vibing with the company you’re currently at, maybe start considering an alternative.

The questions to consider are:

  • How much support are they providing?
    • Training
    • Processing loans (do you have to babysit this thing or do you submit and they care of the rest for you?)
    • etc.
  • What’s their compensation plan like?
  • And (this is a biggie) how much autonomy do they allow you?
    • Are they micromanaging what you can and can’t do?
    • Are they handling the marketing?
    • Do they restrict you, heavily?
    • Are they burying you in useless shit that doesn’t actually help you be a more productive asset? (Control can be disguised as a form of support…just sayin’).

Third, this last one is all about your willingness and ability to invest in your long term growth.

This is very, very important.

Despite your tax benefits having been removed as incentive, if you want to succeed, you still have to be willing to reach into your pocket and invest in your own success, no matter what else is going on.

I’d even advise going so far as consulting a CPA to see what your options might be in setting up a business on the side to see if that can help you out (I’m serious).

The point is don’t leave your success to the whim and will of the organization you “work for.”

The reality is you work for yourself and the company that processes loans for you is just a formality and you need to think of it that way.

With that, thanks for reading and I’ll see you at the top.

Michael

P.S. Want me to help you setup your own simple predictable profitable lead generation system?

Just click this link, book your live demo, and let’s set one up for you, today.

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