A Florida mortgage loan originator (MLO) guides applicants through the process of obtaining a loan to buy a home, making applying for a mortgage and securing the necessary financing much easier for their clients.
Not only do MLOs help with the pre-approval process, but they also determine how much potential buyers can afford to spend on a home. They base this on assets, credit score, and yearly income.
After a prospective homebuyer chooses a property to buy, MLOs help with important paperwork. They’ve obtained their Florida mortgage license, so they understand the laws and requirements.
Without an MLO, this underwriting process can seem daunting. It involves collecting and analyzing everything from bank statements to tax returns. Loan applicants also need expert guidance through any inspection or appraisal process.
MLOs provide a great service to homebuyers in their community. Check out some of the benefits you might enjoy after becoming a mortgage loan originator in Florida.
1. Helping others
Helping families buy the home of their dreams is meaningful work. Every day, you’re interacting with and helping people get through a complicated process. This is the perfect career for someone smart and capable, with a desire to help people at the same time.
Often, homebuyers can be nervous or apprehensive. Purchasing a home is a huge investment and responsibility. As a client’s MLO, you play a crucial role in helping them get it right. At the end of the workday, you’ll know that you are helping make a difference in people’s lives.
2. Healthy work-life balance
Becoming an MLO is the right career move for people who want to enjoy the benefits of flexible work schedules. The ability to prioritize home, family, and self-care along with a solid professional life is why most MLOs love their work.
If you live in Florida, you want to enjoy everything the state has to offer. That’s why most mortgage brokers offer their MLOs remote working opportunities. You can also set your own hours and work at your own pace.
Employers also offer additional benefits, such as life and health insurance, health savings accounts, retirement plans, and paid time off. These benefits provide a certain security that allows MLOs to work without worry and better enjoy the fruits of their labor.
3. Job security
One of the major benefits of becoming an MLO in Florida is knowing you’ll be in demand. According to the Bureau of Labor Statistics, this field is projected to grow by 1% from 2020 to 2030, with about 25,000 job openings per year.
Real estate in most of the Sunshine State is affordable. The absence of a state income tax makes it a destination, not only for retirees but also for growing families. This makes working as a mortgage loan originator a smart and solid career move.
4. Good income opportunities
Some mortgage brokers pay their MLOs a generous commission-only salary. Others combine commissions with a base pay. In either scenario, the average salary for an MLO in Florida is around $59K per year and can get as high as $120K for earners in the 90th percentile, according to Zip Recruiter.
For many mortgage professionals, if the effort is high, the income is also high. This is often a wise career decision that helps to support a family, bank account, and comfortable lifestyle.
5. Provides a strong network
Are you a people person? Do you enjoy socializing and getting to know your community? In Florida, there are many opportunities to join clubs and organizations in the mortgage loan field. You can pursue continuing education credits, maintain relationships with clients, meet potential clients, and interact with colleagues.
You’ll also have a lot of fun!
Ready to get started?
Mortgage Educators makes becoming an MLO a simple process for Florida residents. Check out their step-by-step guide.