UWildNoseyb
Team Owner
What do you guys think?
Mortgage Loan OriginatorWhat’s an MLO?
The top producing MLOs make $250K or more. MLOs making under $100K/year typically don't last in this business.Realtor. Loan Officer's earning potential is capped around $40k to $75.
It depends on what type of company you work for as an MLO.Depends on your area and market. Where I am, MLOs, there's always plenty loans and refis. I know plenty that are making lots and lots of money and live in the most expensive parts of the city. There are too many agents and not enough inventory to really do well in most areas, especially if you're a new agent. But again, depends on your area. The avg per yr for agents is around $30k but of course there are those doubling and tripling that. The overhead as a REALTOR is also much higher than a MLO, so keep that in mind as well.
Most ppl use social mediaWhether you're planning to be an MLO or a realtor, you need start-up capital. Treat it like you're starting a business because it is a business. You need to have savings to cover your living expenses for the first 6-12 months and also the start-up money for your marketing. You also need a solid marketing plan.
This advice is underratedWhether you're planning to be an MLO or a realtor, you need start-up capital. Treat it like you're starting a business because it is a business. You need to have savings to cover your living expenses for the first 6-12 months and also the start-up money for your marketing. You also need a solid marketing plan.
Social media costs money. Facebook and Instagram have strategically changed their algorithms so that it's impossible to build and keep a following on business pages/accounts without paying for ads and boosted posts. Someone may like your business page but your posts will never show up in their feed. You have to boost your posts to continue to show up in followers/non-followers feeds.Most ppl use social media
No ma'am it is not. When the market was ridiculous back around 2004-2008, the MLOs at the company I worked for were easily pulling in anywhere from $5k-$25k monthly. An MLO can make more than a realtor depending upon the market and whether or not they receive bonuses, which ours did. A realtor can of course make more than an MLO depending upon whether the realtor is a high-end realtor, mid-range or lower market.Realtor. Loan Officer's earning potential is capped around $40k to $75.