Question:

Should I become an independent loan officer?

Answer:

Being an independent loan officer has become tough nowadays due to a slowing market. Many independent loan officers are now searching for job opportunities with banks, since it is easier to make a living with a base salary plus points on ready deals rather than work on commission 100 percent. Also, independent loan officers are thus avoiding license requirements which seems to be very convenient.

However, the job market for independent loan officers until 2014 will experience steady growth, below the average for the US, according to statistics. It is also true that many independent loan officers are currently getting out of the business due to difficulties experienced by the market.

Unions and private mortgage companies looking for independent loan officers have difficulties finding the right candidates if they offer only commission-based remuneration.

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