Loan Officer Career Objectives
As loan officers it is very important to set career goals and objectives for yourself.
Although a very nice living can be made as a loan officer, you still want to put some goals and objectives out there to shoot for in order to prevent burn out.
First and foremost you need to eat, so weekly goals are just as important as long term goals.
When I worked as a loan officer, I did a lot of cold calling. From Monday to Friday I cold called from 5:30pm to 8:00pm.
I called with an expectation of taking no less than three applications per night giving me fifteen applications for the week, with a goal of turning three of those fifteen applications into closed loans.
Experience in the mortgage industry is the key to your success and how far you can advance. So the more knowledge you gain and the more experience you have, the better off you will be.
There isn’t a broker of record in the mortgage industry who did not start out as a loan officer.
That is the beauty of this industry, and the sky is the limit. If you want to be the broker of record and work alone from a home based office, or open your own store and hire loan officers to work for you, it can be done.
It takes time and hard work, but it can be done.
And don’t forget about all the other avenues the mortgage industry can lead you down.
You will undoubtedly learn more than you ever imagined about tiles, deeds, appraisals, real estate, etc.
Just think of the opportunities this opens up for you and how nice it will all look on your resume.
The forex market uses margins to increase your profits
Forex is a nickname for the foreign exchange, a vast market of trading in which the commodity is money itself. In the forex market, traders are buying and selling foreign currencies -- trading dollars for euros, pounds for yen, and so forth.
Forex is profitable because national currencies fluctuate from day to day based on predictions of the nation’s gross domestic product and other factors. As with the stock market, the idea with the forex is to buy low and sell high: Buy a lot of a particular currency when it’s weak, then sell it when it becomes stronger.
For example, bad financial news in Great Britain means that forex traders will be selling off their British pounds as fast as possible, as the pound is about to become devalued. Once the pound recovers, those traders will sell it for something else, thus turning a profit.
Though we talk of “buying” and “selling” pounds, euros, yen and francs, the transactions performed in the forex are not literal. That is, if you want to buy 100,000 euros, you don’t have to withdraw the equivalent U.S. dollars from your bank account and swap them out for a big stack of euros. Everything is done on paper only, though the resulting profits and losses are real.
Because the transactions are not done physically, there is room in the forex for what are called “margins” or “leverage.” Put simply, this means you don’t have to actually put up the full amount of the position you’re taking. Usually the margin is 1%, meaning that when you put $1,000 into it, you’re actually getting $100,000. Of course, margins multiply your losses as well as your profits, so you have to be careful.
One of the reasons for allowing a 100:1 margin like this is that the major world currencies in the forex market usually fluctuate less than 1% a day. (In the stock market, a typical stock might fluctuate as much as 10% in one day.) With changes that small, your daily loss or gain on an initial investment of $1,000 would be almost imperceptible, usually less than $10 either way. By multiplying it by 100, the gains and losses in the forex market are more pronounced.
With leverage implemented that way, the basic “lot” for buying and selling currencies is usually 100,000 (which of course only costs 1,000). Most firms that handle day-trading on the forex market don’t go any lower than that.