Answer to Jeff,

Jess Asks:

I am strongly considering entering the mortgage business as a loan officer. I will be leaving the high-tech industry, most recently the Internet security market, after nearly 28 years.

My question is: Is there still life in the mortgage business for the next several years for someone to do well?

I know this is subjective so please include as much personal as well as industry trends information with your answer.


Jeff,

There will still be life in the mortgage industry for decades at least. Homes are getting more expensive and more and more people need loans to afford them. So the mortgage industry is not going anywhere.

The question really is, is there an opportunity for the individual to make a ton of money? The future is cloudy. Merger mania is making larger companies. Shopping portals like Nextag and lendingtree are spending millions. Real estate companies are creating or joining forces with banks to have in house mortgage companies. More Real estate agents are getting their mortgage licenses.

But a new study just showed that borrowers save more money on average with a mortgage broker than a lender. Brokers are still doing over 65% of all loans.

And the Mortgage Broker Associations are not as strong and organized as they can be. So things can definitely improve.

For the next 10-15 years at least we have nothing to fear, as long as we keep changing and keep our skills up to date - websites, ways to process loans faster, etc.