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Mortgage Lender Career Interview
Tim Galligan is a mortgage lender and director of sales at 1st Advantage Mortgage in Lombard Illinois. He has been in the business for 21 years.
Mortgage Lender Career Path
Tim took the long way around to get into this profession.
“A friend of a friend got me into the business,” he says. “I was working in the entire different industry of hotels. I was looking for something where I had the potential to make more money, so I became a mortgage lender.”
Mortgage Lender Experiences
In college, Tim didn’t take the normal finance-related education path that a mortgage lender generally takes. He earned a Bachelor of Arts in business administration from Loras College in Dubuque, Iowa.
Tim worked in the hotel industry in in-house sales after graduating, but he looked elsewhere because he wanted a job opportunity that offered more room for growth.
“I started out with my friend and shadowed him for a month,” he recalls. “I just sat next to him and learned what he did. I listened to him sell, sat with him in meetings, and spent a few days in the different departments.”
Tim has since worked in the field of mortgage lending for 21 years.
Mortgage Lender Degree Programs
Although there is no set degree that a mortgage lender needs, a Bachelor’s degree is almost always preferred. The degree can be in just about anything, such as marketing or business, as long as it is relevant to the field.
Also, a mortgage lender typically needs to be licensed in order to practice. More and more states are requiring mortgage lenders to pass a state exam and a federal exam, and loan officers need to take 8 hours of continuing education every year in order to keep their license.
Mortgage Lender Job Description
Tim is both the director of sales and a mortgage lender at 1st Advantage Mortgage in Lombard, Illinois.
As the director of sales, Tim manages 175 mortgage lenders including hiring, training, and holding sales meetings.
As a mortgage lender, Tim works with his database of customers and referral partners to keep the business coming.
“We have to sell our product to two audiences: customers looking for financing and potential referral partners looking for their clients’ financing,” Tim explains.
Mortgage lender must seek out referral partners, such as real estate agents and financial advisors, who have clients that are looking to purchase a home, looking to refinance their mortgage, and other things of that nature.
Mortgage Lender Daily Routine
On any given day, Tim spends most of his time marketing.
“Full-fledged mortgage lenders have to spend half of their day marketing,” he says. “I’m always looking for new borrowers (customers) and new business partners.”
He networks with his past customers too, making sure that their financing is going well and if they know of anyone else who might need a loan.
Tim also spends his time helping his staff of mortgage lenders who might need help with their sales, such as with a particular transaction.
Mortgage Lender: Steps to Success
“Most of these jobs are based 100% on commission,” Tim explains. “You need to be a self-starter, motivated, and assertive. You can’t be afraid to hear no. It can take a long time before you get a referral from someone, but you have to just keep doing it.”
Mortgage Lender Job Opportunities
Due to the burst housing bubble, the market for mortgage lenders is not what it used to be.
“In Illinois, there used to be around 20,000 of us,” says Tim. “Last time I checked, there are around 8,000 now. People that have even 10 years in the business are now only doing one or two loans per month.
It is especially hard for people trying to enter the field since experience is so critical, but don’t be discouraged: many mortgage lenders are finding ways to train inexperienced people.
“There have not been many young people getting into this field in the last few years,” Tim explains, “but we are going to need young people in 10 or 15 years when everyone retires. We’ve started hiring junior mortgage lenders who work under a more experienced person, and they can learn about the business before starting on their own.”
Mortgage Lender Career Favorite Aspect
“When somebody buys a new home and you’re a part of it, it’s rewarding, fun, and extremely exciting,” says Tim. “You are a part of helping people achieve the American dream. I think that everybody should own a home, but it’s a privilege, not a right. I help people attain this privilege.”
“Plus I like working with numbers,” Tim adds.
Mortgage Lender’s Future Ambitions
Tim hopes that his mortgage company will continue to grow, and he hopes that his database of customers and referrals will do the same.
Advice for Prospective Mortgage Lenders
“Don’t come into this field and think that you will make a lot of money right out of the box,” Tim advises. “It will take a few years to build up your database.”
Once you start off as a mortgage lender, you should always be trying to improve you business, even if you start to do well.
“You have to be constantly networking,” Tim advises. “Talk with people, pass out business cards, and always look for new opportunities. You have to watch yourself even if you have a good year. When you have a home run year, remember that they aren’t all that way. It’s a very cyclical business.”
