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I am a Senior Home Mortgage Consultant with a subsidiary of a large national bank. However, loan officer, mortgage specialist and loan originator are some other commonly used titles that refer to the same position in the home lending industry.

My responsibilities fall within two categories. The first is marketing and sales. This involves soliciting various sources such as realtors, financial planners, attorneys, insurance agents and accountants that will refer individuals or families to me who need to purchase or refinance a home. The second category is the origination of loans, which deals with the actual finances and programs used for home purchase or refinance transactions. Does the customer need to purchase or refinance a home? What type of payment can they afford? How much are they qualified to borrow? What program provides the best solution to the customer's financial needs and what do I need to do to make it happen? These are questions that must be asked and answered during the origination portion of my job. This is the "knowledge" piece. You have to be able to piece all of this information together in order to execute a successful loan and provide a rewarding experience for your clients. The perfect loan officer will successfully incorporate both of these pieces.

For a loan officer who is just starting in the business, roughly 75 percent of their time, especially in the first two years, should be dedicated to marketing and sales, and 25 percent towards origination. It is vital for someone starting out in this business to develop a network of referral sources that will continually direct customers their way. Without that, developing a solid customer base would be extremely difficult.

After the first two years, or when a healthy network of referral sources has been created, less time can be devoted to the marketing piece. Plus, if you've done a good job marketing, the number of borrowers will increase and you'll need to spend more time working on their loans.

Each of the sources I mentioned, realtors, financial planners, insurance agents and so on have daily contact with people interested in purchasing or refinancing their homes. If and when you develop a solid working relationship with these sources, they will direct customers who have home financing needs your way as long as you've demonstrated the ability to provide financial solutions. A steady stream of referrals leads to a greater number of loans. Along with these referral sources, previous customers, family and friends, and new customers also may provide you with business.

No. Most institutions that lend money have a mortgage department. This includes local and national banks, credit unions, mortgage companies and some investment firms.

Geography makes a big difference. Loan programs and processes should be similar anywhere in the U.S., but differences exist in terms of loan amount and home prices. For example, the average loan size in Michigan may be $149,000, and it may be $650,000 in California. Loan officers are paid based on their loan production, so the greater the number and size of the loans that are closed, the greater the compensation. This varies across the country. Common sense tells you that a loan officer in Michigan would have to close more loans than one in California to get equivalent production values and earnings. Also, demand for home purchases or refinances may be different in one area of the country as opposed to another. If demand is high, then so are loan opportunities.

Frustrations in this business can come from difficulties that are beyond your control. You can do everything right in a purchase or refinance transaction, but circumstances may arise, such as borrowers losing their jobs or a failed home inspection, that prevent the loan from ever closing. Not only does this affect your borrowers, but it affects your paycheck as well. It's all about asking the right questions. If you have the appropriate information and are knowledgeable about loan programs and requirements, frustrations can be kept to a minimum.

Ever since I was about 14, I've been interested in finance. I studied economics and finance in college. After college, I worked as a stockbroker for five years but wasn't finding satisfaction in what I was doing. At that point I had the opportunity to get involved with construction lending where I assisted borrowers in obtaining financing to build their own homes. That experience provided a smooth transition into residential lending. Over the 20 years I've been in this business, I have worked for several different companies and worked as a sales manager on two different occasions. However, I discovered that management wasn't my calling, and that being a Home Mortgage Consultant is the best fit for me.

Moving to another company is a fairly common occurrence in this business. Some loan officers may work for the same company their entire careers, but others may find it necessary to switch. Like any industry, you want to work for a company that is the right fit for you and offers you the most opportunity.

People from all backgrounds and walks of life are in this business. In fact, you don't necessarily need a college degree to work in this industry. People don't care what you know; they just want to know that you care. If you have solid people and problem-solving skills, know what questions to ask, can market yourself effectively and can execute, you can become successful in this business.

I always knew I wanted to work in finance, but wasn't sure in what capacity. As I got into construction and home financing, I found the fulfillment that I had been looking for, because I was helping people build and purchase their homes. Not only was I making good money, but I was also providing something that was really valuable and meaningful for people. Every day of my job, I know I'm working toward making somebody's life better. In fact, many of the people I have helped with loans over my career have become friends of mine. How many industries do you know of that allow you to get to know so many different people and play an important part in one of the biggest decisions they will ever make?

I work between 60-65 hours. I've always believed in working at least five to six days per week. Because lending is a consumer-driven business and not all consumers work Monday through Friday from 9:00 a.m. to 5:00 p.m., you need to make yourself available for your customers before or after they work or on the weekends. In real estate, Sundays are workdays for realtors, and if your referral sources include realtors, you have to be accessible.

I can't say this is typical for Home Mortgage Consultants across the board. Personally, I am not sure how you can get your job done and make the amount of money that many expect without working at least 50 hours per week. I don't see how you can effectively allocate the time necessary to consistently grow your business if you're not willing to put in that time.

There is a tremendous amount of variety in what I do. In this job, you deal with new people every single day. You learn something new every single day. You are faced with a new challenge or opportunity every single day. You are always on your toes, and believe me, no two days are alike, pure and simple.

On a typical day in the office, I might meet or speak on the phone with a potential borrower, check the status of loans I have in progress and collect any documentation or information that is missing, provide updates to borrowers and referral sources, and put together a loan program for a young couple buying their first home. The next day may be completely different. Again, no two days are alike.

Each day I arrive at the office by 7 a.m. I arrive early so I can answer emails, make phone calls or take care of unfinished detail work without being interrupted. This frees up more time in my day to focus customers and their loans. It is important for customers to have your undivided attention. When people trust you in helping them make one of the biggest financial decisions they will ever make, they need to know that they are a priority.

It depends on where you are employed, but ultimately we are paid on the volume of loans we close. The vast majority of Home Mortgage Consultants have a commission component in their compensation packages. A loan officer working in a bank may receive a base salary along with a percentage of commission on each loan that is closed. Others, like myself, work on 100 percent commission. Basically, I receive a percentage of each loan that I close. The income potential is greater for purely commissioned loan officers, but you have to be able to handle the ups and downs. Loan officers will have very good months and years, and some that are not so good. For example, I have had years where I have made 50 percent of what I did the year before. That's just going to happen in this business.

If I was just starting out in this business, I think I would look for a position that paid a base salary with commission so that I received paychecks while I learned the business. Then once I had established a network of referral sources and understood how the business worked, I would think about transitioning to 100 percent commission.

There will be some exceptions, but by and large for those brand new to the business, the money isn't going to come right away. However, for those that are committed to putting in the time and doing the right things, the money will follow. After two years on most any compensation package, a loan officer in the Midwest should be earning $75,000 to $85,000 per year, which is probably on the lower end compared to other parts of the country. A loan officer with two years of experience in a region where house prices are higher may average between $150,000 and $200,000. As I mentioned, this will vary based on geographic location and housing demand. As experience and efficiency increase, so will earnings.

As a commissioned salesperson, you have to look at yourself as being self-employed. As an originator responsible for building my own business, I have the skill set to exist and increase my business whenever and wherever I want to. Every paycheck I receive is based on the effort I put in, the hours I spend, and how good I am. If I don't produce, I don't get paid, plain and simple. The beautiful thing about working on a commission structure is that your paychecks are determined by the effort you are willing to put forth. Realistically, you can give yourself a raise each month if you are willing to work for it.

I basically set my own schedule, which has been great. When my kids were young, I never missed a tennis match or other event my boys were involved in. If I need to leave the office for two hours one day, I have the flexibility in my schedule to do so. However, because business doesn't wait for my personal schedule to rearrange itself, I have to make that time up, but the flexibility has been a great benefit.

One drawback is that I wasn't home for as many family dinners as I would have liked. That is the one thing that I have sacrificed. I still saw my kids every night and helped them with their homework, but I wish I had more family dinners.

As I mentioned earlier, you also have to keep in mind that there are going to be great years in terms of earnings in this business and there are going to be down years. You have to be prepared and be able to adjust for that. You need to adjust your lifestyle accordingly to account for the "steak years" and the "hotdog years".

Technology has done two things that have greatly affected the way we do business in a positive way. First, when used correctly, it empowers us to make the loan process more consumer-friendly. I now have the ability to make real-time decisions for people as opposed to the old days where I would need to collect all of their information and then wait three days to give them an answer. Being able to give an immediate answer to borrowers makes me more efficient.

The second thing technology has done is allow me to work out of my home or any place where I can be hooked up to the Internet. I have the freedom of being anywhere and still perform my job.

On the flipside, technology has "dumbed" down the individual loan officer. By relying solely on technology, which many do, a loan officer will have limited product knowledge and won't have a good understanding of the way loans are put together or what questions to ask. An automated system does all the work for them. Technology can also be used inappropriately to manipulate information. So, there are downfalls to what technology has brought to this business.

Certainly, Internet companies wouldn't survive if there wasn't a market for it, but I don't think this is where the industry is headed. Mortgages are still about relationships. I am a live person and more accessible than an Internet representative. Internet companies can't offer the level of personal service as traditional loan officers. Many borrowers like to know they are dealing with someone who they can ask questions of and who is making their loan a priority.

My job security comes from knowing I can sell, knowing I can originate, knowing I have a strong network of referral partners and a database of satisfied customers. If this company were to shut down today, I could go to another company tomorrow. The unique thing about this industry is that my responsibilities, my referral sources and my customers stay the same regardless of what company I work for. The only thing that changes is where I work. As long as people are buying or refinancing houses, I'll have a job.

The sub-prime collapse has definitely had an effect on lending throughout the country and certainly here in the Midwest. Because technology can be used to manipulate information and programs, people were approved for loans when they shouldn't have been. To put it simply, what has happened as a result of the credit crisis we are in is that people cannot afford their homes. This has lead to an increase in foreclosures. This not only negatively affects our industry directly, but indirectly as well. As people hear or read about increased foreclosure rates, there is a psychological effect that makes people apprehensive about purchasing or refinancing their homes, even if they can afford to. People want to be certain that they avoid being in the same boat as those who are struggling to make their mortgage payments. As a result of the sub-prime collapse, I expect that more regulations will be put into place in an attempt to avoid a similar event from happening in the future.

The greatest thing that I could tell anyone who was looking into this industry is not to look at this industry as though they need to be financially or economically savvy. If you're the type of person that is customer service-oriented or sales-oriented, then this industry offers great potential for professional and financial success. It's helpful to be good with numbers and in math, but that is just a portion. In fact, if you are the accountant type who loves numbers and prefers to look at a computer screen all day, then forget it; this is probably not the job for you.

I think men and women are equally suited for a career as a Home Mortgage Consultant. You need to have confidence in yourself, be a social person and a good communicator. Like any sales job, you also need to be able to handle rejection because it will happen. If you are not a people person, and you're only interested in numbers, this would be a terrible job for you.

First, learn what you can about mortgages, the mortgage process and sales. Go online and Google "mortgages" and "sales". Learn as much as you can. Not only will this knowledge be beneficial to you but will also impress interviewers. Secondly, draw on any experiences you've had that were customer service-oriented, or try to increase your customer service skills. Seriously, any experience you have in working directly with people is great training for this business. For example, I know a guy who used to work at a health club. He worked in all facets of the club, from the front desk to handing out towels. He interacted with people in the health club and had great people skills. He then got into the mortgage business and didn't miss a beat. He was successful right out of the gate because he knew how to interact and how to serve his customers.

In a business that is sales oriented, do not quit prematurely. What happens to most sales people is they want instant gratification. If you are a learner, a people person and willing to put in the time and effort, you can be successful. No matter how hard you work in the first two years, it is likely that you won't make the kind of money you hope, because you will still be building your business and trust with people. For the first two years, you have to pay your dues. Many people aren't willing to do that. If you stick it out and keep the same good habits that you developed over the first two years, you will be successful in this business, your income will drastically increase and your job will become easier. Like everything else, there are some exceptions. For some, the success and money will come sooner, and for others it could be later. Someone getting in this business also needs to keep in mind that during the first two years, your success is not determined solely by your earnings. Success is about finding something you enjoy and doing it to the best of your abilities. You need to have passion and feel good about what you are doing. If you have that, then do not quit prematurely, because the money will follow.