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Can Loan Officers Work From Home?

Can Loan Officers Work From Home

Loan Officers work from home more in today’s work environment than ever before. Working from home can lead to financial incentives and a great work-life balance. However, it is vital that you find a company that not only allows remote work but encourages a work-from-home lifestyle. This will set you up for a fulfilling career as a remote loan officer.  

In today’s day and age, working from home is becoming more acceptable. In 2021, 55% of companies offer work from home options. Additionally, review42.com reports that remote workers make on average about $4,000 more a year and 30% of all remote workers save about $5,000 a year from telecommuting. 

The benefits from a work from home lifestyle are tremendous. However, if you are not prepared or do not understand your work style, remote work can be challenging. 

Can Loan Officers Work From Home

Find The Right Work From Home Mortgage Lender

If you are serious about becoming a remote- loan officer, your journey will start with the right mortgage lender. It can be very difficult to convince your boss to work from home if the company primarily works in the office. The best places to work, as a remote loan officer, are for companies that encourage a work-from-home lifestyle. 

In some cases, this may be a specific market where the entire team works from home. In other cases, this will be a fully remote company that hires you to work as a remote loan officer. Often, these companies have bi-annual retreats to enhance internal culture and teamwork. 

There is a myth that remote companies have no culture. In fact,  the businesses that have some of the most unified cultures are from remote workforces. Often, the human resource department’s primary goal is to strengthen culture and bring remote workforces together. This can be done by core values, team workshops, virtual town halls, and great supervisors. 

All in all, finding the right company is an essential piece of the job hunt. If you are looking for the right place for a remote work lifestyle, find a company that believes in WFH. Below is a table with a few work from home mortgage lenders in the country. These companies are not fully remote, however, they often have WFH loan officer positions open on their career page. 

Company Website  Type 
Keller Mortgage www.kellermortgage.com Full-Time / Part-Time
Guaranteed Rate www.rate.com Full-Time
Home Light www.homelight.com Full-Time
Mutual of Omaha  www.mutualofomaha.com Full -Time
Fairway www.fairwayindependentmc.com Full-Time

Technology is Key To Remote Success

To be successful as a remote loan officer, you need to have the right technology set up. This starts with good internet. The day-to-day for loan officers is email, lead follow-up, social media posting, and a lot of internal communication. For this reason, you do not need the same level of internet as a programmer, but you do need to be able to stream video calls, download software, and fire off emails quickly. 

I recommend having 100 megabits per second. This will allow you to have clear video calls, communicate on Microsoft Teams, and download large files from corporate. A lot of remote workforces do not pay for your internet since you are saving on commuting. However, if you live in an area where the internet is higher than national averages, I would talk to your company about a small stipend for this cost. 

Once you have the internet set up, it is time to think about your physical workstation. This includes a laptop, monitors, wireless mouse, desk, or anything you will be using daily to work. Every remote work company I have worked for has lent me a laptop.

From there, they will either lend monitors, keyboards, and a mouse or give a small bonus for purchasing these items. Either way, this should not be a deal-breaker. Companies want to recruit top loan officers that work from home. Therefore, providing a top-tier remote setup is expected. 

This covers all the main technology needs. However, everyone is different. Some people work best with little tech, while others need triple monitors to be productive. Either way, set expectations with your company from the start. 

Work From Home Lifestyle 

A work-from-home lifestyle is very different from an in-office lifestyle. If you go into the office, you have to get up 2-hours before work to get ready, eat, and commute. This creates a rigid schedule that you follow Monday through Friday. Inversely, if you work from home your get ready for work rituals can be very different depending on your personality.

I have known remote loan officers that act as if they are going into the office (minus the commute). This will include creating enough morning time to make breakfast, take a shower, and wear business attire. This formula helps some people realign their minds for work. 

There are some people that do the complete opposite. Instead of waking up early, they sleep in an extra hour. When they wake up, they quickly make breakfast, throw on sweats, and start to grind away until lunchtime. This casual work style can be extremely productive to lifetime remote workers. Either way, find out what makes you productive and stick to it. 

With that said, every loan officer that works from home will run into a situation where their work and life blend together. Meaning, they work through lunch, dinner, and even log in to their laptop on the weekends. This can cause major issues when trying to create a definitive work-life balance. If your work becomes that invasive with your daily life, you may run into major burnout and mental health concerns. 

Understanding Your Mental Health as a Work From Home Loan Officer

Working from home as a loan officer can be an amazing lifestyle change. However, if not managed properly, you can find yourself overworked and isolated. This can lead to legitimate mental health issues that can become difficult to maintain. Specifically, this overworked lifestyle can lead to stress, anxiety, and depression. 

With that said, there are many remote loan officers that know how to separate their work from their personal life. The best in the business try to create a specific schedule that they work. This means you start at 9:00 am and end your workday no later than 6:00 pm.  This schedule will physically separate your work and create a healthy barrier.

Another tip to prevent mental health-related issues is staying connected. In today’s work environment, you can spend 8 hours a day on the computer and never talk to someone. All communication is done through instant messages or emails. Every now and then, it is important to pick up the phone or video call a co-worker to see how they are doing. This will allow you to stay physically connected to your workplace relationships and less isolated. 

Furthermore, working from home can breed complacency. Meaning, remote workers tend to be stationary throughout their day. It is important to step away from the computer and get some fresh air. Specifically, take a few 30-minute breaks and walk around your neighborhood. Being active and connecting with nature can help improve productivity and reduce the strain of your computer. 

Lastly, try to limit your media consumption. In today’s day in age, we are hyper-connected to our devices. Even when we log off of the computer, we are on the phone reading articles, watching the news, or replying to emails. Try to limit the time you are spending on your phone. Instead, read a book, play a game, or cook a meal. Either way, it is important to spend time on other activities to prevent anxiety and stress. 

At the end of the day, everyone will react to working from home differently. However, if you are struggling to adapt to a remote lifestyle, try to mix up your daily schedule and find activities that take you away from your computer. 

Building Community While Working From Home

Because of the nature of work from home, it is essential that you create community. Often, when loan officers work from home, they isolate themselves in their work. I have seen L.O.s work from sun up to sun down for an entire workweek. 

This can lead to stress, anxiety, and a lack of production. With that said, having a community of friends, colleagues, and family members is essential to a healthy work-life balance. It is important to meet up with friends for lunch, join a local sports team, or have your family over for dinner once a week. 

By becoming more involved in your local community, you are less likely to spend 12 hours a day working in your house. From there, you will see a natural increase in productivity and a decrease in stress at work. Community is an important part of life that cannot be discarded when you work long hours in your home office. 

What are the benefits for loan officers that work from home? 

When asking yourself, can loan officers work from home? There is no simple answer. It really depends on your personality and work drive. There are tons of benefits to finding a supportive work-from-home mortgage lender. First, remote work can be extremely flexible and give you more time with your family and friends. Often, this flexibility can lead to less time in traffic and more time on personal hobbies. 

For most loan officers, the lack of commuting is one of the biggest advantages to a remote lifestyle. This will save you thousands of dollars a year on gas. Additionally, you will not have to spend hours daily on the road. This can lead to optimism and motivation in your work every morning. 

By cutting down on your commuting and creating more flexibility, working from home can lead to the ultimate work-life balance. A  work-life balance is when you are able to prioritize your work and personal life equally. Often, in high-stress positions, people can prioritize work more than their personal life. These long hours at work can lead to both external and internal problems in your life. However, with the flexibility and financial benefits from remote work, your work-life balance can be achieved daily. While there are many benefits to the WFH lifestyle, there are a few negatives that should be considered before your commit as a remote loan officer. 

What are the negatives for loan officers that work from home? 

For some people, the office is their community. It is where you can find friends, join social gatherings, and build strong relationships. If you heavily rely on your office space as your community, working from home may not be the right fit. Specifically, working from home requires you to be separate from your colleagues 24/7. This means you will not have your daily coffee break in the lunchroom or chat with your co-worker in their office. Instead, you will be on video calls, sending instant messages, and firing off emails. Your workplace relationships will be very different going forward. Therefore, if you do rely on the workplace community, I recommend staying in the office and maintaining your relationships with your colleagues. 

Additionally, it can be difficult to work from home if you have a large family or young kids. It requires a lot of time to manage children of all ages. If you are trying to get work done, it can be unproductive to deal with children coming into your home office every hour. If this situation applies to you, it will be very difficult to work from home. Another alternative is working from coffee shops or co-working spaces. 

All in all, working from home is not for everyone. Daily life can breed a multitude of challenges for the average remote worker. It is important to assess your situation and decide if WFH is for you. 

Final Thoughts

When loan officers work from home, there are a ton of benefits. From financial incentives to flexibility, remote work can be very appealing. However, it is vital that you find the right company that supports your work from home lifestyle. Furthermore, it is important that you understand what a WFH lifestyle looks like, the need for community, and think about all the potential negatives. If you do your research and assess your own life goals, work as a remote loan officer will be a satisfying career choice. 

 

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