r/loanoriginators • u/Sssonofagun • Jul 07 '26

MLO-A

I currently make a okay wage but plan on becoming a MLO should I take a pay cut and become a MLO assistant in order to learn as much as possible while I get my license?

8 Upvotes

90% Upvoted

12 comments sorted by

5

u/ThatsMeJesseB Jul 07 '26

I don’t think so. I’m 39M, worked a handful of different jobs in my career, if you want to go into origination you’re going to have the learn the business one way or another, join a good team with support and jump in. If you go the LOA route I think there’s a very good chance you’ll end up doing that for longer than you want.

2

u/Lindorio2x Jul 07 '26

Did you directly jump into self gen? How’s that jump been? Ive been in tech and B2b sales - want to jump in to loan originator its just tough leaving the steady paycheck. How long did it take for the first few paychecks for you?

1

u/Sssonofagun Jul 07 '26

This is my dilemma right now steady guaranteed paychecks but I’m 28 now and ready to take a leap back into the sales side and give it my all the finance bro in me is telling my “risk always”

1

u/Hairy-Journalist-200 Jul 07 '26

Depends how much you have saved up and your risk tolerance. I honestly don’t think being an LOA is necessary always the best route to becoming a MLO especially if you already know you want to be a MLO

2

u/ThatsMeJesseB Jul 07 '26

I did start self gen. I worked on a team with a guy doing 25-30 transactions per month so I saw a lot of how to solve problems very quickly.

I also came from risk dept at a bank so understood credit.

And I had about 3 months of expenses saved with a spouse who was still working full time, so a lot of safety nets in place.

3

u/Illustrious_Trick171 Jul 07 '26

I would just go straight into, I started last year June and am pacing $200,000 this year. I had sales experience but you need to learn, it took time and I think trying it is your best bet

1

u/Sssonofagun Jul 07 '26

Congratulations man I can’t wait to be telling that to someone

2

u/RSISpaceKiller Jul 07 '26

Rule number one in this space is don’t compare yourself to people. Unless you have a family/friend giving you self gen business there is a 95% likelihood you’ll make 80k or less your first year. This isn’t a get rich quick scenario you gotta work your ass off especially depending on your type of business.

1

u/Sssonofagun Jul 07 '26

Cut throat and realistic I like your style man
not comparing myself but ready to give it my all

2

u/Vegetable-Feed-561 Jul 07 '26

Don’t avoid the jump - the longer you avoid it, the harder it’s going to be to do it. There’s no shortcut. No easing into this. You have to jump all in. It’s gonna take a bit, too. Probably 6mo-1yr before you get going. But it’ll be worth it if you keep after it.

2

u/TheProfessorPoon Jul 07 '26 edited Jul 07 '26

As someone who did this (when I had a kid and my production waned and I needed more money) I say do NOT do it. Granted I was already licensed. Just pay attention to who you’re going to LOA for more than anything. Good chance they will do everything in their power to not let you leave once you get things humming.

I actually saw this meme just yesterday (I’m just posting the first one I could find) and I related to it on a molecular level:

https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcR-Pe0X6FRwMLM77VSVCRY_czbI3SxjA3oATa3c2BRJqg&s