Making a $1 million in a year may be a dream for many. However, a report from The Real Deal suggests it's not too far-fetched for loan officers. The boom in refinances and home purchases, fueled by lower rates, has some industry professionals believing this could be a banner year for LOs.
"If you’re not making $1 million this year as a loan officer, you’re grossly incompetent," said Gold Star Mortgage Financial’s Eric Mitchell, according to The Real Deal. "'I tell them, ‘We’re not working 40 hours a week, kiss your families goodbye.'"
Mitchell could be on to something as we recently reported. Companies have seen significant increases in serious inquiries for buying a home or refinancing a mortgage. The report from The Real Deal states that Quicken Loans saw its busiest day for mortgage applications in the company's history, according to CEO Jay Farner.
"JPMorgan Chase is internally reshuffling its team, transferring many staffers from the home-equity department to mortgages to help satisfy the demand, the bank said in an internal memo viewed by Bloomberg," according to the report.
To learn more about why LOs should make a million bucks this year, click here.