Among the many job titles and occupations out there, a lot of people in various disciplines have the benefit of working from home. One such occupation is that of a mortgage loan officer. Loan officers can be distinguished on the basis of the financial institution they work in, job duties, and their level of seniority. Although working from home is generally considered a much better option, it does come with its share of disadvantages, too. To give you a full picture, here are the pros and cons of working remotely as a loan officer.
The job profile and duties of a loan officer include offering and processing various types of loans to individuals and businesses. Apart from these basic services, there are other job duties that a loan officer must fulfill, which you can find out more about and understand in detail once you’ve figured out what type of financial association you will represent. Depending on your duties and responsibilities, you might have the option of working remotely.
Pros of Working Remotely as a Loan Officer
1. Flexible Schedule
Working from home can offer a completely flexible schedule and the freedom to complete tasks according to your preference. You are devoid of sticking to a fixed 9 to 5 mindset. Whether you’re an early bird or a night owl, you can get work done at any hour of the day or night. By working at home, you no longer have to wait for the weekend to run errands. You also have the option of working on weekends and taking weekdays off, according to your scheduled meetings and client appointments.
2. Save Time and Money on Commute
Even though your office might be 20 to 25 minutes away from your home, you are spending an average of one hour each day commuting to your workplace. Also, it’s difficult to start working as soon as you enter the office. You would require at least 10 to 15 minutes before you can actually begin. On the other hand, working at home can help you save that one hour of commute and get extra work done instead. Collectively, you’re saving around 200 hours each year, which can be used to close numerous loans. Not only will you be saving time, but also money. Whether you normally take public transportation or drive yourself, you will be saving money either way.
3. Fewer Distractions and More Productivity
Even though it might seem unconventional, working from home is actually less distracting and more productive. There is no noise and extra people to bother you. You are also not distracted by the chit-chat of your colleagues. You can entirely focus on your work and hence, you can find free mortgage leads online and close more loans on a daily basis. Plus, you are not as stressed as working in a professional environment, which is beneficial for your morale.
Cons of Working Remotely as a Loan Officer
1. Lack of Support and Self-Motivation
Working from home as a loan officer is only possible if you have been in this discipline for a long time and have enough experience. But if you are a beginner or a novice, it can be extremely difficult due to the lack of support from your seniors. The mortgage loan industry can be tricky, and it can get intimidating if you have no one to answer your questions. If you are still at a learning stage, you would need experienced officers around you for guidance and as mentors. This might also lead to a lack of self-motivation.
2. Weaker Work-Life Balance
Staying at home 24/7 and working can erase the thin line between your work and personal life. When you are working at home, you can be tempted to procrastinate and might even fail to get work done within the anticipated time period. This can lead to you working for longer hours. Instead of 8 hours, you can end up working for 12 hours. However, you don’t realize that and tend to work almost all the time. This leads to a weaker work-life balance.
3. You Are Solely Responsible for Any Errors
Since you are working alone, you will be held responsible for any errors that occur in your processing and documents. Also, since there is no one working with you, you have to push yourself and keep yourself motivated. A lack of guidance and motivation can lead to recurring errors in your work and less accountability. Also, while you are working remotely, you would require a dedicated space at your home to increase productivity and boost a work environment.
While working remotely surely has benefits, it can be a bit intimidating for new professionals and for those who lack the motivation and self-discipline to work. Consider these points before you decide to work remotely as a mortgage loan officer as it can heavily impact your work performance and entire lifestyle.
