Today's challenging economy is affecting many people in many different ways.
One group of people severely affected but often overlooked are loan officers.
Loan officers were once in high demand and had a very rewarding compensation scale, however they have traditionally been heavily commission based.
Today credit markets are so slow that the average loan officer is no longer able to make ends meet due to the lack of home sales, and difficult credit standards borrowers must now qualify for.
Faced with declining and unstable income many loan officers are leaving the real estate business completely for careers like insurance agent, car sales, and credit card processing agents.
Many of the loan officers riding out the crisis have begun to supplement income with other business opportunities.
While many average people turn their nose up to the prospect of making "$1,000-$3,000" daily because of a Multi Level Marketing component, many of today's struggling loan officers are turning to these types of business as the solutions to their troubles.
Given the large list of clients and flexible schedule of most loan officers many are finding their financial troubles answered in late night television ads, flyers in the laundry mat, and the occasional stranger asking "Do you keep your career options open?" Loan officers considering a new business opportunity must consider several factors in their selection.
Some of these factors include: Is there a conflict of interest between your job as a loan officer and your business? Will the type of clients you have been working with be interested in your product or opportunity? Will you lose credibility because of this opportunity? Is the pay level worth the amount of work involved in building this business? How is the reputation of this product or opportunity?.
Perhaps most importantly officers should consider how will your current and repeat clients view you after you approach them with your business? It is important to remember that as a loan officer you likely spent years building your repeat and referral client list, and in no way do you want to jeopardize the trust and respect of the people who have and continue to send you mortgage business.
Rather look for an added value service, or a business that compliments your current business, style and personality.
Most importantly find a business you like and enjoy.
Building a new business will take time and effort, but selecting the right business can not only help you supplement your income, it may also help you increase your primary mortgage business.