Mortgage Banking: Is It for You?


Visitors: 389

Are you quick with calculations and always ready to help people? If you’re good with numbers and have great organizational skills, a career in mortgage banking may be a great idea. Most people who work in the mortgage banking field are residential or commercial loan officers.

A mortgage loan officer helps people get loans to buy houses or re-finance property they already own. A commercial loan officer may also handle mortgages, but for businesses and companies. Depending on the type of company the loan officer works for, hours can vary from a standard 40 hour week to more. Many mortgage banking professionals work on commission, so they may want to put in more hours, book more loans and earn more commission. Other mortgage loan officers work standard hours at a bank or credit union.

In the current job market, new mortgage banking professionals are usually required to have a college degree in finance or business, or some training or experience specific to the field. Computer training is essential to the job, as are an aptitude with numbers and good customer service skills.

There are many colleges offering business and finance degrees, and several schools offering both on site and internet courses in mortgage banking and lending.

Typically, loan officers employed by banks and credit unions do not need to be licensed. Mortgage brokerages and companies have licensing requirements determined by their state. Each state’s department of professional regulation can provide information about their licensing requirements.

Since mortgage loan officers are usually paid on commission, their pay can fluctuate with the number of loans that they write. Most earn between $33,000 and $63,000 per year, with the top earners earning about $90,000 and up.

Mortgage banking professionals will review credit scores, determine the type of loan that is best for the customer and guide them through the application and closing process. Detail oriented and very organized, the loan officer handles the many paperwork and reporting requirements needed to get the loans approved and to closing.

They are also required to have a strong working knowledge of federal mortgage regulations and the various types of mortgages available to the consumer. Detailed knowledge of the application and closing procedures is also necessary to assist the customer with this unfamiliar and often uncomfortable process.

Of course, some sales and negotiating skills are necessary in order to be successful. With the multitude of mortgage products available today, the mortgage banking official will have to persuade, or “sell, ” the consumer on their product. Basic sales training is often included in mortgage lending courses for this purpose.

If you’re interested in a career in finance or banking, consider mortgage banking. You’ll help families make the biggest investment of their lives and earn a great living while helping others.

Jay Moncliff is the founder of a website specialized on Banking , resources and articles. This site provides updated information on Banking. For more info visit his site: Banking


Article Source:

Rate this Article: 
A Brief History of Banking
Rated 4 / 5
based on 5 votes

Related Articles:

Electronic Banking, Online Banking and Internet Banking

by: Bwalya Mwaba (June 22, 2006) 
(Finance/Personal Finance)

Swiss Private Banking - Exploring Offshore Banking Services

by: Frank D. Miller (December 12, 2008) 

Internet Banking Vs Traditional Banking

by: Frank Owen (November 07, 2005) 

Business Banking Account Checklist: Choosing And Operating A Banking Account

by: Alexander Gordon (December 27, 2006) 

Mortgage Cycling: Build Equity and Pay off Your Mortgage Quickly Cycling Your ..

by: Louie Latour (October 11, 2006) 
(Real Estate)

Banking Today

by: Jeff Lakie (September 07, 2005) 
(Finance/Personal Finance)

Private Banking - What Is Private Banking?

by: Elena Price (February 20, 2008) 
(Finance/Personal Finance)

Banking Transactions

by: Anil Kumar Gupta (June 02, 2007) 

Banking Investments

by: David Spicer (August 18, 2008) 

A Brief History of Banking

by: John Mussi (October 25, 2005)