What are careers in mortgage?

Mortgage brokers, mortgage bankers, and mortgage loan officers are careers in the mortgage industry. Here are some details about these careers and others in the mortgage industry:

• Mortgage Broker

Mortgage brokers are professionals who bring mortgage borrowers and mortgage lenders together. A mortgage broker is someone who works independently from banks, credit unions, and other mortgage lenders.

They are the intermediary between a client and a financial institution that offers mortgages. When a mortgage broker successfully makes a deal, they may make a commission from the client as well as the banking institution.

The average salary for a mortgage broker is $91,171 per year in the United States.

• Mortgage Banker

A mortgage banker is someone who underwrites, approves, and closes loans for borrowers. After closing a loan, mortgage bankers may sell the loan to retail banks, investment firms, or agencies.

Mortgage bankers operate as a one-stop shop for mortgages. Mortgage bankers focus solely on mortgage lending without the distraction of other lending products or personal finance services.

The average salary of a mortgage banker is $90,175 per year in the United States.

• Mortgage loan officer

A mortgage loan officer is someone who works for a bank and offers loans, including mortgages. A loan officer works for a bank, credit union, or another mortgage lender. They offer programs and mortgage rates from the institution they work at.

They help customers complete mortgage applications and answer any questions the customer may have regarding the mortgage or the application. A mortgage loan officer may also receive a commission for processing a client's application. In addition, they may offer certain programs specific to a customer's financial situation.

The average salary of a mortgage loan officer is $244,511 per year in the United States.

• Mortgage loan processor

A mortgage loan processor is a professional that reviews and processes loan applications. They work for banks or other financial institutions and ensure that clients submit all the necessary documentation needed for the loan process. Then they review mortgage loan applications and submit them to an underwriter for final review.

• Mortgage Underwriter

A mortgage underwriter is a professional who analyzes documents from potential borrowers to determine if they are eligible for a loan. Underwriters work for a particular financial institution, like a bank or credit union. They assess the risks their financial institution would be undertaking by granting a mortgage loan.

Underwriters may work closely with loan officers, investors, clients, and other interested parties throughout the mortgage application and approval process.

The average salary of a mortgage underwriter is $94,642 per year in the United States.