A Mortgage Analyst is a financial specialist who is tasked with the investigation and analysis of mortgage and loan applications for financial and other supporting information and documents with the purpose of determining the applicant's economic stability and abilities.
Amongst other things, they are meant to interview and aid applicants throughout the entire process of applying and submitting for a loan or mortgage, calculating their credit score, help with real estate purchases, gather and analyze lots of information, including salaries, savings, debts, and daily and annual expenses, and should be able to organize these applications.
A person hoping to begin work as a Mortgage Analyst should generally have a Bachelor's degree, at least, in a field such as Finance. Previous experience in a similar role is preferred, and excellent analytical, statistical, communication, and mathematical skills are key to the position, as well as proficiency in the use of various financial and loan-related software and networks.
There is more than meets the eye when it comes to being a mortgage analyst. For example, did you know that they make an average of $24.78 an hour? That's $51,536 a year!
Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.
There are certain skills that many mortgage analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed initiative, detail oriented and interpersonal skills.
When it comes to the most important skills required to be a mortgage analyst, we found that a lot of resumes listed 13.2% of mortgage analysts included financial statements, while 11.3% of resumes included loan portfolio, and 9.5% of resumes included ensure compliance. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the mortgage analyst job title. But what industry to start with? Most mortgage analysts actually find jobs in the finance and technology industries.
If you're interested in becoming a mortgage analyst, one of the first things to consider is how much education you need. We've determined that 62.3% of mortgage analysts have a bachelor's degree. In terms of higher education levels, we found that 6.8% of mortgage analysts have master's degrees. Even though most mortgage analysts have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a mortgage analyst. When we researched the most common majors for a mortgage analyst, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on mortgage analyst resumes include master's degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become a mortgage analyst. In fact, many mortgage analyst jobs require experience in a role such as customer service representative. Meanwhile, many mortgage analysts also have previous career experience in roles such as loan officer or underwriter.