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Become A Mortgage Banker

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Working As A Mortgage Banker

  • Getting Information
  • Establishing and Maintaining Interpersonal Relationships
  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • Repetitive

  • $66,000

    Average Salary

What Does A Mortgage Banker Do

Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. 

Duties

Loan officers typically do the following:

  • Contact companies or people to ask if they need a loan
  • Meet with loan applicants to gather personal information and answer questions
  • Explain different types of loans and the terms of each one to applicants
  • Obtain, verify, and analyze the applicant’s financial information, such as the credit rating and income level
  • Review loan agreements to ensure that they comply with federal and state regulations
  • Approve loan applications or refer them to management for a decision

Loan officers use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant’s need for a loan and ability to pay back the loan. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision.

The work of loan officers has sizable customer-service and sales components. Loan officers often answer questions and guide customers through the application process. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. 

The following are common types of loan officers:

Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. Commercial loans frequently are larger and more complicated than other types of loans. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. In such cases, loan officers may have to work with multiple banks to put together a package of loans. 

Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually.

Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. Mortgage loan officers work on loans for both residential and commercial properties. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. 

Within these three fields, some loan officers specialize in a particular part of the loan process:

Loan collection officers contact borrowers who fail to make their loan payments on time. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan. 

Loan underwriters specialize in evaluating whether a client is creditworthy. They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations.

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How To Become A Mortgage Banker

Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.

Education

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.  

Some loan officers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. 

Training

Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.

Licenses, Certifications, and Registrations

Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.

Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. 

Important Qualities

Decisionmaking skills. Loan officers must assess an applicant’s financial information and decide whether to award the applicant a loan. 

Detail oriented. Each piece of information on an application can have a major effect on the profitability of a loan, meaning that loan officers must pay attention to detail.

Initiative. Loan officers need to seek out new clients. They often act as salespeople, promoting their lending institution and contacting firms to determine their need for a loan.

Interpersonal skills. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions.

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Mortgage Banker Career Paths

Mortgage Banker
Account Executive Account Manager
Director, Inside Sales
6 Yearsyrs
Account Executive Sales Manager
Branch Sales Manager
6 Yearsyrs
Account Executive Store Manager Branch Manager
Senior Branch Manager
6 Yearsyrs
Senior Loan Officer Branch Manager Assistant Vice President
Commercial Lending Vice President
11 Yearsyrs
Senior Loan Officer Branch Manager Relationship Manager
Senior Relationship Manager
9 Yearsyrs
Senior Loan Officer Senior Account Executive
Senior Sales Executive
8 Yearsyrs
Underwriter Senior Underwriter
Underwriting Manager
8 Yearsyrs
Underwriter Assistant Branch Manager
Finance Center Manager
6 Yearsyrs
Underwriter Account Manager Regional Sales Manager
Vice President & Sales Manager
9 Yearsyrs
Senior Account Executive Account Manager Relationship Manager
Business Relationship Manager
9 Yearsyrs
Team Leader Assistant Store Manager Assistant Branch Manager
Branch Operations Manager
6 Yearsyrs
Team Leader Operation Supervisor Assistant Branch Manager
Banking Center Manager
5 Yearsyrs
Team Leader Customer Service Manager Collections Manager
Credit And Collection Manager
7 Yearsyrs
Relationship Banker Business Banker
Business Development Officer
7 Yearsyrs
Relationship Banker Loan Processor Consumer Loan Underwriter
Lending Services Manager
8 Yearsyrs
Relationship Banker Specialist-Small Business Banking Center Manager
Bank Manager
5 Yearsyrs
Senior Account Executive Sales Manager Realtor
Real Estate Management Specialist
7 Yearsyrs
Customer Assistant Sales Leader Solution Specialist
Business Account Manager
6 Yearsyrs
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Do you work as a Mortgage Banker?

Help others decide if this is a good career for them

Average Length of Employment
Mortgage Broker 4.0 years
Commercial Banker 3.5 years
Loan Officer 3.1 years
Loan Originator 3.0 years
Senior Banker 2.9 years
Banker 2.4 years
Loan Consultant 2.3 years
Mortgage Analyst 2.0 years
Mortgage Banker 2.0 years
Mortgage Assistant 1.9 years
Top Careers Before Mortgage Banker
Loan Officer 18.0%
Manager 4.1%
Owner 2.8%
Top Careers After Mortgage Banker
Loan Officer 15.7%
Owner 4.7%
Manager 3.6%
Consultant 2.4%

Do you work as a Mortgage Banker?

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Top Skills for A Mortgage Banker

  1. Financial Goals
  2. Loan Applications
  3. Loan Portfolio
You can check out examples of real life uses of top skills on resumes here:
  • Provide expert consultation with banking center clients to determine and analyze financial needs and provide loan package to support financial goals.
  • Directed and coordinated loan processing and underwriting personnel respective of loan applications schedule escrow, title and appraisals.
  • Negotiated sale and purchase of performing and non-performing commercial loan portfolios.
  • Maintain excellent customer service satisfaction scores and quality scores while meeting efficiency goals and compliance regulations.
  • Originated conventional/FHA/VA/mortgage loans in low to moderate income areas.

Mortgage Banker Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 5,930 Mortgage Banker resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Create A Top Notch Mortgage Banker Resume

View Resume Examples

Mortgage Banker Demographics

Gender

Male

65.5%

Female

27.2%

Unknown

7.3%
Ethnicity

White

62.3%

Hispanic or Latino

14.4%

Black or African American

10.8%

Asian

8.4%

Unknown

4.1%
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Foreign Languages Spoken

Spanish

55.8%

French

8.6%

Arabic

6.1%

Italian

5.1%

Portuguese

4.6%

Korean

2.5%

Polish

2.5%

Mandarin

2.0%

German

2.0%

Russian

1.5%

Greek

1.5%

Vietnamese

1.0%

Armenian

1.0%

Cantonese

1.0%

Chinese

1.0%

Japanese

1.0%

Urdu

1.0%

Hindi

0.5%

Turkish

0.5%

Albanian

0.5%
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Mortgage Banker Education

Schools

University of Phoenix

13.6%

Michigan State University

10.9%

Wayne State University

9.1%

Eastern Michigan University

8.2%

Arizona State University

7.3%

Central Michigan University

5.8%

Western Michigan University

5.7%

Oakland University

5.2%

Ohio State University

4.1%

Baker College

4.0%

Cleveland State University

3.2%

Henry Ford College

3.1%

University of Michigan - Ann Arbor

3.0%

University of Louisville

2.9%

Kent State University

2.8%

Oakland Community College

2.4%

Kaplan University

2.3%

Northwood University

2.2%

University of Kentucky

2.2%

Ferris State University

2.1%
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Majors

Business

35.9%

Finance

12.4%

Marketing

6.5%

Accounting

5.0%

Communication

4.6%

Management

4.5%

Psychology

4.1%

Economics

3.6%

Real Estate

3.4%

Political Science

3.3%

Criminal Justice

2.8%

Liberal Arts

1.8%

English

1.8%

Education

1.7%

Law

1.6%

Public Relations

1.5%

Kinesiology

1.4%

History

1.4%

Sociology

1.3%

Computer Science

1.2%
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Degrees

Bachelors

53.9%

Other

22.2%

Masters

11.8%

Associate

7.5%

Certificate

1.9%

Doctorate

1.4%

License

0.8%

Diploma

0.5%
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How Would You Rate Working As a Mortgage Banker?

Are you working as a Mortgage Banker? Help us rate Mortgage Banker as a Career.

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