What is a Mortgage Banker?

If you want to be in charge of whether people are issued loans or not, then becoming a loan officer is a great place to start. Most generally, your day will consist of evaluating, authorize and even recommending approval for people or businesses that have submitted a loan application.

While movies generally paint loan officers in a bad light, these people are just doing their jobs. The majority of the time, the people asking for a loan don't even qualify. For the most part, loan officers work in banks and other financial institutions. And it's recommended that you earn a bachelor's degree. But the majority of your education will come from learning on-the-job. You'll be turning loans down left and right after no time!

An underwriter decides who gets insurance cover. Your role will be studying insurance proposals, studying the background information of the clients, and deciding how much should be paid out. You will be liaising with professionals and those specialized to help judge the risk assessment. By doing so, you will write policies and add specific conditions when required. Similarly, you will be involved in negotiating terms with the clients. In addition, you will select the appropriate and competitive premiums based on information and judgment and deciding whether the risk should be shared.

Employers will always look out for graduates, most especially in the field of accounting, finance, business, and management. You must be able to use your initiative, have good negotiating skills, and be a great communicator. Skills required also include good judgment and a great decision-maker, especially when under pressure. Knowledge of technical information is also an added advantage. You will earn an average of $68,217 yearly or $32.8 hourly.

A mortgage consultant helps customers and businesses identify the best option for mortgage deals considering their financial resources. With their knowledge of the company's products, he/she answers all the queries and concerns of the clients. He/She assists the client in gathering and analyzing documents that are required for loan approval and helps them create accurate mortgage information. Additionally, he/she builds relationships with banks and real estate agents to help promote bank mortgages for clients. Lastly, he/she negotiates rates and terms with lenders to aid the refinancing of existing mortgages.

Becoming a mortgage consultant requires just a high school diploma and a license. However, if you want to specialize in commercial mortgages, you need a bachelor's degree in economics or finance. Having relevant certifications is a plus. You must possess analytical, negotiation, and communication skills. Mortgage consultants make an average salary of $40,264 annually, equivalent to $19.36 per hour. This varies from $28,000 to $56,000.