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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

  • $63,430

    Average Salary

What Does A Mortgage Banker Do

A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a bank’s loan department.

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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Top Skills for A Mortgage Banker

FinancialGoalsFHACustomerServiceRealEstateAgentsLoanApplicationsPurchaseLoanProgramsMortgageProductsLoanProductsFannieMAEFreddieMacLoanOfficersCreditReportsEntireLoanProcessFinancialAnalysisLoanOriginationCustomerSatisfactionNmlsPotentialClientsJumbo

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Top Mortgage Banker Skills

  1. Financial Goals
  2. FHA
  3. Customer Service
You can check out examples of real life uses of top skills on resumes here:
  • Manage 3-4 various loan options and present the product that best fit the client's financial goals.
  • Gathered information needed to comply with FHA, VA, and Conventional loans.
  • Build great rapport and consistent follow up and updates with clients and partners to provide excellent customer service.
  • Market to real estate agents using company marketing materials and company sponsored Facebook.
  • Evaluate all information supplied on residential loan applications.

Top Mortgage Banker Employers

Mortgage Banker Videos

Peter Schiff Mortgage Bankers Speech Nov/13/06

The Role of a Mortgage Banker

Mortgage Banker Recruiter | Careers | Quicken Loans: Education

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