FIND PERSONALIZED JOBS
Sign up to Zippia and discover your career options with your personalized career search.
×
FIND
PERSONALIZED JOBS

CONTENT HAS
BEEN UNLOCKED
Close this window to view unlocked content
or
find interesting jobs in

Log In

Log In to Save

Sign Up to Save

Sign Up to Dismiss

Sign Up

SIGN UP TO UNLOCK CONTENT

or

The email and password you specified are invalid. Please, try again.

Email and password are mandatory

Forgot Password?

Don't have an account? Sign Up

reset password

Enter your email address and we will send you a link to reset your password.

Back to Log In

Log In

Log In to Save

Sign Up to Save

Sign Up to Dismiss

Sign up to save the job and get personalized job recommendations.

Sign up to dismiss the job and get personalized job recommendations.

or

The email and password you specified are invalid. Please, try again.

Email and password are mandatory

Already have an account? Log in

reset password

Enter your email address and we will send you a link to reset your password.

Back to Log In

Company Saved

Answer a few questions and view jobs at that match your preferences.

Where do you want to work?

Job Saved

See your Saved Jobs now

or

find more interesting jobs in

Job Dismissed

Find better matching jobs in

Become A Mortgage Broker

Where do you want to work?

To get started, tell us where you'd like to work.
Sorry, we can't find that. Please try a different city or state.

Working As A Mortgage Broker

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

  • Make Decisions

  • Repetitive

  • $62,328

    Average Salary

What Does A Mortgage Broker 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.

Show More

Show Less

How To Become A Mortgage Broker

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.

Show More

Show Less

Do you work as a Mortgage Broker?

Mortgage Broker Jobs

NO RESULTS

Aw snap, no jobs found.

Add To My Jobs

Mortgage Broker Career Paths

Mortgage Broker
Realtor Sales Specialist Personal Banker
Bank Manager
5 Yearsyrs
Office Manager Sales Consultant Personal Banker
Banking Center Manager
5 Yearsyrs
Sales Manager Branch Manager
Branch Sales Manager
6 Yearsyrs
Account Manager Sales Specialist Retail Sales Consultant
Business Account Manager
6 Yearsyrs
Real Estate Agent Personal Banker Assistant Branch Manager
Business Development Officer
7 Yearsyrs
Finance Advisor Senior Loan Officer Senior Loan Processor
Client Relations Manager
6 Yearsyrs
Underwriter Senior Credit Analyst Credit Manager
Credit Director
11 Yearsyrs
Mortgage Specialist Senior Loan Processor Client Relations Manager
Director Of Client Relations
8 Yearsyrs
Sales Consultant Internet Sales Manager
Finance And Insurance Manager
6 Yearsyrs
Realtor Real Estate Agent Personal Banker
Finance Center Manager
6 Yearsyrs
Mortgage Consultant Sales Consultant
Finance/Sales Manager
6 Yearsyrs
Underwriter Consumer Loan Underwriter
Lending Services Manager
7 Yearsyrs
Real Estate Agent Mortgage Consultant Loss Mitigation Specialist
Loss Control Manager
7 Yearsyrs
Sales Manager Operations Manager Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Mortgage Consultant Underwriter Assistant Vice President
Senior Relationship Manager
10 Yearsyrs
Account Manager Relationship Manager Senior Underwriter
Underwriting Director
9 Yearsyrs
Mortgage Banker Mortgage Consultant Underwriter
Underwriting Manager
8 Yearsyrs
Mortgage Banker Underwriter Assistant Vice President
Vice President & Sales Manager
9 Yearsyrs
Office Manager Branch Manager Vice President And Manager
Vice President Operation Manager
10 Yearsyrs
Show More

Do you work as a Mortgage Broker?

Help others decide if this is a good career for them

Do you work as a Mortgage Broker?

Mortgage Broker Demographics

Gender

Male

65.9%

Female

31.7%

Unknown

2.4%
Ethnicity

White

62.0%

Hispanic or Latino

16.4%

Black or African American

11.1%

Asian

7.0%

Unknown

3.5%
Show More
Foreign Languages Spoken

Spanish

64.7%

French

8.3%

Portuguese

6.0%

Italian

3.0%

Hindi

2.3%

Mandarin

2.3%

Greek

2.3%

Chinese

1.5%

Russian

1.5%

Korean

1.5%

German

0.8%

Dutch

0.8%

Carrier

0.8%

Bengali

0.8%

Hmong

0.8%

Arabic

0.8%

Cantonese

0.8%

Gujarati

0.8%

Thai

0.8%
Show More

Mortgage Broker Education

Schools

University of Phoenix

17.5%

University of South Florida

6.7%

Florida International University

6.7%

Florida State University

5.2%

University of Central Florida

5.2%

Miami Dade College

4.8%

Florida Atlantic University

4.8%

Valencia College

4.5%

University of Oregon

4.5%

Liberty University

4.5%

Michigan State University

4.1%

University of Florida

4.1%

American InterContinental University

3.7%

University of Miami

3.7%

Villanova University

3.3%

University of North Florida

3.3%

Arizona State University

3.3%

Temple University

3.3%

Georgia State University

3.3%

University of Tampa

3.3%
Show More
Majors

Business

39.5%

Finance

12.1%

Accounting

6.2%

Real Estate

4.1%

Marketing

4.0%

Communication

3.9%

Management

3.5%

Political Science

3.3%

Psychology

3.2%

Education

2.6%

Economics

2.5%

Criminal Justice

2.5%

Computer Science

1.8%

Information Technology

1.7%

Law

1.7%

General Studies

1.6%

Liberal Arts

1.6%

Health Care Administration

1.4%

Insurance

1.4%

Legal Support Services

1.3%
Show More
Degrees

Bachelors

44.3%

Other

26.7%

Masters

13.6%

Associate

8.9%

Certificate

3.6%

Doctorate

1.7%

License

0.8%

Diploma

0.4%
Show More

Job type you want
Full Time
Part Time
Internship
Temporary

How Would You Rate The Salary Of a Mortgage Broker?

Have you worked as a Mortgage Broker? Help other job seekers by rating your experience as a Mortgage Broker.

Top Skills for A Mortgage Broker

Show More

  1. Loan Applications
  2. Financial Status
  3. Lenders
You can check out examples of real life uses of top skills on resumes here:
  • Collected all necessary information and documents from the parties regarding loan applications.
  • Analyzed applicants' financial status, credit and property evaluation to determine feasibility of granting loan.
  • Added responsibilities included being liaison between national lenders and company loan originators.
  • Cultivated lasting business relationships by networking with various referral partners in the real estate industry.
  • Ensured prompt and accurate completion of initial mortgage related documentation ensuring compliance with lending policies and administrative processes

How Would You Rate Working As a Mortgage Broker?

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

Top Mortgage Broker Employers

Jobs From Top Mortgage Broker Employers

Mortgage Broker Videos

Top Mortgage Broker Training & Sales Techniques - What it Takes to Succeed as a New Agent

What's It Like To Be A Mortgage Broker

What Does a Mortgage Broker Do?

Related to your recently viewed content