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Working As A Mortgage Loan Specialist

  • Processing Information
  • Interacting With Computers
  • Communicating with Persons Outside Organization
  • Getting Information
  • Performing for or Working Directly with the Public
  • Deal with People

  • Mostly Sitting

  • Repetitive

  • $34,000

    Average Salary

What Does A Mortgage Loan Specialist Do

Financial clerks do administrative work for many types of organizations. They keep records, help customers, and carry out financial transactions.

Duties

Financial clerks typically do the following:

  • Keep and update financial records
  • Compute bills and charges
  • Offer customer assistance
  • Carry out financial transactions

Financial clerks give administrative and clerical support in financial settings. Their specific job duties vary by specialty and by setting.

Billing and posting clerks calculate charges, develop bills, and prepare them to be mailed to customers. They review documents such as purchase orders, sales tickets, charge slips, and hospital records to compute fees or charges due. They also contact customers to get or give account information.

Gaming cage workers work in casinos and other gaming establishments. The “cage” in which they work is the central depository for money and gaming chips. Gaming cage workers sell gambling chips, tokens, or tickets to patrons. They count funds and reconcile daily summaries of transactions in order to balance books.

Payroll and timekeeping clerks compile and post employee time and payroll data. They verify and record attendance, hours worked, and pay adjustments. They ensure that employees are paid on time and that their paychecks are accurate.

Procurement clerks compile requests for materials, prepare purchase orders, keep track of purchases and supplies, and handle questions about orders. They respond to questions from customers and suppliers about the status of orders. They handle requests to change or cancel orders. They make sure that purchases arrive on schedule and that the items meet the purchaser’s specifications.

Brokerage clerks help with tasks associated with securities such as stocks, bonds, commodities, and other kinds of investments. Their duties include writing orders for stock purchases and sales, computing transfer taxes, verifying stock transactions, accepting and delivering securities, distributing dividends, and keeping records of daily transactions and holdings.

Credit authorizers, checkers, and clerks review the credit history, and get the information needed to determine the creditworthiness, of individuals or businesses applying for credit. Credit authorizers evaluate customers’ computerized credit records and payment histories to decide, based on predetermined standards, whether to approve new credit. Credit checkers call or write credit departments of business and service establishments to get information about applicants’ credit standing.

Loan interviewers, also called loan processors or loan clerks, interview applicants and others to get and verify personal and financial information needed to complete loan applications. They also prepare the documents that go to the appraiser and are issued at the closing of a loan.

New accounts clerks interview people who want to open accounts in financial institutions. They explain the account services available to prospective customers and help them fill out applications. They also investigate and correct errors in accounts.

Insurance claims and policy processing clerks process applications for insurance policies. They also handle customers’ requests to change or cancel their existing policies. Their duties include interviewing clients and reviewing insurance applications to ensure that all questions have been answered. They also notify insurance agents and accounting departments of policy cancellations or changes.

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How To Become A Mortgage Loan Specialist

A high school diploma or equivalent is typically required for most financial clerk jobs. These workers usually learn their duties through on-the-job training.

Education

Financial clerks typically need a high school diploma or equivalent to enter the occupation. Employers of brokerage clerks may prefer candidates who have taken some college courses in business or economics and, in some cases, require a 2- or 4-year college degree.

Training

Most financial clerks learn how to do their job duties through on-the-job training. Some formal technical training also may be necessary; for example, gaming cage workers may need training in specific gaming regulations and procedures.

Advancement

Financial clerks can advance to related occupations in finance. For example, a loan interviewer or clerk can become a loan officer, and a brokerage clerk can become a securities, commodities, or financial services sales agent, after obtaining the required education and license.

Important Qualities

Communication skills. Financial clerks should have good communication skills so that they can explain policies and procedures to colleagues and customers.

Math skills. The job duties of financial clerks, including calculating charges and checking credit scores, require basic math skills.

Organizational skills. Strong organizational skills are important for financial clerks because they must be able to find files quickly and efficiently.

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Mortgage Loan Specialist Career Paths

Mortgage Loan Specialist
Loan Processor Loan Officer Account Executive
Relationship Manager
6 Yearsyrs
Loan Processor Underwriter
Underwriting Manager
8 Yearsyrs
Loan Processor Underwriter Account Manager
Client Services Manager
7 Yearsyrs
Loan Officer Account Executive Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Loan Officer Account Executive Office Manager
Office Manager Of Human Resources
6 Yearsyrs
Mortgage Loan Processor Underwriter Branch Manager
Vice President And Manager
10 Yearsyrs
Mortgage Loan Processor Senior Loan Processor Office Manager
Accountant And Office Manager
6 Yearsyrs
Mortgage Loan Processor Senior Loan Processor
Processing Manager
7 Yearsyrs
Mortgage Consultant Senior Loan Officer Vice President
Vice President Operation Manager
10 Yearsyrs
Mortgage Consultant Consultant Project Manager
Portfolio Manager
7 Yearsyrs
Mortgage Consultant Senior Loan Officer Assistant Branch Manager
Finance Center Manager
6 Yearsyrs
Loan Documentation Specialist Specialist Credit Analyst
Credit Manager
5 Yearsyrs
Loan Documentation Specialist Service Specialist Credit Analyst
Collections Manager
5 Yearsyrs
Loan Documentation Specialist Consumer Loan Underwriter Senior Underwriter
Risk Manager
8 Yearsyrs
Mortgage Specialist Team Leader Property Manager
Asset Manager
7 Yearsyrs
Mortgage Specialist Team Leader Operations Director
Assistant Vice President Operations
8 Yearsyrs
Mortgage Specialist Senior Loan Officer Assistant Branch Manager
Branch Operations Manager
6 Yearsyrs
Specialist Customer Service Supervisor Client Services Manager
Client Manager
6 Yearsyrs
Loan Closer Escrow Officer Realtor
Real Estate Management Specialist
7 Yearsyrs
Service Specialist Legal Assistant Bankruptcy Specialist
Property Preservation Specialist
5 Yearsyrs
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Average Length of Employment
Loan Closer 3.2 years
Mortgage Processor 2.7 years
Loan Processor 2.7 years
Loan Assistant 2.6 years
Loan Coordinator 2.6 years
Post Closer 2.5 years
Loan Specialist 2.4 years
Loan Auditor 2.2 years
Mortgage Analyst 2.0 years
Loan Reviewer 1.9 years
Mortgage Assistant 1.9 years
Top Careers Before Mortgage Loan Specialist
Teller 3.7%
Cashier 3.6%
Specialist 3.2%
Top Careers After Mortgage Loan Specialist
Specialist 3.5%
Cashier 2.5%

Do you work as a Mortgage Loan Specialist?

Highest Mortgage Loan Specialist Salaries

Job Title Company Location Start Date Salary
Mortgage Loan Specialist Allsource Realty Inc. Mar 17, 2014 $65,281
Mortgage Loan Specialist Allstate Funding, LLC Jan 02, 2008 $55,765
Mortgage Loan Specialist Allsource Realty, Inc. Jul 25, 2010 $32,223
Mortgage Loan Specialist Allsource Realty, Inc. Aug 07, 2010 $32,223
Mortgage Loan Specialist Monarch Bank Oct 25, 2012 $30,659

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Top Skills for A Mortgage Loan Specialist

  1. Loan Applications
  2. Ensure Compliance
  3. Loan Portfolio
You can check out examples of real life uses of top skills on resumes here:
  • Reviewed and underwrote all residential mortgage loan applications to ensure proper documentation in compliance with bank and investor portfolio guidelines.
  • Reviewed all necessary documentation to ensure compliance with various loan requirements.
  • Assist Senior Vice Presidents with loan portfolio, working directly with clients on loan closings, billing and various additional requests.
  • Delivered topflight customer service to clients, conducting attentive needs assessments to identify individual requirements and structure optimal loan product options.
  • Work on documentation flow to complete conventional/FHA/VA loans and ensure documentations are thoroughly reviewed and completed according to WFHM guidelines.

Mortgage Loan Specialist 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 2,626 Mortgage Loan Specialist 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 Loan Specialist Resume

View Resume Examples

Mortgage Loan Specialist Demographics

Gender

Female

63.9%

Male

32.8%

Unknown

3.3%
Ethnicity

White

61.3%

Hispanic or Latino

15.6%

Black or African American

12.0%

Asian

7.6%

Unknown

3.5%
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Foreign Languages Spoken

Spanish

54.4%

German

7.4%

French

5.9%

Polish

5.9%

Chinese

2.9%

Greek

2.9%

Turkish

1.5%

Russian

1.5%

Serbian

1.5%

Vietnamese

1.5%

Bosnian

1.5%

Wolof

1.5%

Mandarin

1.5%

Armenian

1.5%

Tagalog

1.5%

Dutch

1.5%

Hmong

1.5%

Korean

1.5%

Bengali

1.5%

Croatian

1.5%
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Mortgage Loan Specialist Education

Schools

Virginia Commonwealth University

9.4%

John Tyler Community College

9.4%

J Sargeant Reynolds Community College

8.6%

Strayer University

7.8%

Arizona State University

5.5%

University of North Carolina at Charlotte

5.5%

Florence-Darlington Technical College

5.5%

University of Minnesota - Twin Cities

4.7%

University of Memphis

4.7%

Central Piedmont Community College

3.9%

University of Texas at Arlington

3.9%

American InterContinental University

3.9%

San Jose State University

3.9%

Liberty University

3.9%

Kaplan University

3.9%

Minnesota School of Business

3.1%

Valencia College

3.1%

Illinois State University

3.1%

Texas A&M University

3.1%

Norfolk State University

3.1%
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Majors

Business

39.5%

Accounting

8.1%

Finance

6.9%

Marketing

4.8%

Psychology

3.9%

Health Care Administration

3.9%

Management

3.7%

Legal Support Services

3.6%

Criminal Justice

3.0%

General Studies

2.7%

Communication

2.6%

Real Estate

2.4%

Liberal Arts

2.3%

Human Resources Management

2.3%

Political Science

2.2%

Economics

1.9%

Education

1.9%

Computer Science

1.4%

English

1.4%

Sociology

1.4%
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Degrees

Bachelors

42.1%

High School Diploma

18.4%

Associate

18.2%

Masters

8.7%

Certificate

8.3%

Diploma

3.1%

License

0.6%

Doctorate

0.4%
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Updated May 18, 2020