Finding a good mortgage loan is easier said than done. Luckily, there are mortgage loan specialists that can help you find the best mortgage loan based on your needs, wants, and financial capabilities.
The workflow of a mortgage loan specialist starts with meeting the clients to determine their financial status and identify their housing needs. Then, they conduct research and use their network to find the best type of loan or financial assistance to offer to clients. Afterward, a mortgage loan specialist helps clients apply for loans or financial programs, often through assisting with documentation and overseeing the financing process.
The work of a mortgage loan specialist requires a good understanding of mortgages, financing, and government programs. With that in mind, an educational background in finance or business can be highly advantageous. Furthermore, a mortgage loan specialist must have adequate experience in the mortgage process and ideally should have a wide network of lenders.
On average, the salary of a mortgage loan specialist is around $31,000 per year. However, there are some mortgage loan specialists that earn as much as $41,000 annually.
There is more than meets the eye when it comes to being a mortgage loan specialist. For example, did you know that they make an average of $15.28 an hour? That's $31,785 a year!
Between 2018 and 2028, the career is expected to grow 5% and produce 72,100 job opportunities across the U.S.
There are certain skills that many mortgage loan specialists have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed communication skills, math skills and organizational skills.
When it comes to the most important skills required to be a mortgage loan specialist, we found that a lot of resumes listed 15.6% of mortgage loan specialists included loan portfolio, while 13.3% of resumes included customer service, and 12.8% of resumes included ensure compliance. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the mortgage loan specialist job title. But what industry to start with? Most mortgage loan specialists actually find jobs in the finance and professional industries.
If you're interested in becoming a mortgage loan specialist, one of the first things to consider is how much education you need. We've determined that 46.4% of mortgage loan specialists have a bachelor's degree. In terms of higher education levels, we found that 3.4% of mortgage loan specialists have master's degrees. Even though most mortgage loan specialists have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a mortgage loan specialist. When we researched the most common majors for a mortgage loan specialist, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on mortgage loan specialist resumes include high school diploma degrees or master's degree degrees.
You may find that experience in other jobs will help you become a mortgage loan specialist. In fact, many mortgage loan specialist jobs require experience in a role such as customer service representative. Meanwhile, many mortgage loan specialists also have previous career experience in roles such as loan processor or loan officer.