Mortgage originators help clients through the entire process of obtaining a loan. They usually work for banks or other lenders. Mortgage originators meet with clients interested in borrowing a mortgage, explain their options to them, and help them apply for a loan. Despite the title, mortgage originators actually see the mortgage process through until closing, making sure that an application makes it through the underwriting process when the company decides if a client is eligible for a loan or not.
Mortgage originators need to have excellent customer service skills to guide potential borrowers through the whole confusing process of applying for a mortgage. They also need excellent financial analysis skills and in-depth knowledge of a bank's products.
There are several ways to become a mortgage originator. Some get a bachelor's degree in business or finance, while others have only a high school diploma but plenty of professional experience working in finance, such as a loan officer. Sometimes they need a license from the state. Whatever their paths to this position, once they are hired, mortgage originators can earn an average salary of $43,611 a year and sometimes earn a commission.
There is more than meets the eye when it comes to being a Mortgage Originator. For example, did you know that they make an average of $22.89 an hour? That's $47,607 a year!
Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.
There are certain skills that many Mortgage Originators 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 Detail oriented, Initiative and Interpersonal skills.
If you're interested in becoming a Mortgage Originator, one of the first things to consider is how much education you need. We've determined that 65.7% of Mortgage Originators have a bachelor's degree. In terms of higher education levels, we found that 6.3% of Mortgage Originators have master's degrees. Even though most Mortgage Originators 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 Originator. When we researched the most common majors for a Mortgage Originator, we found that they most commonly earn Bachelor's Degree degrees or Associate Degree degrees. Other degrees that we often see on Mortgage Originator 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 Originator. In fact, many Mortgage Originator jobs require experience in a role such as Loan Officer. Meanwhile, many Mortgage Originators also have previous career experience in roles such as Branch Manager or Mortgage Consultant.