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Mortgage Banking: Is it for you?
By: Jay Moncliff
Are you quick with calculations and always ready to help
people?
If you’re good with numbers and have great organizational
skills, a career in mortgage banking may be a great idea.
Most people who work in the mortgage banking field are residential
or commercial loan officers.
A mortgage loan officer helps people get loans to buy houses
or re-finance property they already own. A commercial loan
officer may also handle mortgages, but for businesses and
companies. Depending on the type of company the loan officer
works for, hours can vary from a standard 40 hour week to
more. Many mortgage banking professionals work on commission,
so they may want to put in more hours, book more loans and
earn more commission. Other mortgage loan officers work standard
hours at a bank or credit union.
In the current job market, new mortgage banking professionals
are usually required to have a college degree in finance or
business, or some training or experience specific to the field.
Computer training is essential to the job, as are an aptitude
with numbers and good customer service skills.
There are many colleges offering business and finance degrees,
and several schools offering both on site and internet courses
in mortgage banking and lending.
Typically, loan officers employed by banks and credit unions
do not need to be licensed. Mortgage brokerages and companies
have licensing requirements determined by their state. Each
state’s department of professional regulation can provide
information about their licensing requirements.
Since mortgage loan officers are usually paid on commission,
their pay can fluctuate with the number of loans that they
write. Most earn between $33,000 and $63,000 per year, with
the top earners earning about $90,000 and up.
Mortgage banking professionals will review credit scores,
determine the type of loan that is best for the customer and
guide them through the application and closing process. Detail
oriented and very organized, the loan officer handles the
many paperwork and reporting requirements needed to get the
loans approved and to closing.
They are also required to have a strong working knowledge
of federal mortgage regulations and the various types of mortgages
available to the consumer. Detailed knowledge of the application
and closing procedures is also necessary to assist the customer
with this unfamiliar and often uncomfortable process.
Of course, some sales and negotiating skills are necessary
in order to be successful. With the multitude of mortgage
products available today, the mortgage banking official will
have to persuade, or “sell,” the consumer on their
product. Basic sales training is often included in mortgage
lending courses for this purpose.
If you’re interested in a career in finance or banking,
consider mortgage banking. You’ll help families make
the biggest investment of their lives and earn a great living
while helping others.
About Author: Jay Moncliff is the founder of
http://www.bankingcenternews.info a website specialized on Banking, resources and articles. For more info visit his site: Banking Article Source: The Awesome Article Database
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