Mortgage Banker Career Profile

A mortgage banker is basically a loan officer employed in a financial institution in a mortgage business. A mortgage banker offers his assistance to the customers and attempts to make their dreams come true.

The mortgage industry sells mortgages to residential, family, multifamily, associations, recreational industry and commercial real estates. The mortgage banker plays a vital role in obtaining and finding funds for loans through various federal government programs. This loan fund is used for issuing loans to middle-income home buyers.

Duties and Responsibilities

This job involves the following tasks:

  • Locating new customers with mortgage options by attending numerous realty and home seminars or exhibitions
  • Strictly adhering to the federal regulations of mortgage
  • Helping customers in choosing a better mortgage product for their requirements; also assisting them to opt for an approved mortgage product
  • Collecting financial information like credit reports, background checks and other related mandatory documents and submitting them to the underwriters for the approval of the mortgage application.

Requirements

If you want to become a mortgage banker, you should earn a bachelor's degree in accountancy or finance. This is the minimum requirement. If you have started your career as an MB, you should become a member of the Mortgage Banker Association (MBA). The MBA offers three certification programs: Commercial, Residential and the Master’s program. There are other professional organizations too (like the American Bankers Association or the Bank Administration Institute). They have their own programs to help you become a certified mortgage banker. Engage any of these courses and obtain certification after you pass their exam successfully.

You should have at least 3 years of sales experience and 1 year of professional service in any of the financial organizations. Good written and communication skills and a steady confidence are necessary to present different products clearly and professionally. At times, your audience may be larger than just one or two people.

You should possess strong mathematical and analytical skills, as these are helpful in finalizing and comprehending the documentation. You should be computer-savvy to produce documentation efficiently in a short period for the customer or your employer. You should also be adept at negotiating. You will conduct negotiations with real estate agents and customers so you can close an amicable deal between them and make your employer smile as well.

Mortgage Banker Salary

Right out of the gate, a mortgage banker can earn between $45,000 and $55,000 annually. And don't forget additional perks like paid vacations, holidays, comprehensive health insurance and more.

Career Development

After a sufficient number of years in this profession, you can jump-start a mortgage consultancy or start an agency that recruits candidates for the mortgage industry. After all those years of experience and networking, you should possess a number of contacts, and you can help fresh graduates to enter this pivotal field. The industry should never be saturated with mortgage bankers, but should not suffer shortage either. The correct balance promotes strong health in the industry.