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