If you wish to be a part of the banking industry, or if you have exceptional skills in accounting and sales, you might be interested in the position of mortgage banker.
A mortgage banker assists the customers in the process of home ownership. It is very different from a mortgage broker. The mortgage banker is the primary contact of a customer from application through closing. He helps attract new customers for the bank he is working for, as well as help them navigate various mortgage products.
Duties and Responsibilities
Mortgage bankers do several responsibilities according to the bank they’re working for. They may have a wide range of duties. Generally, a mortgage banker can be considered a loan officer with a bank. He specializes in mortgage products and conduct business in compliance with all state and federal regulations. He works with a certain product of an organization which he is required to have in-depth knowledge of.
It is a part of a mortgage banker’s duty to attract new customers for his organization through attending realty meetings and home buyer seminars. Mortgage bankers assist customers in determining the best type of mortgage for their needs as well as which one is most likely to be approved.
He also negotiates with the customer regarding the terms and conditions. The mortgage banker collects all required credit reports and financial information for all loan applications. He submits finished loan packages to underwriters to review.
The mortgage banker makes sure that approved customers receive good service. He ensures that all requirements are met and providing overall satisfaction to the customers and the bank.
Education and Skills
This job position requires a bachelor’s degree in finance, accounting, sales, or an MBA from a leading business school. Most employers require at least three years of experience in related work as well as a track record of closing sales.
Mortgage bankers are highly competitive so it is a requirement for candidates to have excellent interpersonal and communications skills. He must be able to speak confidently in front of groups. He must be able to work with a team and is a natural born team player. Most importantly, he must enjoy helping and assisting people.
Mortgage bankers should be good with numbers and have exceptional analytical skills. They should have in-depth knowledge of the products they are offering. Skills in computers and data entry are definitely needed.
To be successful in this career, aspiring mortgage bankers should be very motivated. He should have initiative and enjoy working independently without hesitation. He should have the drive to learn.
Work Conditions and Salary
Generally, mortgage bankers work within bank hours. However, they are expected to work overtime depending on the client’s requirements. Mortgage bankers have an office but can travel to attract clients.
The salary of a mortgage banker includes paid training, basic pay, and a commission. According to the Bureau of Labor statistics for 2009, the average annual income of all loan officers is $55,000. Compensation may also include a 401k plan, health insurance, and paid vacation, sick days and holidays.*
*According to the BLS, http://www.bls.gov/oco/