Anyone who buys a house or other piece of property is familiar with all the ins and outs of getting a mortgage. However, what many people don’t know about is the variety of different careers that are related to mortgages that went in to making your mortgage a reality. There is more to a mortgage than meets the eye, and a different career to manage it during every stage.
MORTGAGE BROKER Most people have heard of a mortgage broker. A broker acts like a middleman between the borrowers and the lenders. Typically, a mortgage broker will work with multiple lenders in order to find the best deal for the borrower. A mortgage broker’s duties include: Reviewing borrower’s credit application Collecting relevant financial information Considering factors such as interest rates and mortgage length Matching the appropriate mortgage product to each lender Shopping around the mortgage to different lenders Finding the ideal lender to meet the borrower’s situation
MORTGAGE BROKER CONT. Depending on your region and employer, you will require the appropriate license and may need further education. Previous real estate experience is an asset.
MORTGAGE UNDERWRITER A mortgage underwriter is a position that carries a lot of responsibility when it comes to mortgages. Basically, the mortgage underwriter is the person responsible for deciding whether a borrower actually gets the mortgage loan or not. A mortgage underwriter must: Verify the income and employment of the applicant Review the credit score and ask for more info. if required Look through the accounts where the applicant’s funds come from Review the home appraisal to ensure it matches the loan request
MORTGAGE UNDERWRITER CONT. A mortgage underwriter will usually need at least a bachelor’s degree in finance or similar field. Other certificates or education may also be required, depending on the specific employer and area. Some of the skills a mortgage underwriter will need include: Mathematical skills Auditing skills Analytical skills Decision-making ability Research skills Computer skills Customer service skills Communication skills
MORTGAGE PROCESSOR As the job title suggests, a mortgage processor’s duties mainly consist of processing loan applications and mortgage contracts. A mortgage processor will: Analyze finances of loan applicants Assess the likelihood of loan repayment Make recommendations based on findings Utilize processing software to process and close files As with some other mortgage-related careers, the educational requirement for loan processors varies. In some situations a high school diploma will suffice, while others want a bachelor’s degree. Licensing is required wherever you are.
MORTGAGE LOAN OFFICER Sometimes, a mortgage loan officer and processor are combined into one job, but there are different duties for each one. While the processor works more behind the scenes on the back end, the officer is more visible. A mortgage loan officer’s duties include: Attracting new business Developing business contacts Supervising staff Enforcing policies and procedures Meeting financial goals Sales calls
MORTGAGE LOAN OFFICER CONT. The mortgage loan officer must have a mix of analytical, mathematical, managerial and communication skills in order to do the job effectively.
MORTGAGE BANKER A mortgage banker performs many of the same duties as a mortgage broker, only they work for just one employer. As such, they are restricted in the products and options they are able to offer potential borrowers. Mortgage banker may be able to provide fewer options, and only shop the mortgage to their own bank, but they often have a deeper understanding and knowledge of the products they do offer. A mortgage banker’s skills include: Comfort speaking in front of a range of people Strong negotiating skills Strong written and verbal skills Strong team commitment Ability to follow procedures and processes