Mortgage Officer Career
Mortgage officers work with the clients to secure a mortgage. They discuss the needs and demands of the clients and then determine which company or organization would be the best to approach for a loan. Mortgage officers also conduct credit checks for ensuring that the client would be able to repay the loan. Sometimes a mortgage officer would also have work as a salesperson and they’re paid commissions on the loans disbursed. Hence, the more loans they sell, the higher would be their income.
How to become a mortgage officer:
A mortgage officer would only require a high school diploma, especially in the case of residential loans as training is usually given on job. A commercial mortgage officer usually requires a business degree in finance or accountings as a good amount of financial analyses are required for determining the solvency of a customer.
A mortgage officer must have the sale skills. These include networking, enthusiasm and people skills. Mortgage officers are partly paid in commission and hence they must have the ambition and drive to drive the business.
Mortgage officer career courses, training and programs:
As per relevant federal laws, all mortgage officers must have licenses. For this, the applicant has to go through at least 20 hours of formal coursework and have no felony convictions. Besides, the candidate also has to pass an exam. This exam has to be taken every three years.
Mortgage officer career schools/colleges, education:
Some institutes are known to conduct training for intending mortgage officers. They have their own curriculum. Distance education can also be availed from these institutes.
Top 5 colleges/universities:
Columbia Financial College
Dartmouth College of Economics
Columbia School of Business and Economics
Mortgage officer job opportunities, salaries/pay:
Mortgage officers usually work with credit unions, non-banking financial corporations and banks. Legal firms often employ mortgage officers. Their average annual salary is $48,750. Commissions are paid extra.
Category: Banking Careers