Mortgage Planner Career


Career Description:

Mortgage planners gather information about the borrowers like their salary, credit history, salary etc. and then use the collected information to negotiate the terms and rates with the lenders. A mortgage planner usually works with the borrowers both intending to buy new homes and also refinance the existing mortgages for obtaining lower payments. They typically charge a fee to the borrower for the services rendered and are sometimes paid a percentage of the total brokered deal.

 How to become a mortgage planner:

A high school diploma is sufficient to become a mortgage loan planner. However, a planner specializing in commercial mortgages is often required to hold at least a bachelor’s degree in finance or economics because they have to analyze the financial standing of a business.

Mortgage planners have to gain a license to embark on their professional career. Licensing needs 20 hours of coursework. Subjects include nontraditional mortgage situations, federal mortgage regulations etc. candidates have to pass a licensing examination.

 Mortgage planner career courses, training and programs:

 While certification isn’t required, a certified mortgage planner certification would endorse the candidate’s knowledge in the field. Obtaining a relevant certification usually involves a five-year work experience and at least 100 qualifying points that are earned via a combination of professional and formal education, certifications and work experience. The certification has to be revalidated every three years.

 Mortgage planner career schools/colleges, education:

While the high school degree can be got from any recognized school, there are some specialized institutes that conduct training for the certification. The exam is conducted by the relevant state or federal authorities.

 Top 5 colleges/universities:

Boston Institute

Columbia Financial College

William and Mary College

Dartmouth College

Colorado Institute

 Mortgage planner job opportunities, salaries/pay:

Mortgage planners are mostly employed with banks, non-banking financial institutions and financial consultants. Their average annual salary is $54,000 along with the brokerage commission.

Category: Banking Careers

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