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2. 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.
3. 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
4. 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.
5. 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
6. 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
7. 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.
8. 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
9. 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.
10. 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