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A mortgage lender position is a great way to settle into a mortgage career that will (hopefully!) be long-lasting and fulfilling – and possibly quite lucrative as well. The mortgage industry depends on mortgage lenders to make a sale happen. If you are interested in a great career path in the mortgage business, consider getting involved with the mortgage lender side of real estate.
So, what does a job as a mortgage lender involve? It is easy to think that a mortgage lender would cover all sides of the coin in a lender office, but there are actually many different job titles that make up the world of lenders for mortgages.
Some mortgage lenders have at least one, if not several, office or administrative assistants who can help lenders with paperwork and preparing documents for mortgage officers and mortgage processors. A lender administrative assistant position most likely does not require a degree or a mortgage license, but would require good computer and office skills plus good communication skills so you can speak to mortgage customers and realtor agents on the telephone or in person. This job is for the person who may lack the education to qualify for a higher level managerial position and provides the exposure and experience to build a great resume while obtaining that education!
There are usually three other components of a mortgage lender job: a loan officer, a mortgage processor, and an accountant. Not all lenders will have these exact positions, some may have a different combination of these titles, but larger companies will have several of each lender employee working in the same lender company with different clients who are in the process of obtaining a home loan.
Probably the most public job in the mortgage lender arena is the loan officer. Most often there are senior and junior loan officer positions. A junior loan officer may just be starting out in the lender field and may need guidance from a senior loan officer. Depending on who is hiring you, they may require a college degree in finance or accounting.. Expect at least a high school education as a minimum requirement and some experience in the mortgage or finance industry a big plus.
Basically loan officers help people obtain a mortgage. Loan officers may also act as counselors to help homebuyers who want a loan but have financial problems. The lender expert finds ways to successfully obtain a loan. This job may require you to have a mortgage license, depending on your state and the requirements of your mortgage firm. If you work as part of a large institution, you may not need the license, but it may be required if you work directly for a mortgage lender company.
Another important lender job is the lender processor who works towards obtaining the loan for a customer. Basically the lender processor does credit checks, processes the loan file and follows the underwriting guidelines of the lender company to see if a customer qualifies for a mortgage. The mortgage processor also keeps in contact with the potential borrower to let them know the status of the lender interface, whether they need to provide additional information, or if the application was sent to a guaranty insurer. This lender job may also require a degree, but it depends on the lender for which you work.
Some mortgage companies also have an accountant on hand to help assist with financial research concerns on lender company funding, accounts payable and daily funds. This depends on how large the lender company is and if there are large funds issues to deal with at the mortgage company. Often times there are third-party lender companies who actually give the loan to the borrower, but the accountant may be needed to keep records straight. Most of the time, in an accounting position, a 4-year degree will be required as well as CPA certification.
There are many potential jobs in the lending business and many are very, very lucrative. If you are interested in a career with a mortgage lender, check with a local lender company to find out what their requirements are for the position you are interested in attaining.
The Mortgage Business
Mortgage Industry Jobs
Becoming a Mortgage Broker
Obtain a Mortgage License