Article Categories

»	Arts & Entertainment
»	Automotive
»	Business
»	Careers & Jobs
»	Education & Reference
»	Finance
»	Food & Drink
»	Health & Fitness
»	Home & Family
»	Internet & Online Businesses
»	Miscellaneous
»	Self Improvement
»	Shopping
»	Society & News
»	Sports & Recreation
»	Technology
»	Travel & Leisure
»	Writing & Speaking

Reprint Article Code

Category: Articles » Finance » Mortgages » Article » Article Code

Mortgage Banking: Is it for you?

Are you quick with calculations and always ready to help people? If you're good with numbers and have great organizational skills, a career in mortgage banking may be a great idea. Most people who work in the mortgage banking field are residential or commercial loan officers. A mortgage loan officer helps people get loans to buy houses or re-finance property they already own. A commercial loan officer may also handle mortgages, but for businesses and companies. Depending on the type of company the loan officer works for, hours can vary from a standard 40 hour week to more. Many ... read more

Article Title:

Article Body:

Are you quick with calculations and always ready to help people?
 
If you're good with numbers and have great organizational skills, a career in mortgage banking may be a great idea. Most people who work in the mortgage banking field are residential or commercial loan officers.

A mortgage loan officer helps people get loans to buy houses or re-finance property they already own. A commercial loan officer may also handle mortgages, but for businesses and companies. Depending on the type of company the loan officer works for, hours can vary from a standard 40 hour week to more. Many mortgage banking professionals work on commission, so they may want to put in more hours, book more loans and earn more commission. Other mortgage loan officers work standard hours at a bank or credit union.

In the current job market, new mortgage banking professionals are usually required to have a college degree in finance or business, or some training or experience specific to the field. Computer training is essential to the job, as are an aptitude with numbers and good customer service skills.

There are many colleges offering business and finance degrees, and several schools offering both on site and internet courses in mortgage banking and lending.

Typically, loan officers employed by banks and credit unions do not need to be licensed. Mortgage brokerages and companies have licensing requirements determined by their state. Each state's department of professional regulation can provide information about their licensing requirements.

Since mortgage loan officers are usually paid on commission, their pay can fluctuate with the number of loans that they write. Most earn between $33,000 and $63,000 per year, with the top earners earning about $90,000 and up.

Mortgage banking professionals will review credit scores, determine the type of loan that is best for the customer and guide them through the application and closing process. Detail oriented and very organized, the loan officer handles the many paperwork and reporting requirements needed to get the loans approved and to closing.

They are also required to have a strong working knowledge of federal mortgage regulations and the various types of mortgages available to the consumer. Detailed knowledge of the application and closing procedures is also necessary to assist the customer with this unfamiliar and often uncomfortable process.

Of course, some sales and negotiating skills are necessary in order to be successful. With the multitude of mortgage products available today, the mortgage banking official will have to persuade, or "sell," the consumer on their product. Basic sales training is often included in mortgage lending courses for this purpose.

If you're interested in a career in finance or banking, consider mortgage banking. You'll help families make the biggest investment of their lives and earn a great living while helping others.

Author Bio:

Some other recently published mortgages articles

Should I Refinance My Adjustable Rate Mortgage? by RJ Baxter
Millions of Americans nationwide currently have an adjustable rate mortgage (ARM) on their home that is set to adjust in ...

The 'New Congress' Fiddles Away Valuable Time… As The 275,000 Insurable Limit For Home Equity Conversion Mortgages (Reverse Mortgages) by Dale Rogers
While the 'New Congress' puts a full court press on the first 100 hours of control, almost three weeks have been spent on a "non-binding" resolution loaded with political positioning and posturing for ...

Online remortgage quotes Are Available within Least Time by George Cummings
In today's world, remortgage has become very popular in the UK, because people are opting for loans by keeping assets as mortgage. If you ...

The UK Consumer's Guide to Shopping for Mortgages Online by Mary Simone
Starting with the absolute basics, a mortgage is a loan for a house or other piece of property, financed by a bank ...

Mortgage by Ismael D. Tabije
A mortgage is a method of using property (real or personal) as security for the payment of a debt. It is an arrangement whereby a lender (the mortgagee) dispenses money to a borrower ...

Low Mortgage Rates by Kuntal Mehta
Low mortgage rates have been instrumental in realizing the dreams of a home of millions around the world. One reason for the real estate boom could be attributed to ...

Publisher Guidelines

You may reprint this article electronically in your newsletter or on your website, free of charge.

If you reprint this article from our site, then you must keep everything intact. This includes the articles title, author name, articles body, authors bio / resource box, the links contained within the article, all copyright notices and the link pointing back to our site. All links within the article must also be made active / hyperlinks.