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Mortgage Banking Careers

photo of mortgage banker at work

Careers in the many related fields of the mortgage banking industry are as diverse as the field itself and depend significantly on the employee's level of education and professional experience.

America's Career Infonet and the U.S. Department of Labor Bureau of Labor Statistics' Occupational Outlook Handbook give detailed information about the skills, abilities, work activities and recommended education for jobs in which knowledge of mortgage banking is useful, which may include:

Salaries and Projected Job Growth

According to America's Career Infonet, related occupations include the following salaries salaries in Texas. Please note that many jobs require additional education and experience.

Job Hourly Rate Annual Salary Projected Job Growth Through 2016
Financial managers $49.44 $102,800 +12%
Financial specialists $24.64 $51,300 +16%
Loan officers $28.62 $59,500 +17%
Personal financial advisors $28.65  $59,600 +35%
Real estate sales agents

$28.82

$59,900 +13%
Real estate brokers

$14.76

$30,700 +20%

Skills Required

Some of the job skills needed for a career in mortgage banking are:

  • Mathematical skills
  • Analytical reasoning
  • Computer proficiency
  • Excellent communication skills, both verbal and written
  • Leadership ability
  • Problem-solving and decision-making skills
  • The ability to work well with others, especially as a member of a team
  • Organizational skills

Who Does What

Loan officers

  • find potential clients
  • gather information about clients to ensure an informed decision regarding their creditworthiness and the probability of repayment
  • provide guidance to prospective borrowers who have problems qualifying for traditional loans

  • guide clients through the process of applying for a loan
  • explain the different types of loans and credit terms available to the applicant
  • answer questions about the process
  • may assist clients in filling out the application

  • begin the process of analyzing and verifying the information on the application
  • decide, in consultation with their managers, whether to grant the loan
  • arrange a repayment schedule with the client if the loan is approved

Other positions:

  • Loan underwriters specialize in evaluating a client's creditworthiness and may conduct a financial analysis or other risk assessment.
  • Loan collection officers contact borrowers with delinquent loan accounts to help them find a method of repayment to avoid their defaulting on the loan. If a repayment plan cannot be developed, the loan collection officer initiates collateral liquidation, in which the lender seizes the collateral used to secure the loan — a home or car, for example — and sells it to repay the loan. 

How a Mortgage Loan Is Set Up

  • The loan originator or mortgage broker accepts the application for the mortgage loan.
  • The application is turned over to a loan processor, who verifies the data provided with the applicant's employer or bank.
  • If all data matches up in the application, the processor gives the loan to an underwriter. The underwriter makes the decision on whether to extend credit.
  • The loan closing typically occurs at a title company.
  • After the loan is closed, it will be taken over by a loan servicing department of a company that sets up the loan for payment collection and administration.