It is often those career paths that give back to the community or enrich the lives of others that are the most rewarding. One industry that fits the bill is the mortgage industry. People in these positions work on a regular basis to help individuals secure foundations for their families or commercial properties for new business opportunities. There are several options within this industry, below are the most common.
One of the most common positions in the mortgage industry is a loan officer. They are the initial points of contact for homebuyers or entrepreneurs interested in purchasing a property. They assist interested parties in completing the mortgage application, finding the appropriate program, and more. Loan officers are well-versed in all loan products provided by the financial institution they represent. They are aware of the eligibility criteria like first time home buyer requirements to apply for each product and can work with applicants to increase their chances of approval.
Essentially, loan officers take the complexities out of applying for a mortgage. They are your go-to for any questions or concerns you may have. It is their job to see to it that you apply for (and hopefully get approved for) a loan product that is conducive to your needs and finances.
Next up on the list are mortgage processors. They work closely with the loan officer to get the mortgage application processed. It is the job of the mortgage processor to ensure that all necessary documentation for the mortgage application is intact and accurate before submission.
After the information from applicants has been collected from the loan officer and submitted by the mortgage processors, underwriters take over from here. It is the job of the underwriter to verify all information in order to make a determination as to whether or not the applicant meets all the bank’s requirements to get approved for a loan.
They review, in detail, your credit history to determine your creditworthiness. This can include your payment history, debt to income ratio, delinquent accounts, and more. Underwriters will also review your financial status to determine your ability to pay the loan in a timely fashion. This typically includes looking at income tax returns, pay stubs, and other forms of income. They will also compare this income to the amount of debt you already have.
Escrow officers have an intricate role in the mortgage process. They are third party professionals that complete a number of administrative and legal tasks to ensure the sale of the property goes well between the buyer and seller.
During the escrow process of purchasing a property, the escrow officer obtains the buyer’s funds and holds it in a non-interest trust account. They are also responsible for drafting the purchase contract, escrow instructions, grant deed, and other associated documents pertaining to the escrow process. Escrow officers will ensure that all documentation has been signed and all instructions followed before submitting it to the lender for funding.
Getting Into the Mortgage Industry
Do you want to be among the many individuals who lend interested parties a helping hand in securing the residential or commercial property of their dreams? In most cases, getting into the mortgage industry is fairly simple. While some higher positions may require you to have the proper licensing and experience, others (like loan officers), only require that you have a high school diploma.
Do your research to determine which path you’d like to take. Then, begin looking for job opportunities at financial institutions near you. You may need to work as an intern, apprentice, or on a part-time basis in the beginning to gain the experience necessary to get a decent paying job within the mortgage industry.
There is no greater feeling than knowing that you helped a family to find their first home or a hopeful entrepreneur to secure a commercial property for their new business. Not only does this help your clients individually, but by helping to bring in a diverse set of people and new establishments, it essentially helps to shape communities across the country. If you’d like to earn a living helping others, consider one of the above-mentioned jobs or other opportunities within the mortgage industry.