Choosing a Career in Mortgage

It is often those career paths that give back to the community or enrich the lives of others that are the most rewarding. A career in mortgage is one industry that fits the bill.

People in these positions work on a regular basis to help individuals secure foundations for their families or commercial properties for new business opportunities.

To get a leg up in your career, you might look for jobs with better known companies or those that offer more opportunities for specialization. The larger the company, the harder it is to be noticed and move ahead but this can also provide a greater sense of security as these large firms typically have solid financial backing.

On the other hand, smaller firms may not have as much money available but they tend to give their employees more responsibility and room to grow.

What is the best job in the mortgage industry?

In addition to choosing between small and big businesses, you may want to consider careers based on what type of work interests you. Why are you interested in the mortgage industry?

career in mortgage

Many people find satisfaction assisting customers with questions about refinancing mortgage loans while others go into foreclosure prevention where they help families avoid losing their homes to foreclosure.

If you enjoy writing, the mortgage industry provides ample opportunities to be a successful loan officer or even write for publications that specialize in the industry.

As with any profession, there are advantages and disadvantages to consider before signing on with a particular mortgage company. You will want to weigh these factors carefully when deciding how best to advance your career. As always, consult a professional financial advisor with questions about what is right for you specifically.

There are several options within this industry, below are some of the best jobs in mortgage industry which might be helpful as you look for your perfect fit.

Mortgage Loan Officer

The mortgage industry is a great place to find a career that you love. One of the most common positions in the mortgage industry is a loan officer. This can be an excellent choice for someone who wants to help homebuyers or entrepreneurs achieve their dreams.

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. 

mortgage industry career

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. 

Mortgage Broker

Mortgage brokers are in charge of helping people understand all the different ins and outs of buying and selling homes. They guide borrowers through the process, including figuring out how much they can afford, negotiating with lenders and finding a home loan that suits them.

Mortgage brokers help both buyers and sellers, but most often they work with borrowers who are buying one of these loans. They compile all their clients’ information to make sure that everything is in order before taking the next step.

Then they discuss different options for either a fixed rate loan or an adjustable one. In some cases, mortgage brokers also find homes that suit the buyer’s needs and buy them at auction for their clients.

Some people decide to start working as mortgage brokers because they like helping others manage their money wisely. Others do it because it’s a great career choice if you’re good at math or enjoy problem-solving challenges. It gives you the opportunity to learn how your own finances as well as those of other people work. 

Mortgage Processors

Mortgage Processors are the glue that holds a mortgage application together. Without them, we’d be drowning in stacks of paperwork and signatures! They work closely with loan officers to ensure that all necessary documentation for a mortgage application is intact and accurate before submission.

job in mortgage industry

Processing mortgages is tedious work. It’s up to these professionals to make sure every document needed for an application is complete – from bank statements demonstrating steady income streams all the way down to letters stating employment status or proof of home ownership.

The job of these professionals, who usually have backgrounds in accounting or finance, entails being responsible for communicating deadlines and keeping track of paperwork related to mortgages so loans can be processed as quickly as possible without any hiccups along the way.

With so many moving parts working at once, it takes someone with meticulous detail skills like you can find in processors; without their efforts our industry would come crashing down around us!

Mortgage Underwriters

A mortgage underwriting career path is a great career choice for those who are detail-oriented, want to work in finance, and have an analytical mindset. 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. 

job in mortgage industry

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 whether you have a steady income and living situation. They want to know that if anything were to happen, such as an injury or death in the family, they can rely on you being able to pay back what is owed.

So this includes looking at tax returns (or other forms of finance), bank statements and savings accounts balance.

Escrow Officers

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.

How do I start a career in 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, it is fairly simple to get started in the mortgage industry. While some higher positions may require you to have the proper licensing, education and experience, others (like loan officers), only require that you have a high school diploma. 

family with keys to a new house (1)

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.  

In addition to the employment opportunities with individual financial institutions, don’t forget about those in other business sectors that provide mortgage services.

For example, real estate brokerages can be excellent places for new entry level mortgage employees to get their start. In some cases, a mortgage company may also provide training programs to help you become qualified to sit for exams and obtain the necessary license.

Is the mortgage industry a good career?

The American economy is on the rise and home builders are not letting this opportunity slip through their fingers. In fact, according to a recent study by Bureau of Labor Statistics there will be 6.9 million mortgage jobs open in 2022 alone!

This would make it easier for new buyers who might otherwise have trouble finding work or financing options elsewhere thanks to strained markets following 2008’s crash–which was largely responsible for dropping construction rates over time.

Now prospective homeowners can find loans that let them buy expensive property like $1 million homes with relative ease. This means they’ll eventually catch up from all those missed opportunities during 2001-2008 when banks wouldn’t help out low income families looking to live near town centers (or any city center) at all because mortgages were too big a risk.

And that’s not to say the old days of easy borrowing are back. These mortgages might be easier to come by, but they come with higher rates and fee charges that can add up quickly over time. Buyers who ignore this and end up with more debt than they should have from expensive loans often find themselves losing their homes at the last minute when foreclosure kicks in.

happy couple with keys to house

But this surge is still good for builders, who will no longer need to struggle against tight credit rules or low consumer confidence like they had to during 2008, 2009, 2010, 2011 or 2012 thanks to these new programs!

The resulting boom has helped turn lots of former suburban neighborhoods into smartly designed urban centers where home buyers mix with business owners for work and play without a care in the world. 

Conclusion

It’s really hard to find too many negatives with a mortgage career path, because it helps so many people get what they want out of life. New families might be able to afford homes in places they couldn’t before while builders secure mortgages that will help them make more money over time. In the end everyone wins!

Plus, 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 good salary helping others, consider one of the above-mentioned jobs or other opportunities within the mortgage industry. 

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