Managing Mortgage Loans
Mortgage loan managers are responsible for ensuring that all employees in the department are initiating and processing mortgage loans according to bank policies and federal laws.
Like other banking managers, mortgage loan managers may need to provide leadership and motivation. Since managing involves working closely with both employees and customers, you should enjoy working with people in this position. If you enjoy managing a team of employees, this may be the right career path for you.
According to the U.S. Bureau of Labor Statistics, the future outlook for bank managers in general is good, and the overall number of banking jobs is expected to grow over the next ten years. There may be a higher need for mortgage loan managers in areas that are experiencing a great deal of development.
Mortgage loan managers are expected to hold a bachelor's degree in a field related to banking, finance, or business. Some banks prefer employees with an education in accounting or economics. Often, banking institutions expect or encourage their management employees to earn a master's degree in business administration, especially in these leadership positions.
Knowledge, Skills, and Abilities
You will need to possess quite a bit of knowledge, skills, and abilities if you want to become a mortgage loan manager. While some banks require a slightly different skill set than others, most banks expect business or mortgage loan managers to have extensive previous experience in the banking industry as well as in mortgage loans. Most banks usually require a minimum of three to five years of previous experience. Managers are expected to have a thorough knowledge of mortgage loan products and services, as well as bank and federal banking regulations and policies associated with them.
Since mortgage loan managers are responsible for managing employees, banks expect these employees to have excellent leadership skills, and be able to make decisions for the department and customers based on bank policy and products and services available. Some banks expect mortgage loan managers to have project management skills. Depending on the bank, the manager may also be required to have excellent salesmanship skills. Mortgage loan managers should be able to motivate their team of employees to provide excellent customer service.
Because mortgage loan managers interact with the public on a daily basis, they should possess excellent communication skills. They also frequently juggle multiple tasks and priorities and so should have good organizational and time management skills. The ability to interact with people in a positive way is also important for business or commercial loan managers to have.
Average Salary Information
The average salary for banking managers can vary widely from bank to bank and state to state. The average annual salary of financial managers according to the U.S. Bureau of Labor Statistics is $70,000, but that includes managers of many departments within a bank. Depending on the location of the bank, the salary can be as low as $70,000 per year and as high as $159,000 per year.
Potential Career Paths
Mortgage loan managers have several potential career paths, especially at a large bank. If the mortgage loan manager is managing a smaller department, he or she could be promoted to a larger, more prominent department. Mortgage loan managers could also be promoted to manage multiple departments. Other potential advancement opportunities for mortgage loan managers include being promoted to executive positions such as vice president.