Mortgage Banking Jobs
The mortgage banker focuses his or her career in one aspect of the banking industry, providing or servicing funding for people buying a home.
Mortgages are a relatively new invention, coming onto the scene in the early 1900s and providing a way for people to buy a home, even when they didn’t have a big savings account. Mortgages have evolved and grown into a huge industry of their own.
The mortgage banker might work for a mortgage bank, commercial bank, private mortgage insurance company, or mortgage loan servicing company. The mortgage loan servicing company processes the loan payments, seeks to collect on past due accounts, and answers customers’ questions and requests for information. The mortgage banker can also choose to work for the government at the Housing and Urban Development organization, FannieMae, FHA, or as a mortgage bank auditor.
There are several career paths the mortgage banker can take. The jobs profiled on the following pages include:
- Mortgate Loan Originator Jobs
- Mortgage Loan Processor Jobs
- Mortgage Underwriter Jobs
- Mortgage Loan Manager Jobs
If one chooses to work for a mortgage bank, he or she might start out as an originator or sales person. In this capacity he or she is responsible for bringing in new loans. Or the mortgage banker could work in the servicing end at a commercial bank, supervising customer service reps, collectors, or others, and ensuring that all loans are being serviced according to federal banking regulations. The mortgage banker could also be an executive in the department, helping to write standards and policies for the rest of the department to follow.
There are positions available at every level in the mortgage banking industry, from data entry and loan processors, to managers and executives.
The mortgage banking industry has been hit hard in the last few years by the economic crisis that occurred when millions of people defaulted on their mortgage loans. Many banks were bailed out by the government and the fallout is still being felt today. More than 30 percent of homes being purchased today are considered in a distressed state, which means they are either in foreclosure or are short sales. Because of this, many mortgage bankers, especially those in sales, lost their jobs. If they didn’t lose them, they had to quit, because there just wasn’t enough sales to bring in a decent income.
That status is slowly changing, and the real estate industry, as well as mortgage banking is seeing signs of recovery. The future of the mortgage itself may change as banks become more conservative and cautious in their underwriting, but it is not going to go away. There will always be a demand for mortgages, and hence bankers, especially those who have integrity and care about the future of the industry.
If you are interested in real estate, serving customers’ needs, and banking, the mortgage banking industry may be the right choice for you.