If you intend on stepping out of the box to carve out a unique career path for yourself; if you are all set to take a large number of risks that come your way and if you believe you are really capable of handling stress then mortgage banking is something you could consider. A mortgage banker plays the role of a loan officer who helps a borrower approach a bank directly for finance. Becoming a mortgage banker is not a very difficult job – all you require are the right degrees, a license, certifications and considerable number of years of experience in mortgage sales. And with all this, if you possess a self-driven desire for learning and are always composed, self-motivated and never lacking in a competitive attitude towards your job, then mortgage banking and you can make a really good professional match. And this happens to be good job for with the risk you are taking, the returns are almost always high. Not to mention, you are also helping a person buy his/her dream home which only makes it worth the while. For more information on how to become a mortgage banker, read on.
Becoming A Mortgage Banker
Requirements
Eligibility
A high school diploma and a college degree are a must to become a mortgage banker. In the USA Certifications from the ‘Mortgage Bankers Association’ can be an added advantage for aspirants. Some countries have laws governing the licenses required to become a mortgage banker. Business processes can be mastered easily by opting for various elective courses in business.
Courses Required
A mortgage banker license should be obtained if it is mandatory in your state. Licensing may involve taking a state exam and attending education programs on industry-specific topics. Along with a high school diploma, and a college degree in accounting, finance, economics and other related subjects, industry specific courses can help you go a long way in the world of mortgage banking. You can get certified by the ‘Mortgage Bankers Association’ which offers three certification programs viz., residential, commercial and a regular master’s program. Experience is required in the mortgage industry and you may have to take an exam to become certified to practice your job.
Skills Required
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You should know how to use computers and certain applications for the benefits of mortgage applicants.
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You should have extremely good sales skills in order to convince your client with your offerings.
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You should also possess effective communication skills.
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A flexible approach to work and patience can act as added advantages too.
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The ability to give morally and ethically sound suggestions and advice to clients is another skill you can't do without when looking to become a successful mortgage banker.
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A positive attitude and a bright approach go a long way in taking you from where you are to where you want to be.
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The ability to analyze financial documents to understand better your client’s creditworthiness is also a must.
Roles And Responsibilities
A mortgage banker guides and helps people buy homes and commercial properties. They help people decide what kind of mortgages to select and assist them in filling loan applications. Mortgage bankers decide if their prospective borrowers pose good lending risks or not. Decisions are made after verifications of the seeker’s credit scores and employment status. Mortgage bankers play extremely important roles in making funds available for loans through various federal government programs and are also responsible for determining the creditworthiness of a client.
Career Prospects
Not many people choose to build a career in mortgage banking owing to the fact that the chances of growth in this field are not much, comparatively speaking at least. The principal reason for this situation is that the application processes these days have become much more standardized and streamlined than in the past. The availability of credit scores have made things much simpler and have also enabled many mortgage bankers to quickly come to decisions regarding their clients’ creditworthiness. Many customers are now turning to the internet for mortgage loans and this has reduced the need for a traditional mortgage banker.
Before stepping into the enticing world of mortgage banking, do look at it from all possible angles. Ask yourself if you fit the bill or if you are cut out to fulfill all the duties of a mortgage banker. This is a must to do because mortgage bankers are almost always exposed to risks, of varied proportions. So, look before you leap!
