Mortgage Banking Jobs

Mortgage banking jobs include those of mortgage managers, loan advisors and processing clerks. These jobs require high level of competency to sell mortgage products to consumers without exposing the bank to any kind of risk.

Roles in Mortgage Banking

With the rapid expansion of the loan industry, financial institutions have greater scope for different mortgage banking jobs. However, the most common job profiles are:

Mortgage banking jobs include those of mortgage managers, loan advisors and processing clerks. These jobs require high level of competency to sell mortgage products to consumers without exposing the bank to any kind of risk.

Roles in Mortgage Banking

With the rapid expansion of the loan industry, financial institutions have greater scope for different mortgage banking jobs. However, the most common job profiles are:

Mortgage advisor: Their responsibility is to advise individuals who wish to apply for home loans with the bank. They help individuals understand their loan requirements, choose the best mortgage policy and detail the loan acquiring procedure according to the bank rules. Mortgage advisors work in the best interest of both the bank and the borrower. They ensure that loan applicants have all the essential information, such as interest rates, the approval process, monthly installments and penalties arising out of default payments.

Mortgage originator: Also called the mortgage manager, this job includes overall responsibility for boosting the bank’s profits through home mortgage products. By generating permanent residential mortgage loans in-line with the annual target, the mortgage originator increases the bank’s share of the mortgage market. To delegate professional responsibilities, the mortgage originator develops business relationships with local realtors, builders and brokers. S/he also interviews loan applicants, discusses their requirements and verifies the individual’s loan repayment capacity.

Mortgage processing clerk: S/he performs a range of activities while processing the mortgage. His or her duties begin with the arrival of a loan application, as s/he creates a new mortgage file. To verify the application, s/he asks investigators and credit bureaus to provide financial standing reports of the applicant. The processing clerk strictly adheres to established rules pertaining to loan approval as detailed in the bank manual. S/he keeps on updating the loan application file with all the relevant documents as the process moves on. S/he also prepares annual reports describing the number of mortgages approved in the year, total loan amount, interest table and maturity dates.

However, there are several other people who work on behalf of banks to sell mortgage products.

Mortgage Banking Job Qualifications

To apply for mortgage banking jobs, one should have the following qualifications:

• Graduation degree, which is the minimum educational requirement
• Knowledge of national policies governing home mortgages
• Communication skills to draw business
• Deep understanding of how mortgage systems work and what the risk factors might be for the issuing bank