Business channels have as their news headlines the plummeting nature of the real estate market insisting that the economic times for real estate business are harsh. Despite such headlines, more people are opting for jobs in mortgage banking careers. The truth is that no matter how bad the economic times might get, people cannot do without real estate and require loans to make their dreams come true. This might explain why many people are choosing this career path. The likelier option however is the fact that a job as a mortgage loan officer pays well does not mean that one should not donate career clothing to them as well.
As a minimum requirement you will need to have successfully passed high school and gotten a high school diploma. Some banks in local towns hire with this as the requirement after passing their interview and internal exams as well. However if you desire to work in city you will need to complete your undergraduate studies in banking, finance or economics from a reputed institution. This gives you an edge over the competition and more knowledge in the sector. Even after you land a well-paying job, in this career you will need to keep abreast with changing financial laws to remain relevant. This means continually reading relevant material that you come across.
Most states will require you to have a license in order to practice as a mortgage banker or loan officer. This will require you to apply for the license from the federal government. You will be subjected to a background check and thereafter sit for an exam which upon passing you will get your license.
To boost your credentials it is advisable to get certification as a licensed officer. You can get this certification from various banking professional associations. You either can get certification as a certified mortgage banker or a certified loan review officer. This helps you to advance your career by getting a bigger job with big reputable companies as opposed to working for a bank only.
Acquaint yourself with the financial software popular in the market. This is because many companies and even banks are upgrading their management information systems such that most of the work is done by software. If you do not know how to use one then you might miss out on great opportunities.
To join this lucrative career you need to hone your skills in analyzing the suitability of an individual to receive a loan. Analyzing the credit history and cash flow of a client determines whether they will be able to sustain the loan or not. Giving out loans to persons who are not creditworthy can cause your employer significant loss.
Your ability to get sell off loans, get new clients and close deals determines how much you earn at the end of the month. Having good people and sales skills is therefore also important in this job.
Networking is an important skill that will keep you in business. Despite the unfriendly nature of the job, you will need to form solid relationships with colleagues in the related real estate development sector.
As a minimum requirement you will need to have successfully passed high school and gotten a high school diploma. Some banks in local towns hire with this as the requirement after passing their interview and internal exams as well. However if you desire to work in city you will need to complete your undergraduate studies in banking, finance or economics from a reputed institution. This gives you an edge over the competition and more knowledge in the sector. Even after you land a well-paying job, in this career you will need to keep abreast with changing financial laws to remain relevant. This means continually reading relevant material that you come across.
Most states will require you to have a license in order to practice as a mortgage banker or loan officer. This will require you to apply for the license from the federal government. You will be subjected to a background check and thereafter sit for an exam which upon passing you will get your license.
To boost your credentials it is advisable to get certification as a licensed officer. You can get this certification from various banking professional associations. You either can get certification as a certified mortgage banker or a certified loan review officer. This helps you to advance your career by getting a bigger job with big reputable companies as opposed to working for a bank only.
Acquaint yourself with the financial software popular in the market. This is because many companies and even banks are upgrading their management information systems such that most of the work is done by software. If you do not know how to use one then you might miss out on great opportunities.
To join this lucrative career you need to hone your skills in analyzing the suitability of an individual to receive a loan. Analyzing the credit history and cash flow of a client determines whether they will be able to sustain the loan or not. Giving out loans to persons who are not creditworthy can cause your employer significant loss.
Your ability to get sell off loans, get new clients and close deals determines how much you earn at the end of the month. Having good people and sales skills is therefore also important in this job.
Networking is an important skill that will keep you in business. Despite the unfriendly nature of the job, you will need to form solid relationships with colleagues in the related real estate development sector.
