What does a Mortgage Banker do?
Learn all about Mortgage Banker duties, skills and much more. Get expert advice on how to become a Mortgage Banker.
Published 4 min read
A mortgage banker is a professional who helps people get loans to buy property. Mortgage bankers work with banks and other financial institutions to get the best loan terms for their customers. They also work with real estate agents and sellers to negotiate the purchase price of the property.
Mortgage Banker job duties include:
- Originate mortgage loans in accordance with established guidelines.
- Review loan applications and documentation to verify completeness and accuracy.
- Analyze applicant financial status, credit, and property evaluations to determine feasibility of granting loans.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of each option.
- Work with customers to identify the best loan type for their needs and suggest various options that meet their requirements.
- Calculate income, debt-to-income ratios, and other financial indicators to determine eligibility and risk factor.
- Prepare and present loan proposals to customers.
Mortgage Banker Job Requirements
A mortgage banker is a professional who helps people obtain loans to purchase property. In order to become a mortgage banker, one must first obtain a bachelor's degree from an accredited university. After receiving a degree, the next step is to obtain certification from the National Mortgage Bankers Association. Once certified, a mortgage banker must then gain experience working in the field.
Mortgage Banker Skills
- Analytical skills
- Profit and loss analysis
- Financial analysis
- Asset management
- Real estate
- Mortgage banking
- Loan servicing
- Loan origination
- Financial modeling
- Investment banking
How to become a Mortgage Banker
A mortgage banker is a professional who helps people obtain loans to purchase property. Mortgage bankers typically work for banks, but there are also many independent firms. To become a mortgage banker, you will need at least a bachelor’s degree in finance or a related field. You will also need to be licensed by the state in which you work. Many mortgage bankers start their careers as loan officers or mortgage brokers.
As a mortgage banker, you will help people obtain loans to purchase property. You will work with borrowers to determine their eligibility for loans, and then you will work with lenders to get the best loan terms for your clients. You will need to be very familiar with the different types of loans available, as well as the underwriting guidelines of different lenders.
Becoming a mortgage banker can be a very rewarding career. You will be helping people realize their dreams of homeownership, and you will be able to earn a good income. If you are interested in this career, start by researching the education and licensing requirements in your state. Then, look for opportunities to gain experience in the industry.
Related: Mortgage Banker Resume Example