What does a Mortgage Specialist do?
Published 4 min read
A mortgage specialist is a professional who helps people obtain loans to purchase property. They work with banks and other financial institutions to find the best loan products for their clients. Mortgage specialists also help their clients to fill out loan applications and to understand the terms of their loans.
Mortgage Specialist job duties include:
- Originate mortgage loans in accordance with established guidelines.
- Contact applicants to obtain missing information or answer questions.
- Verify applicant information, such as employment history and credit scores.
- Analyze applicant financial information and submit loan applications to underwriting department.
- Review loan approval and communicate results to applicants.
- Schedule closings and coordinate funding of mortgage loans.
- Prepare mortgage loan documents and ensure that they are complete and accurate.
- Fund mortgage loans and disburse funds to borrowers.
- Record and maintain accurate records of mortgage loan data.
Mortgage Specialist Job Requirements
A Mortgage Specialist typically needs at least a bachelor's degree in finance, economics, or a related field, although some employers may prefer a master's degree. Certification from the Mortgage Bankers Association or a similar organization is also often required. In addition, most Mortgage Specialists have several years of experience working in the mortgage industry.
Mortgage Specialist Skills
- Analytical skills
- Profit and loss analysis
- Financial analysis
- Finance
- Real estate
- Asset management
- Mortgage banking
- Loan servicing
- Loan origination
- Underwriting
- Financial modeling
- Financial analysis
Related: Top Mortgage Specialist Skills: Definition and Examples
How to become a Mortgage Specialist
A mortgage specialist is a professional who helps people obtain financing for their home purchase. They work with banks and other financial institutions to get the best possible terms for their client. There are many different types of mortgage specialists, but all must be licensed by the state in order to operate.
The first step to becoming a mortgage specialist is to obtain a bachelor’s degree in finance or a related field. Many mortgage specialists also have a master’s degree in business administration or finance. In addition to formal education, most mortgage specialists complete on-the-job training.
After completing their education and training, mortgage specialists must pass a state-administered exam in order to become licensed. Some states also require continuing education for licensed mortgage specialists.
Mortgage specialists typically work for banks, credit unions, or other financial institutions. They may also work for brokerages or as independent contractors. Mortgage specialists typically work full time, although some may work part time or evenings and weekends to accommodate their clients’ schedules.
Becoming a mortgage specialist requires completing formal education and training, passing a state-administered exam, and often completing continuing education requirements. Mortgage specialists typically work full time for banks, credit unions, or other financial institutions.
Related: Mortgage Specialist Resume Example
Related: Mortgage Specialist Interview Questions (With Example Answers)