Job Description
Mortgage bankers are the people who help potential homeowners obtain the financing they need to buy a house. They work with different types of lenders and investors to find the best financing option for the borrower. They also collect the necessary documentation from the borrower and submit it to the lender.
What Does A Mortgage Banker Do?
Salary, Duties, Outlook
A mortgage banker is a professional who helps people secure financing for real estate. Mortgage bankers usually work for banks or other financial institutions, and their primary duty is to originate loans. This means that they work with potential borrowers to assess their needs and determine whether they qualify for a loan. Mortgage bankers also help borrowers choose the type of loan that best suits their needs. Mortgage bankers typically earn a salary plus commission. The median annual salary for mortgage bankers was $63,650 in 2017, according to the U.S. Bureau of Labor Statistics. The top 10 percent earned more than $142,580, while the bottom 10 percent earned less than $27,590.
Job outlook for mortgage bankers is good. The BLS projects that employment in this occupation will grow 11 percent from 2016 to 2026, faster than the average for all occupations. The demand for mortgage bankers will be driven by an increase in the number of people buying homes and by a need for refinancing as interest rates rise.
How Much do Mortgage Bankers Make
Mortgage bankers, also called loan officers, are the people who help homebuyers obtain financing. They work for banks, credit unions, and other financial institutions. Their job is to review the financial information of prospective homebuyers and then recommend a loan type and terms that fit the buyer’s needs.
Mortgage bankers must be licensed by the state in which they work. They must also complete 20 hours of continuing education every year. The median annual salary for mortgage bankers is $63,280. The top 10% earn more than $131,350, and the bottom 10% earn less than $31,580.
Qualifications
Mortgage bankers typically have a bachelor’s degree in finance, accounting, business, or another related field. Many mortgage bankers also hold a master’s degree. In addition to educational requirements, mortgage bankers must also be licensed.
What Education Is Required?
A bachelor’s degree is typically required for this position, although some employers may prefer or require a master’s degree. Common majors include finance, business administration, economics, and accounting. Prospective mortgage bankers should consider completing an internship with a financial institution during their studies to gain practical experience in the field.
What Skills Are Mortgage Bankers Expected To Have?
Mortgage bankers are expected to have a wide range of skills in order to be successful in their role. Some of the key skills that mortgage bankers are expected to have include:
-Analytical skills: Mortgage bankers need to be able to evaluate a potential borrower’s financial situation and creditworthiness. They also need to be able to understand and interpret complex financial data.
-Communication skills: Mortgage bankers need to be able to clearly and effectively communicate with potential borrowers, real estate agents, loan officers, and underwriters. They also need to be able to effectively present information in writing.
-Interpersonal skills: Mortgage bankers need to be able to build rapport and establish relationships with potential borrowers. They also need to be able to determine the goals and objectives of the borrower and develop a financing plan that meets those needs while being sensitive to the borrower’s financial limitations is essential for success as a mortgage banker.
Career Outlook
Mortgage bankers are the people who work with potential homeowners to help them obtain financing for their home. They may work in a bank, but they are not tellers or loan officers. Mortgage bankers help people through the process of getting a mortgage, which can be a complicated and lengthy process.
What Is The Job Market For Mortgage Bankers Like?
Mortgage bankers work with clients to originate loans used to purchase or refinance real estate. They work in the mortgage department of banks, credit unions, and other financial institutions. Some are employed by large mortgage companies that operate independently. Mortgage bankers typically work regular business hours, but some may work longer hours to service their clients’ needs and to meet deadlines. The job market for mortgage bankers is expected to grow about 5 percent from 2018 to 2028, about as fast as the average for all occupations, according to the U.S. Bureau of Labor Statistics. The demand for loan officers is expected to increase as the economy grows and more people buy homes and take out loans.
What Is The Salary Range For Mortgage Bankers?
The salary of a mortgage banker can vary greatly depending on experience, skill set, geographical location, and the employer. The national average salary for a mortgage banker is $57,511 per year, with a range from $29,000 to $86,000. The top 10% of earners make over $86,000 per year.