Mortgage Banker Job Description
A Mortgage Banker is a loan officer who specializes in home mortgages. They spend their day meeting with potential clients and guiding current clients through the mortgage application process. They must protect their bank’s interests by finding loan applicants who are reliable and pose little financial risk and they must also work to find the best deal for their clients by getting them a loan with good terms.
Mortgage Bankers work as part of a bank’s loan department. Their work is completed with limited supervision, however, they still report to a department manager or supervisor. According to the Bureau of Labor Statistics, the employment category of Loan Officers, which includes Mortgage Bankers, is expected to grow by 8 percent through 2024. This will add an estimated 24,500 jobs during this period.
Mortgage Banker Duties and Responsibilities
The financial institution a Mortgage Banker works for will greatly determine their duties and responsibilities. There are, however, several common primary duties nearly all Mortgage Bankers can expect to perform. A review of current job listings identified the following core responsibilities.
Mortgage Bankers must always be proactively seeking new business for their bank. This will require the Mortgage Banker to develop and maintain referral relationships with various industry professionals such as real estate agents and developers. It may also require the Mortgage Banker to attend home-buying seminars or similar events to network and offer their services to those in the market to buy a new home. Some institutions may also require the Mortgage Banker to perform cold calls or send out advertisements by mail.
Perform Financial Analysis
Mortgage Bankers should be comfortable with collecting and analyzing financial information from clients. In order to ensure a client will be eligible for a home loan, the Mortgage Banker must ask for particular information, such as pay stubs, tax returns and credit reports. They must then have the ability to analyze all the information they receive and make the appropriate calculations to determine whether or not the client is a good investment for the bank.
Perform Financial Counseling
The Mortgage Banker is also called upon to provide financial counseling to their clients when needed. This may be advising them on what debts to pay off, how much money to put down on a home or when to refinance a home. They may also counsel clients who have been declined a loan on what steps they need to take to eventually be eligible for a home loan.
Mortgage Banker Skills
Mortgage Bankers should be ambitious and dedicated workers. They must be very self-motivated and have an analytical mind. They must also be excellent communicators both in writing and verbally. In addition to these traits, employers look for candidates with the following skills.
Core skills: Based on job listings we looked at, employers want Mortgage Bankers with these core skills. If you want to work as a Mortgage Banker, focus on the following.
- Highly developed analytical skills
- Basic mathematical abilities
- Working knowledge of Microsoft Office Suite programs, especially Excel
- Knowledge of FHA and HUD guidelines
- Knowledge of conventional and government guidelines in loan underwriting
Advanced skills: While most employers did not require the following skills, multiple job listings included them as preferred. Add these to your skillset and broaden your career options.
- Proficient with loan underwriting software
- NMLS License
Mortgage Banker Resources
There are some helpful and informational resources available on the Web for those interested in becoming a Mortgage Banker. We scoured the internet and found these links full of learning opportunities and the latest industry news.
On the Web
Mortgage Banking – This magazine is offered by the Mortgage Bankers Association and can be read in print or digitally. There is a price reduction for MBA members, but non-members are also welcome to subscribe to this industry related periodical.
National Mortgage Professionals Magazine – A wonderful magazine full of industry-related articles and blogs with tips and information from mortgage professionals.
That Mortgage Banker Blog – Marc Edelstein has over a decade of experience working as a Mortgage Banker and shares his insights and tips on his blog. Although the blog is aimed at home buyers, it does a great job of breaking down the duties and responsibilities of a Mortgage Banker.
Mortgage Banker Books
The Mortgage Professional’s Handbook – This useful text has chapters written by over 50 leading experts in the mortgage industry today. It covers everything one must know about the industry overviews and loan production.
Mortgage Banking Terms: A Working Glossary – A great resource for anyone working in the mortgage industry. This conveniently sized book covers every industry term you’ll need to know.
@MBAMortgage – Follow the Mortgage Bankers Association’s twitter feed for the latest news and developments in the industry.
@MortgageStatz – Jeff Statz is a Mortgage Banker who tweets links and resources about today’s housing markets and trends.
@DavidHStevens – Mr. Stevens is the CEO of Mortgage Bankers Association and provides constant updates about industry news and happenings.
Mortgage Bankers Association – The MBA works to promote education and research for Mortgage Bankers. They also are advocates for the rights of their members and offer members a place to connect and share ideas.
American Bankers Association – ABA was founded in 1875 and offers Bankers across America access to training, information, staff expertise and other resources.
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