Mortgage Market Jobs and Training Guide

If it weren’t for the mortgage market, many budding entrepreneurs could not afford to take the plunge and open the business that they’ve been dreaming of for years.

Young couples looking to buy their dream home to start a family would be turned away from banks because they don’t have enough money.

Thanks to the mortgage industry, those business ideas and dream home purchases can happen.

However, because of some irresponsible lending, many professionals in the mortgage industry lost their jobs or felt stigmatized that they were to blame for the financial crises that first showed signs in 2007 and has now led to a full-blown recession.

Despite this, the industry has picked up in recent months and the federal government predicts that the demand for mortgage jobs will increase by 11 percent from 2006 to 2016 — an increase could lead to an additional 43,000 jobs.

Public opinion has also changed, with more people again realizing the crucial and necessary role of mortgage lenders, loan officers and brokers. The careers that, a year ago, were synonymous with the financial meltdown are now viewed as the building blocks for repairing our country and creating new opportunity. And you can be a part of it.

On this site, we want you to forget everything you’ve heard about the mortgage industry.

This is not a glossy and fluffy site about the brokers and loan officers. Instead, it’s a factual, blunt and informational site that’s meant to educate you on everything from what the industry entails to the jobs available in the mortgage market.

After all, the jobs — when done properly — are what allow businesses to grow and first-time homebuyers to relish their new home.

The careers can be whatever you want them to be, but we’ll arm you with the tools and information to make them great.

The Mortgage Industry and What It Does

The mortgage industry has received a lot of airtime and been a major topic of discussion in the past two years, but few people understand how it fully works. That’s understandable. The industry can be confusing, so let’s break it down.

Say you want to buy a house but you, like most people, don’t have enough money to pay for the full amount of the home. That doesn’t mean you’re turned down for the home. Instead, you’ll have to get a loan.

Professionals in the mortgage industry help broker or underwrite loans for individuals so they can, in turn, pay for the home.

For instance, mortgage loan officers — which we’ll discuss more in-depth later —find potential clients for loans and then help them apply. The officers normally represent a lending company or a bank. The officers collect personal financial information about clients and then help them determine the most appropriate type of loan for their situation. The officers, along with their staff, then decide whether the candidate for the loan is creditworthy. If they are, a repayment schedule for the loan is arranged.

That’s a very small example of what the mortgage industry as a whole does. Professionals in this field help facilitate and award loans that are made to purchase real estate or to refinance an existing mortgage.

What Jobs Are Available in the Mortgage Industry?

There mortgage industry offers several career paths, with the most common being as a loan officer, broker, underwriter or a service representative.

We’ll discuss these careers more specifically later on this site, but below is a quick overview of what to expect out of each of these mortgage jobs.

  • Mortgage loan officers often work with residential and commercial real estate agencies so that, when a person for firm buys property, their real estate agent might recommend that they contact a specific loan officer for financing. From there, a loan officer helps clients apply for loans by collecting personal information and then determining which loan is most appropriate for them. The mortgage loan officers, who usually represent a lending company or bank, will also determine whether the client qualifies for a loan.
  • A mortgage broker, on the other hand, serves as the middleman between housing borrowers and multiple lenders. A mortgage broker acts differently than a loan officer because they work for independent brokerage firms, while a loan officer will work for a lending firm. Brokers work with borrowers to match them up with a lender offering the services and loans that they need. A mortgage broker will also check the credit history of borrowers as well as have their property value appraised in order to get a loan. They will negotiate loans and payments between borrowers and lenders. Jobs as both a broker and loan officer require some mortgage training but it varies from each state.
  • Underwriters have the task of reviewing each loan application that comes to a loan officer or mortgage broker and they ultimately make the decision on whether the loan will be granted to a borrower. Underwriters review property appraisals, validate employment history and check each borrower’s credit score.
  • Service representatives handle more of the administrative duties in the mortgage industry by collecting and processing monthly payments from borrowers. The representatives also make sure payments are paid when due and field all customer questions.