This field is anticipated to undergo change during the next five to ten years. This is primarily due to the expected state of the national economy.
A loan officer analyzes a loan applicant’s financial status and credit in relation to underwriting guidelines and loan requested in order to make a determination regarding the feasibility of reliable payback.
This position generally requires constantly updated knowledge of the real estate market as well as the current status of financial markets and likely trends in both.
Loan Service Officers
A loan service officer is somewhat different than that of the loan officer who makes the decision regarding approval of a mortgage loan. In some cases, the two positions may be the same, and in others they are not. A loan officer who services a loan takes the payments, answers questions, resolves disputes and problems associated with the loan.
An underwriter in the mortgage industry has the responsibility of making decisions based on financial data. In some situations, a loan officer may act as an underwriter when making decisions related to a loan applicant’s request.
In other cases, an underwriter may write the rules regarding under what circumstances prospective borrowers will be loaned money based on financial risk calculations, trends and expectations within the real estate and financial markets.
The position of a collection analyst is quite similar to that of a bill or account collector, except that in the mortgage industry the item in question cannot simply be repossessed, it must be foreclosed upon.
Most positions within the mortgage industry are office jobs that rarely exceed forty hours per week. Collection positions are usually limited to forty hours per week but may involve irregular hours such as evening or weekend work.
Employment Prospects for Mortgage Jobs
Positions in the mortgage industry can be found in:
- Savings and loans
- Credit unions
- Collection agencies
- Mortgage broker associations
Job Search for Mortgage Jobs
Positions within the mortgage industry can be found in a variety of ways.
Open positions are commonly sought through the use of employment and recruitment firms as well as listings in classified newspapers. Networking can prove to be beneficial for underwriting and loan officer positions.
Resumes for Mortgage Jobs
Most mortgage positions require some degree of advanced education and/or training.
Due to this, the best resume type to use when applying for positions within this industry is the chronological resume because it allows the job seeker to focus on their work experience and education.
Cover Letters for Mortgage Jobs
The cover letter used when applying for positions in the mortgage industry should make mention of the following points:
- How the applicant learned of the position
- Any referring individual
- Point out important skills such as attention to detail
- Ability to effectively multi-task
Good people and communication skills are also considered to be an advantage in this field.
Training & Qualifications for Mortgage Jobs
Almost half of all loan officers possess at least a bachelor’s degree. Less than 20% of the individuals within this field have a high school diploma or less.
Underwriter positions generally require at least a bachelor’s degree in a finance related major. Some employers require a graduate degree for underwriter positions.
Depending on the level of involvement in foreclosure of a collection analyst, this position may require at least some college, especially in finance and mathematics related courses.
There is room for advancement within this field for individuals who obtain necessary experience and education.
Careers In Home Loans And Mortgages
Individuals may be promoted to supervisory positions including branch and regional managers of mortgage brokerage firms.
Persons employed in all levels of the mortgage industry are usually required to stay on top of changes within the fluctuating real estate, finance and interest rate markets.