Business channels have as their news headlines the plummeting nature of the real estate market insisting that the economic times for real estate business are harsh. Despite such headlines, more people are opting for jobs in mortgage banking careers. The truth is that no matter how bad the economic times might get, people cannot do without real estate and require loans to make their dreams come true. This might explain why many people are choosing this career path. The likelier option however is the fact that a job as a mortgage loan officer pays well does not mean that one should not donate career clothing to them as well.
To start off in this line of work you need to pass well and get a high school diploma. This is the minimum requirement and one might even get hired with this alone if the grades are good enough. To get a better job with a reputed firm or even start off at a higher pay grade, get a degree. Accepted degrees are Bachelors in finance, economics and banking. The better the degree is acquired from an institution known for churning out good finance experts. This definitely places you at a better position than most candidates for a similar job. Learning does not stop with getting a degree and one may need to read widely to have the appropriate information in a fast moving sector.
Most states will require you to have a license in order to practice as a mortgage banker or loan officer. This will require you to apply for the license from the federal government. You will be subjected to a background check and thereafter sit for an exam which upon passing you will get your license.
To convince clients and big firms that you are good at your job, get a certificate of accreditation as a certified mortgage officer. You can easily acquire this from the related professional associations. Most associations have a list of requirements to fulfill before getting the certification but in the end it is worth it.
Technology today has transformed how business is done in many fields. Most major financial firms use financial and underwriting software. It is therefore wise to get acquainted with computers and use of such software.
Your ability to analyze a client eligibility to finance a loan or not will determine whether you will become a good or a poor loan officer. Learn how to examine cash flow, to read in between the lines to determine a credit worthy customer and gain steady judgment. This skill is irreplaceable in this career and is gained with time and good practice.
Your ability to get sell off loans, get new clients and close deals determines how much you earn at the end of the month. Having good people and sales skills is therefore also important in this job.
Learn also how to network with people in real estate as they will help you to gain business and vice versa. Such working relationships pay off to keep you afloat in hard times.
To start off in this line of work you need to pass well and get a high school diploma. This is the minimum requirement and one might even get hired with this alone if the grades are good enough. To get a better job with a reputed firm or even start off at a higher pay grade, get a degree. Accepted degrees are Bachelors in finance, economics and banking. The better the degree is acquired from an institution known for churning out good finance experts. This definitely places you at a better position than most candidates for a similar job. Learning does not stop with getting a degree and one may need to read widely to have the appropriate information in a fast moving sector.
Most states will require you to have a license in order to practice as a mortgage banker or loan officer. This will require you to apply for the license from the federal government. You will be subjected to a background check and thereafter sit for an exam which upon passing you will get your license.
To convince clients and big firms that you are good at your job, get a certificate of accreditation as a certified mortgage officer. You can easily acquire this from the related professional associations. Most associations have a list of requirements to fulfill before getting the certification but in the end it is worth it.
Technology today has transformed how business is done in many fields. Most major financial firms use financial and underwriting software. It is therefore wise to get acquainted with computers and use of such software.
Your ability to analyze a client eligibility to finance a loan or not will determine whether you will become a good or a poor loan officer. Learn how to examine cash flow, to read in between the lines to determine a credit worthy customer and gain steady judgment. This skill is irreplaceable in this career and is gained with time and good practice.
Your ability to get sell off loans, get new clients and close deals determines how much you earn at the end of the month. Having good people and sales skills is therefore also important in this job.
Learn also how to network with people in real estate as they will help you to gain business and vice versa. Such working relationships pay off to keep you afloat in hard times.
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