Mortgage Banking Controller Job Descriptions

The controller is in charge of maintaining financial and accounting matters.

Financial controllers work in many different industries but in a similar capacity regardless of the chosen field. A controller is responsible for controlling financial matters within the company, and as the job title would suggest, a mortgage banking controller is charged with financial and accounting matters within a mortgage bank institution.

Job Requirements

Education and training is paramount for controller jobs in the financial industry.

A controller is expected to have a combination of verifiable education and experience. Most controller positions will require a candidate to have a minimum of a bachelor's degree in finance. Some require an advanced degree, certified public accountant appointment or similar certification. In a market encompassing strict mortgage regulations, a controller in mortgage banking will also need to be familiar with current mortgage laws and restrictions. A controller candidate needs to be concise, quick-thinking and able to work long hours as necessary. Experienced and educated applicants can expect a median salary of about $50,000.

Company Profit And Loss

The mortgage banking controller analyzes data to determine company profitability.

The mortgage banking controller is in charge of monitoring the company's accounting procedures and overall profitability month to month and year to year. The controller analyzes company-wide data to provide a statement of profit and loss. The profit and loss statements can be broken down according to multiple branches, based on the type of mortgage loan or the loan officer. The breakdown allows the chief financial officer of the company to see where improvements and changes may need to occur to increase profitability.

Reconciliation Of Loans

Mortgage banking controllers maintain a general ledger for mortgage expenses.

Controllers working in the mortgage banking industry are also expected to reconcile the mortgage loans being held or brokered by the bank. Thorough records are kept and continually updated to pinpoint the total number and the type of loans that are held, the associated fees for each loan and every transaction related to the loans. The controller might also maintain a general ledger as it relates to mortgage expenses, such as fees paid to appraisers and receivables collected through the loan process.

Auditing

Regular auditing helps ensure adherence to established mortgage banking policies.

Financial auditing is also a part of the mortgage banking controller's job. Some audits take place yearly, and others are semi-annual or monthly. The purpose of an audit is to review the financial documentation for accuracy and ensure all members of staff are correctly adhering to established policies and procedures. Periodic audits are also designed to re-evaluate current policy and procedure to determine if alterations or additions might be necessary.

Reporting

Reporting allows investors and managers to review the financial situation.

A banking controller also provides reporting for managers, investors, creditors and banking officials. Financial reports will summarize the bank's accounts, total mortgages as well as overall financial assets and liabilities which helps to determine the bank's profitability and sustainability.

References

• KForce: Controller Job Description
• LifeTips: Controllers Tips
• Job Descriptions: Controller Job Description
• Jobs-Salary: Controller Salary