A mortgage manager is responsible for overseeing the mortgage loan department, typically in banks. Mortgage managers typically learn all they need to know from working in the industry and because of this, college degrees are not needed. A mortgage managers' salary is primarily commission based, and a mortgage manager can have a lucrative salary during periods in which the economy is strong and the housing market is hot, but consequently, they can also suffer a huge decline in their earnings during poor economic times or when the housing market is not performing well.
A mortgage manager is responsible for overseeing the mortgage loan department and mortgage advisers--overseeing their work and productivity. The mortgage manager assigns his staff work and guides them towards achieving the business' financial and productivity goals. He must ensure that a safe, sound and profitable mortgage loan portfolio is maintained. He oversees the underwriting of loans and is ultimately responsible for issuing loan approval certificates.
To become a mortgage manager, companies like to see that you have a bachelor's degree in finance, economics or a related field. However, since most of what is learned comes from on-the-job training, it is not a requirement and many mortgage managers do not have a degree, only applicable work experience. Mortgage managers with no degree usually begin as loan officers. Loan officer positions require a high school degree or equivalent. Loan officers receive most of their education from on-the-job training consisting of some formal company-sponsored training and informal training on the job over their first few months of employment.
Under federal legislation, all mortgage loan officers and managers must be licensed. Licensing requirements require the candidate to have at least 20 hours of coursework. They must pass a written exam, a background check and have no felony convictions. To maintain the license, a mortgage loan officer and manager must meet continuing education requirements. The employer normally offers the continuing education classes on site, and if it doesn't, the employer almost always pay for the employee to complete the courses off site.
The mortgage loan industry is expected to increase by up to 10 percent between 2008 and 2018, according to the Bureau of Labor Statistics. Good job opportunities will exist and college graduates and those with banking, lending or sales experience should have the best job prospects.
Job opportunities for mortgage officers and mortgage managers are influenced by the number of applications received, which is heavily influenced by the economy and interest rates. Therefore, it is not uncommon for mortgage managers to be more sought after during an upswing in the economy or while interest rates are low, and it is not uncommon for job opportunities to be poor during a slow economy with a poor housing market.
A mortgage manager's salary is usually a small base salary with high commission-based bonuses based on the value of the loans her employees and department places. When the real estate market slows, mortgage managers suffer a decline in their wages.
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