Mortgage Lending Jobs
You may be thinking about starting a career in the mortgage industry. The best time to seek a job in this industry is when the rates are low, because homeowners start to think about refinancing their existing loans. If you have some type of background in finance or real estate, there are a few mortgage lending jobs that may be of interest.
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Underwriter
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The underwriter is responsible for approving or denying a loan application based on an established set of criteria. The decision takes into account the funds on hand, the credit risk of the customer, the value of the home, and the customer's ability to pay back the loan.
Junior Loan Officer
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Junior loan officers are responsible for doing most of the sales work for lending companies. They have to get on the phone with leads and gather all of the paperwork needed to close each loan.
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Senior Loan Officer
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The senior loan officer acts as a mentor to a junior loan officer in some ways and assists with putting together packages for potential customers. The senior loan officer may or may not actually get on the phone with leads, but still takes a percentage of each sale made by the junior officers he supervises.
Loan Processor
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The loan processor works behind the scenes to process paperwork, call contacts for more information, send forms off to the underwriter for the loan, and ensure that the applications are complete.
Mortgage Broker
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A mortgage broker basically takes on all of the duties of a loan officer, originator and loan processor (deals with the paperwork). A broker must also act as a liaison between the bank and the customer.
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