OVERVIEW
What is a Mortgage Officer?
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Mortgage officers act on behalf of mortgage brokers, mortgage bankers, credit unions, or institutional banks that help consumers apply for home loans. The main part of their job is to offer and negotiate the terms of a home loan. In this process, they match a home buyer鈥檚 financial profile to a mortgage at the best possible rates and lowest costs.
There are different kinds of loan officers鈥攁n umbrella term鈥攖hat have similar jobs, but mortgage officers deal solely with loans for homes. Successful mortgage officers understand complex home loan regulations, assist with paperwork to complete loan applications, and have become licensed by passing a national test.听听
RESPONSIBILITIES
What Does a Mortgage Officer Do?
A mortgage officer handles the intricacies of acquiring a mortgage. Some of the specific ways they help home buyers through the process are by:
- Meeting with potential and current clients to understand their lending needs, including first-time mortgages and refinancing of existing loans.
- Explaining differences between various types of mortgages and approval requirements.
- Presenting lending packages matched to client specifications.
- Assisting clients in completing their mortgage applications and checking documents for accuracy.
- Looking over loan applications, assessing credit histories and reports, and determining applicant capacity to repay and default risk.
- Granting or rejecting mortgage applications.
- Visiting properties for purchase or refinance.
- Keeping up with housing market trends and developments; current and predicted lending rates; and changes in rules, regulations, and best practices.
- Creating and nurturing partnerships with local realtors, developers, and builders to encourage the use of their employer鈥檚 residential mortgage services.
- Training new mortgage officers.
How Long Does It Take To Become a Mortgage Officer?
Normally,听听to perform the necessary steps to get licensure and become a mortgage loan officer. Keep in mind that each state has unique requirements, so you should familiarize yourself with those for your state of residence. The requirements are contingent on your ability to pass required examinations and background checks. This timeframe doesn鈥檛 include how long it takes to get your degree.
EDUCATION & BEST DEGREES
How Do I Become a Mortgage Officer?
The way in which mortgage officers select appropriate loan details has a major impact on a person or family鈥檚 finances, so there are many important steps leading up to becoming a certified, working professional in this field. Keep reading for a detailed explanation of each essential step.听
Earn a degree:听In addition to a high school diploma, a college degree in business, marketing, or accounting is a smart choice for a future mortgage officer. In fact, any degree relating to finance provides the critical background that mortgage officers need to perform their jobs successfully. The following degrees are excellent choices:
Complete your prelicensure:听The National Mortgage Licensing Service (NMLS) requires mortgage loan officers to take certain pre-licensure courses to prepare for success in the career. These courses amount to 20 hours of total work. Additionally, aspiring mortgage officers will need to become experts on mortgage lending laws in their state and other state-specific topics. For a full explanation of state-level requirements, visit the听.
Get your mortgage origination license:听Upon completing your pre-licensure courses, you can move onto the next step of becoming an MLO, which is getting a valid mortgage origination license. Each state agency issues these licenses according to unique guidelines. You also need to pay fees to receive MLO licensure, which varies by state.
Pass the Secure and Fair Enforcement test:听To receive your mortgage loan officer licensure, you must score a minimum of 75% on the Secure and Fair Enforcement (SAFE) Act examination. This test measures your knowledge of federal and state mortgage lending laws.
Get sponsorship:听In order to begin working as a mortgage officer, you're required to get a sponsor. Normally this is your employer. Be sure that your employer sponsors and supervises your MLO duties, but only pending approval from your state鈥檚 regulatory body.
Get your听:听Your NMLS Unique Identifier number is something every MLO has. These help track companies and licensees and are listed on all advertisements for mortgage origination services.
Maintain your license by meeting certain requirements:听After you get your license, there are annual tasks you must complete to keep it active. In addition to keeping your information accurate and up-to-date, mortgage loan officers must complete eight hours of NMLS-approved continuing education each year for license renewal.
Start working:听Once you have fulfilled all education and licensure requirements, you should dive into the job market! You have the option to work independently, though it鈥檚 often smart to seek employment at an established mortgage lending company, bank, or credit union for your first MLO job.
Best Degrees for a Mortgage Officer
Business
Business Management 鈥� B.S. Business Administration
Hone your business acumen and garner added respect:...
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Marketing 鈥� B.S.
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Accounting 鈥� B.S. Business Administration
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Business
Finance 鈥� B.S.
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This program is for emerging leaders, however this program does not require a bachelor鈥檚 degree, and provides transferable credit towards a 黑料传送门 degree program.
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How Much Does a听Mortgage Officer Make?
$65,740
The听听reports that mortgage officers earn a median salary of $65,740 per year, which equates to an hourly rate of $31.60. The lowest 10% of earners make $34,920 per year while the highest 10% make $138,580.
What Is the Projected Job Growth?
3%
The听听reports that loan officer jobs are slated to grow by 3% from 2022 to 2032, about as fast as the average for all occupations. The projected growth rate will yield roughly 25,300 job openings per year over the course of the decade..听
SKILLS
What Skills Does a听Mortgage Officer Need?
Buying property is perhaps the largest purchase a household makes, so mortgage officers have a heavy responsibility to make sure the process goes smoothly. Some of the professional skills that make mortgage officers successful in this include:
- Excellent interpersonal and customer service skills.
- Thorough understanding of Federal Housing Authority (FHA), Veterans Affairs (VA), Federal National Mortgage (Fannie Mae), and other types of construction and conventional loans.
- Financial literacy.
- Excellent organizational skills and attention to detail.
- Ability to communicate complicated information in an easy-to-understand way.
- Understanding of loan originator software such as Experian, LendingWise, or Calyx and MS Office Suite.
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