Mortgage bankers work for financial companies which provide mortgage loans to businesses and individuals. These bankers serve as liasons between customers or real estate agents and the banking institution, and generally assist customers and agents throughout loan processes, from application to closing. Another area of focus is obtaining pre-qualification for clients and encouraging them to apply for loans, so it is important to be customer-oriented and have strong social and communication skills.
Advanced computer skills may also be necessary to carry out the duties of this job. Staying up-to-date with company products is important in order to answer any questions or concerns customers may have. Knowledge of the different types of loans, such as FHA and VA, is also important
Mortgage bankers may help customers fill out forms and assemble required documents in order to apply for loans. Monitoring of loans throughout the process is required, and progress and any problems should be reported to customers as necessary. Many positions have minimum goals to be met, and commission may be offered based on performance. Meeting these sales goals may require making calls and reaching out to clients in order to make sales. Some companies will provide training, while others require mortgage loan originator licensing.
Mortgage Banker Tasks
Establish and maintain relationships with realtors, builders and other business sources.
Explore and develop new methods for attracting business.
Contact referrals and respond to referral sources.
Conduct sales calls and presentations on a regular basis.
Develop marketing tools to introduce products to realtors and potential borrowers.