How to Land an Entry Level Mortgage Job

Posted December 17, 2020
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Since the beginning of the pandemic, housing has been one of the hottest industries in the job market. But with such great interest in purchasing a new home from consumers across America, this means there is a need for more staffing at mortgage companies to keep up with home purchases. This is good news for those seeking an entry level mortgage job as it means you’re a hot commodity. However, it could also mean more competition as the mortgage industry becomes filled with job seekers.

The Association of Independent Mortgage Experts (AIME) is here to give you the ins and outs of the skills needed to excel in some entry level jobs in the mortgage industry on day one. From there you will be able to determine which roles could lead you into a successful career as a mortgage professional.

Mortgage Loan Processor Skills

A loan processor, sometimes called a mortgage processor, is the individual responsible for processing your loan and submitting it to the underwriter for final approval. Processing the loan means reviewing the mortgage application, making sure the borrower has provided all the required paperwork, and that all the information is accurate and up to date.

Highly Organized

  • The Loan Processors are in charge of preparing files and submitting them to banks or mortgage lenders for approval. To do this, loan processors need to be highly organized to ensure that mortgage documents are filed correctly and submitted to the relevant parties. Missing this step could result in significant penalties for your employer, making organization a must-have skill for processors in order to protect the company.

Strong Proofreaders

  • Another job duty for loan processors is to proofread each mortgage that comes across their desk. Being able to quickly spot errors, typos, or mathematical miscalculations is what makes a loan processor a true asset to the team. If a loan were to pass through to underwriting with errors, it’s possible the error may never be caught and it could affect the mortgage’s profitability—something no mortgage company wants to go through.

Mortgage Loan Underwriter Skills

A mortgage underwriter is the person that makes the decision to approve or deny your loan application. In considering your application, they look at a variety of factors, including your credit history, income and any outstanding debts.Underwriters serves as an financial expert who takes a look at your finances and determines how much of a risk a lender will take on if they decide to give you a loan.

Ability to Assess Risk

  • Mortgage Underwriters are tasked with the tough job of recommending the final mortgage structure, underwriting is a very technical role that requires a lot of skill. No skill is more important, however, than risk assessment. Without extensive risk assessment knowledge, candidates are not qualified to piece together profitable mortgages and may generate loan structures that are more likely to default by the  borrower after the loan has been disbursed. 

Analytical Decision Makers

  • Underwriters are responsible for putting together the final mortgage structure which is a heavy responsibility. In order to put that structure together, though, underwriters need to be analytical thinkers. Instead of looking at just the raw risk assessment decision, underwriters need to look at the homeowner’s comprehensive financial history to determine whether or not they are a good fit for a mortgage. This means analyzing several characteristics of borrowers including their credit, capacity to pay, and collateral.

Mortgage Loan Originator Assistant Skills

A mortgage loan officer assistant works under the supervision of a mortgage loan originator. LOA’s are responsible for monitoring the accurate and timely completion of home real estate loan applications including making initial calls and follow-ups with clients, gathering information for new loan underwriting, providing support throughout the mortgage loan application process, and other administrative tasks.

Multitasking

  • Loan Origination Assistants are in charge of reviewing loan applications and completing administrative tasks for their organization. They are responsible for checking important loan details and requirements before submitting all relevant documentation to the lender. They also prepare cost estimates for borrowers, provide all necessary information to relevant parties, answer client inquiries and complaints, and make sure to get answers from the appropriate departments. With so many vital pieces of information at play, it is important to be adept at juggling multiple tasks at one time to ensure all objectives are completed in a timely fashion.

Customer Service

  • Customer Service is extremely important to succeed on the job as a Loan Originator Assistant. As the main resource that borrowers go to with questions and concerns regarding their mortgages, it’s very important that loan servicing specialists are able to listen to customers with patience and empathy at all times. In showing potential employers these skills, you are showing them that you can accurately handle borrower inquiries and provide excellent service in the process.

Mortgage Loan Originator Skills

Mortgage loan originators gather important client financial information (taxes, debts, income) to review if they are eligible for granting mortgage loans. Next, they complete mortgage loan applications based on national and local financial standards and review their progress. This often includes meeting with mortgage loan borrowers on the phone and in person, advising and guiding them throughout the entire loan process.

Strong Communication

  • Mortgage Loan Originators are tasked with the duty to educate, advise, and lead potential borrowers through the loan application process. If you don’t possess strong communication skills, your answers could get lost in translation, increasing borrower frustration and decreasing their satisfaction. Great communication skills will also help loan originators start a conversation and build a rapport with customers, improving their relationship and customer service experience.

Negotiations

  • Loan Originators also need to have great negotiation skills. Because the mortgage loan structure is subject to change based on a borrower’s risk and credit, a great loan officer needs to be able to negotiate those changes with them. This helps ensure that borrowers won’t go to other lenders looking for a mortgage, and instead will be convinced to stay under new mortgage terms. And perhaps more importantly, the loan officer must convince homeowners that the mortgage is still a good deal that they can’t find elsewhere, increasing their satisfaction levels.

Apply for the Ignite Job Training Program

See a job that aligns with your skills and interests in the mortgage industry? Well then you are in luck! AIME recently announced its Ignite mortgage career training program which will provide training for aspiring mortgage professionals.

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