How to Become a Mortgage Banker
Mortgage bankers assist people in getting loans for their home or commercial property. They may discuss loan options with clients and work with clients to get the best possible interest rate. Mortgage bankers may also make loan risk decisions by running credit reports and verifying income.
- Get your degree. Many brokerage firms require mortgage bankers to have a degree from a four-year college. Accepted degree fields may include accounting, business or economics. Some brokerage firms accept mortgage bankers with a different degree field if they have previous mortgage banking experience. A master’s degree can make a mortgage banker more competitive when searching for a job.
- Get certified. Many professional organizations, such as the Mortgage Banker's Association or the American Banker's Association, offer professional certifications for mortgage bankers. These certifications can make you more competitive for higher paying jobs. Some certifications may require on-the-job experience.
- Hone other skills. It is not enough to have a degree and a certification. Many brokerage firms seek mortgage bankers who have a varied skill set. Firms look to hire mortgage bankers with experience in computer software and written communication.
- Become licensed. Some states and localities require mortgage bankers to have a license to offer home mortgages. Before applying for a job as a mortgage banker, check the requirements in your area.
- Obtain continuing education credits. You need continuing education credits to keep your license and certifications current. Continuing education is also useful for informing mortgage bankers about changes in the field. It is important to understand current information because the mortgage banking world goes through constant and dramatic changes.