Mortgage professionals are able to work with clients and lenders. They know the mortgage products that are available, including onerous terms that can be hidden in mortgage contracts.
Mortgage specialists and loan officers are often focused on cross-selling other bank products, such as credit cards, insurance or RRSPs. A broker works with a variety of lenders and can help individuals with a variety of financial situations.
Qualifications
A mortgage professional works with prospective homebuyers through the process of finding, qualifying and obtaining a mortgage loan. While the job is challenging, it can also be very rewarding as mortgage professionals initiate fee-based mortgages that earn significant revenue for financial institutions.
Generally, mortgage professional are employed by banks, credit unions and other financial institutions. In smaller institutions, it may be possible to secure an internship or entry-level position in order to gain on-the-job experience.
A good understanding of the mortgage industry is necessary. In addition, mortgage professionals should have strong math and communication skills. Additionally, earning certain certifications can make you a more competitive candidate for specialized or upper-level positions. The ABA offers a Mortgage Marketing Professional (MMP) credential to show your expertise in mortgage lending. In addition, Black Knight provides a comprehensive mortgage training and education platform that supports all mortgage professionals with Prep xL - personalized learning that adapts to your individual performance.
Education Requirements
In addition to meeting age and background requirements, becoming a mortgage professional requires passing state licensing exams. The australian finance group first step is to take prelicense classes. These are 20-hour educational courses that cover a wide range of topics related to the profession. After completing these classes, you must pass the Nationwide Multistate Licensing System (NMLS) Secure and Fair Enforcement (SAFE) Mortgage Loan Originator Test.
This test is 190 minutes long and comes with study guides and prep classes. You can also find practice tests online to determine your strengths and weaknesses before taking the actual exam.
You can also consider joining industry associations like the MBA to stay up-to-date with new advancements and events. The National Association of Minority Mortgage Bankers of America is another option, which provides certifications and other resources for minority mortgage professionals. Having an internship can also help you learn the ins and outs of the mortgage banking industry.
Licensing Requirements
Most states require mortgage brokers to be licensed. The licensing process is typically administered by the Nationwide Mortgage Licensing System (NMLS).
To become a licensed mortgage loan originator (MLO), you must pass the national and state tests. The national test consists of 120 multiple-choice questions that cover mortgage industry fundamentals. The state-specific exam contains 3 additional hours of content devoted to New York mortgage activities and regulations.
The NMLS online application requires you to provide information about your business, a web address and your designated registered agent, along with disclosure statements and proof of insurance coverage. You must also submit fingerprints and an FBI criminal background check.
Once the Department of Financial Services (DFS) approves your license application, you receive an NMLS identification number that must be included on all hard copy documents submitted to DFS. You must also secure sponsorship with a DFSregulated entity. Once you have a sponsor, you can start conducting your business as a licensed mortgage professional.
Job Duties
As a mortgage professional, you act as an intermediary between real estate lenders and borrowers seeking to complete property transactions. You use your sales, negotiation, and communication skills to gather information from potential borrowers and assess their credit to find the right loan options for them. You then work with both parties to ensure that all paperwork is filled out correctly and that the loan closes on time.
Other duties may include working to attract new clients and managing the loan process from start to finish. You need to keep up to date with changes in the industry and stay on top of mortgage and lending regulations and procedures. You also need to develop good relationships with both real estate agents and lenders. You must be able to meet deadlines for closing on loans and provide excellent customer service at all times.